Enterprise resource planning (ERP) system is an integrated business management technology that assists organizations in accounting, procurement, project management, supply chain operations, etc. To satisfy the business needs resulted from rapid growth, more and more companies are exploring the option of converting from stand-alone accounting software to ERP system. With an ERP system, business entities are able to boost cash flow by better governing the invoicing and collection process and saving cost with improved inventory planning and procurement management.
ERP SYSTEM COMPARISON
NetSuite, Microsoft Dynamics 365, and Sage Intacct are some of the main vendors for ERP software on the market.
NetSuite ERP system is a cloud-based business management software suite developed by Oracle Corporation. With its system based on cloud computing, transition NetSuite has more flexibility compared to traditional ERP system. Nor does it require any purchase of hardware or does it require any upfront licensing fee. Data conversion from QuickBooks to NetSuite can be helped with paid integration and migration services.
Microsoft Dynamics 365 is a product line of enterprise resource planning and customer relationship management intelligent business applications. Compared to the other ERP systems, Microsoft Dynamics 365 system comes with more robust business intelligence capabilities from the Microsoft’s Power BI tool.
Sage Intacct system is designed with deeper accounting functionality to handle core financials and advanced accounting needs as allocations, consolidations, revenue recognitions, etc. it also allows customer to individualize ERP products based on needs.
WHERE CAN WE HELP
The Hext Financial Group team has worked with various clients on a variety of ERP system. When you decide to convert to ERP system, we can provide service to assist in:
• organizing and reconciling your accounting records for a smoother transition
• adopting of new accounting revenue and lease standards
• setting up internal control process
• examining the accuracy of records and reports produced from ERP system
Please don’t hesitate to reach out to our knowledgeable team members if you have any questions regarding ERP system and the transition. We are more than happy to provide services for your business.