Enterprise resource planning (ERP) has come a long way since the term was coined nearly three decades ago. Early systems were only used by large corporations because they were so expensive and time consuming to implement. However, as a NetSuite partner, Daston is utilizing the cloud to place the power of ERP cost-effectively and efficiently into the hands of even the smallest companies that want to grow their business. Additionally, Daston’s DCAA-compliant Outsourced Accounting Services make Oracle NetSuite products DCAA-compliant.
So, what can a cloud-based ERP do for you that an on-premises accounting system can’t?
Enable remote workforce management and collaboration
When employees were forced to work from home throughout the coronavirus pandemic, companies of all sizes that used basic accounting software or outdated ERP systems quickly learned that their standard operating procedures didn’t work with accounting teams working remotely. As a NetSuite partner, Daston helps accounting teams confidently close their books remotely without needing to be in the same location as their software, or in the same building as other teammates, thanks to integrated cloud ERP architecture.
Comply with regulatory requirements
Recent changes to Generally Accepted Accounting Principles have forced businesses to reconsider processes that utilized spreadsheets in the past. For instance, new complicated rules risk compromising data integrity when using spreadsheets, due to data entry issues when moving numbers between spreadsheets and the accounting system. However, Daston’s cloud ERP solutions receive capability updates that automatically pass to the end user so they can handle accounting rules changes on the fly.
Provide departments with an accurate picture of the business
As companies grow, they tend to purchase software when needed, which could mean disparate systems from multiple vendors, each performing different functions. If the business can’t integrate these systems, the data can’t be utilized by multiple departments. The result? Profitability and productivity suffer. On the other hand, cloud ERP products offer real-time data that helps teams collaborate more efficiently.
Drive quick reactions
Companies using disparate accounting systems can’t react quickly to changes. However, Daston’s modern ERP systems deliver reports and data in real time. Role-based dashboards provide employees with immediate access to information they need, and the ability to drill down for further analysis, allowing them to make faster, more informed decisions.
Reduce operational risk
Without the right controls in place, companies could fall prey to dishonest practices by employees. They also may struggle to provide correct data to investors or regulatory agencies. Daston’s cloud-based ERP systems reduce these risks by controlling access to data and system features based on user roles, as well as embedding approval workflows into financial processes.
Track profitability
Unit economics, or measuring profitability per unit, helps companies understand the potential profitability of product lines and adjust as needed. Using Daston’s cloud-based ERP, they can better understand in real time which products are posting positive versus negative margins so that they can adjust their business development accordingly.
Help companies adapt and scale
Companies that adopt cloud ERP not only are well positioned to scale up in the future, but they also improve their existing business management processes. Daston’s solutions support collaboration across remote workforces and delivers mission-critical data and organizational visibility on a single platform, which helps them make fast decisions in ever-changing business environments.
Are you ready to automate your core processes using integrated cloud ERP so that your employees can make faster, more informed decisions? Contact Daston today for a demonstration.