The case for upgrading to a customisable cloud ERP platform

Clinging to basic accounting software - like MYOB or Xero - is like trying to squeeze into a suit that's two sizes too small - it might work temporarily, but it's uncomfortable, restrictive, and ultimately unsustainable. Forcing these systems to meet the complex needs of a larger, more agile organisation will eventually lead to inefficiencies too big to ignore. 

Basic accounting systems are designed with a one-size-fits-all approach, suitable for straightforward financial tasks. But it means finance teams find themselves wasting time manipulating inflexible, inadequate systems - time that would be better invested in solutions that grow with your business and reduce all that financial grunt work. 

Cloud ERP platforms are the natural next step for organisations struggling with their own small-business accounting systems. They offer the robust customisation options your expanding business needs to align operations, enhance agility, and drive cost efficiency.

Let's take a look at some of the customisation options offered by cloud ERP that enable you to tailor the software to your specific processes, policies, and compliance requirements.

Advanced workflow automation
You might want to automate multi-level approval processes for expenses, set up custom alerts for inventory levels, or tailor financial reporting to specific departments or even individuals. Yet, basic accounting systems will often restrict you to standard workflows with little to no flexibility, making these levels of customisations impossible. In contrast, cloud ERPs allow you to create and customise intricate workflows that better reflect and support your unique business processes.

Custom scripting and programming
Basic accounting systems usually don't support custom scripting, limiting your ability to automate your more complex tasks. Cloud ERP platforms often offer advanced scripting capabilities to overcome these limitations. For example, leading cloud ERP solution NetSuite offers SuiteScript. With this feature, you can develop custom scripts to do everything from automating data entry from third-party applications, creating custom validation rules, or implementing custom business logic unique to your operations.

Personalised reporting and dashboards
With basic accounting software, you're often stuck with standard reports that offer limited customisation options. Cloud ERPs allow you to design custom reports and real-time dashboards focused on the KPIs that matter most to your business. This gives you the ability to create dashboards that display real-time sales by region, monitor cash flow projections, or track inventory turnover rates - or build any other custom reports and visualisations that you may need.

Enhanced integration capabilities
Bringing your systems together into a holistic and well-oiled machine can be challenging with basic accounting software, which often has restricted integration options. In contrast, robust cloud ERPs provide APIs for seamless integration with a wide range of third-party applications and services. This means you can integrate your ERP with eCommerce platforms, logistics providers, or marketing automation tools - ultimately streamlining operations across departments and improving data consistency.

Advanced role-based access control
Limited user permissions in basic accounting software can pose security and compliance risks. Cloud ERPs allow you to define detailed user roles and permissions, helping maintain data security and adherence to regulatory standards. For example, you can restrict access to sensitive financial data to only those who need it or set up approval hierarchies for transaction processing. 

Multi-currency and global compliance support
Things get even more complex when you start to expand operations across borders. Handling multiple currencies and international tax laws is a key functionality that is often unsupported in basic accounting systems. Cloud ERPs are made for growing businesses, they offer capabilities to manage multi-currency transactions, taxations rules and languages within a single system. This is particularly beneficial if you're expanding into new markets, as it simplifies financial consolidation and reporting across different countries.

Custom modules and fields
Basic accounting software typically doesn't allow you to add custom fields or modules to capture specific data relevant to your business. Cloud ERPs, on the other hand, let you create custom fields and modules, supporting you to collect and analyse data unique to your operations. For example, you can track customer preferences, monitor equipment maintenance schedules, or record industry-specific metrics – giving you deeper insights to support better decision-making.

What do all these capabilities mean for finance teams or the larger business as a whole? In fact, there are countless benefits stemming from a system upgrade to cloud ERP.

The high-level benefits of customisable accounting systems

Operational alignment and agility
Upgrading to a cloud ERP system ensures your accounts payable (AP) system remains in lockstep with your evolving business operations. Immediate adjustments can be made as needs change, without the delays associated with waiting for external software updates or workarounds. This level of agility is crucial for maintaining a competitive edge.

Cost efficiency and productivity
The initial investment in a cloud ERP is certainly higher than basic accounting software. But the long-term benefits far outweigh the costs. For example, customisations that would be expensive or impossible with basic accounting systems become feasible, reducing the need for multiple third-party add-ons or manual processes. Naturally there are many less tangible efficiency benefits too - no more workarounds, double handling or toggling though multiple systems.

Enhanced user experiences
A system tailored to your business enhances user engagement and satisfaction, leading to increased productivity and morale. Employees work faster and more efficiently when your software aligns with their workflows while Customisable interfaces and processes mean the system adapts to your team -not the other way around.

Looking for a more customisable solution?
As your organisation and therefore, the complexity of your financial operations grows, sticking with entry-level tools will severely limit your ability to scale and grow. Switching to a customisable cloud ERP system will make a real difference to your processes, helping to streamline operations, automate the tedious stuff, and adapt your systems quickly as new challenges or opportunities arise.