Enterprise resource planning (ERP) is a complex yet critical component of operating your business. Still, while ERP processes will always be complicated, they do not have to impede your company’s long-term growth.
You can transform your company’s ERP efforts from organizational pain points into some of its greatest strengths by upgrading to a modern ERP software solution, like that offered by Acumatica.
If you are apprehensive about making the switch to something more contemporary, here are five reasons why you should reevaluate your ERP software (or evaluate a new ERP system altogether) in the new year:
1) Buying New Tech Will Help You Claim Your Section 179 Tax Deduction
According to Section 179 of the IRS tax code, businesses can deduct the entirety of the purchase price of eligible software and equipment that they bought or financed during the 2022 tax year.
If costs prove to be one of the biggest hurdles discouraging you from upgrading your ERP software, Section 179 can help make your decision far easier. The provision can decrease your company’s tax liability and offset a portion of the costs associated with modernizing your technology stack, but keep in mind that it is only valid through the end of 2022.
With that being said, if you want to take advantage of this cost-saving opportunity, you need to act fast. Thankfully, you do not have to fully deploy your software before the year’s end: You simply have to purchase or finance it in order to qualify.
2) Standing Pat Will Become Cost-Prohibitive
Staying within your comfort zone by sticking with your current technology stack can be tempting, but clinging to aging tech can be incredibly cost-prohibitive. In fact, your business may already be wasting thousands every year as part of its efforts to keep its obsolete software up and running.
There are several different costs associated with using aging technologies, the most obvious of which involves the cost of maintaining your software after its developer no longer provides support for it. Even aside from that, though, you will incur hidden expenses as well, such as through decreased productivity and subsequently lost revenue.
3) Old Technology Will Undermine Organizational Agility
Agility is the name of the game in the modern business environment, so if your organization hopes to remain competitive within its respective sector, it must be able to promptly respond to unexpected market conditions, capitalize on emerging opportunities at a moment’s notice, and pivot when things aren’t going its way. Consider, for example, the recent supply chain disruptions.
Making real-time changes to your business processes or sales strategy is virtually impossible when using a disjointed network of software. However, modern ERP software can make your business more nimble than ever by allowing you to integrate your various workflows and providing you with access to timely, relevant data at the touch of a button.
Learn more about the risks of staying on legacy ERP software.
4) Cloud ERP Software Will Optimize Productivity
Cloud ERP software includes a multitude of different tools and technologies designed to make your team more productive. The top cloud ERP solutions, like Acumatica, include automation tools that you can use to streamline historically tedious processes and decrease the workload on your staff. Acumatica also includes reporting tools, data management capabilities, and many other features that will serve to benefit your bottom line.
5) Failing to Modernize Could Lead to Compliance Issues
In recent years, several government entities have passed legislation aimed at protecting the privacy of consumers. All of these bills include stringent data management requirements and penalty schedules that outline the repercussions of non-compliance. Outdated technologies increase the risk of your business becoming non-compliant, as such solutions provide little to no data visibility or oversight.
Conversely, Acumatica ERP Software optimizes information transparency and empowers your organization to be better stewards of consumer data. In turn, it will help you remain compliant and avoid hefty civil penalties.
For even more reasons, check out our article The Year-End Rush: Reiterating the Value of Adopting Cloud ERP Now.
Prepare for 2023 and Beyond with Cloud 9 ERP Solutions and Acumatica
If you want to ensure that your business is in a position to succeed in 2023 and beyond, you should implement Acumatica ERP Software. But even if you aren’t sure where to begin when it comes to deploying new ERP technologies, don’t fret.
As a gold-certified Acumatica partner, Cloud 9 ERP Solutions can oversee the entire process from start to finish. Our team of experts can facilitate a seamless implementation process and ensure that you obtain a strong return on your new technology investment.
If you would like to learn more about Acumatica ERP Software and its capabilities, we invite you to schedule a demo with Cloud 9 ERP Solutions.
