A few weeks ago, we answered your most common questions regarding the implementation of a new CRM solution. As such, we decided to do the same this week for a first or new ERP implementation. The goal is to give you a better idea of what to expect before starting your ERP implementation project. You will also find below several resources to continue your search, specifically for professional services firms.
What’s an ERP system?
Unlike what is commonly thought, an ERP system is much more than a simple accounting solution. It’s actually a complete management tool grouping together all the various aspects of business management. As a result, your operational information is integrated to accounting activities and sales to provide a 360° view of your business.
For professional services firms, this means the integration between timesheets, resource planning, and other HR tools closely linked to operations. ERP solutions specifically designed for professional services firms are often known as PSA tools, for Professional Service Automation. These solutions are adapted to the specific needs of your sector in terms of estimation, sales, and operations.
How can my organization benefit from an ERP system?
An ERP solution centralizes your information, ensures data integrity and accessibility, and eliminates coding errors, double entries, and manual entries. All your various peripherical systems are connected to the ERP to provide a global vision of your operations while keeping finances at the heart of your organization.
Custom dashboards provide the members of your firm with real-time access to centralized data. An ERP system lets you make better decisions more quickly by analyzing your activities at a granular or global level. And the best part? Everyone across your organization can benefit from it:
- The finance team can automate calculations to accelerate the invoicing cycle;
- Management has all key data needed to make quick and informed business decisions;
- Operations have access to reports easily and can streamline their processes;
- And lastly, employees can fill out their timesheets easily and find the activities that have been assigned to them.
To know more, find out how a professional services firms can now process invoices 4 times faster with Microsoft Dynamics GP and JOVACO Project.
How can I tell if my accounting system is no longer enough?
An issue that JOVACO encounters often is firms adding solutions not integrated to their accounting system as they grow and their sales increase. For examples, firms may choose to add modules for project management, timesheets, and resource planning, or even a CRM solution. These various applications are added to meet revenue growth objectives in the short term. As such, they are meant to replace the implementation of an integrated business management system, which usually represents a more substantial investment. However, they tend to result in inefficiencies, delays, and software integration challenges.
Here are the main issues that can hinder business growth when operations are managed on various non-integrated systems:
- Difficulty to obtain a global picture of project profitability and progress;
- Data transfers and manual interventions done in various applications or Excel spreadsheets;
- Complex processes, data that is not up to date, and higher risks of errors;
- Long wait to obtain the necessary reports and data;
- Invoicing process that requires a lot of manual interventions, resulting in delays.
To learn more about how an integrated cloud-based system like Microsoft Dynamics 365 Business Central can support your business, read our eBook Don’t Be Held Hostage: How Cloud ERP Frees Your Finance Team from the Limitations of IT.
Who can help me with my new ERP implementation?
Look for an experienced implementation partner specialized in your industry. They will know the best practices and specific realities of your sector. They will be able to guide the choice of your solution based on your needs, objectives, and budget, and oversee its implementation. You may also want to look for a partner that can support your solution in the long term and offer training so you can be autonomous in your use of the system. Our eBook 9 Questions Nobody Asks Their ERP Partner… But Should will help you choose the right ERP partner.
What’s next?
A new ERP implementation is the opportunity to start an internal conversation to identify priorities, needs, and issues. You can then discuss them in more detail with your implementation partner. By having a clear vision of your long-term needs and objectives, you can select an ERP system that will grow with your business.
Also, don’t underestimate change management when implementing a new system! A phased implementation can facilitate internal change management, while a module-based solution lets you choose the features you need as your organization evolves. Make sure all your teams are involved in the process from the start so they understand how upcoming changes will benefit them.
Contact JOVACO if you have any questions or if you’re thinking about implementing a new ERP or PSA solution. As experts of real-time project management, JOVACO is committed to providing project-based and professional services firms with ERP systems that will meet their specific needs and realities. We’re here to ensure the success of your new ERP implementation and its long-term maintenance and optimization.
To learn more, check out the eBooks below:
