At least 40% of all businesses will die in the next 10 years… if they don’t figure out how to change their entire company to accommodate new technologies.
- John Chambers, Executive Chairman, Cisco Systems
In today’s competitive world, the use of technologies like accounting solution like Tigg is a must for a company to reduce operational costs while improving efficiency. ERP solutions are used by businesses of all sizes to channelize their different processes to a single source of truth. It enables businesses to maintain a level of coordination among different processes that used to be handled separately in a traditional way.
Just because of fear of change don’t stick to your old accounting system.
When we have the habit of a particular system we don’t want to change that system easily even though deep down we all know we made a mistake in the first place and things are not working as expected. If your business is using an old school accounting solution, and you think it is not actually helping your business grow efficiently, don’t stick to it. Choosing a right accounting solution is a must when you want to get the most out of your accounting solution.
The right accounting solution guides businesses for greater long term saving in many different ways.
Different administration functions can be channelized with the help of the right solution as it integrates all such activities in one platform resulting in less wastage of time which is caused due to duplication of work. It helps information exchange across an organization and streamline the whole process. Such automation reduces operational costs.
Inefficiencies in finishing different tasks by different levels of employees creates pressure in the company's budget. Some reasons for such inefficiencies include management of tasks in terms of assignment, deadline, redundancy in tasks assigned to different employees, understanding of current status of tasks and many more. Right accounting solution can help companies manage all these issues and save costs making employee efficiency go up.
Inventory management in the old traditional way has been a burden for businesses in terms of time and work. Having information regarding the exact number of inventory, track orders and managing multiple warehouses in the old traditional approach is not the way to go.Tigg helps businesses analyze spending and purchases, real time tracking of inventory, order tracking, multiple warehouse management and much more that helps automate the whole process with better real time reporting. It helps reduce costs related to inventory management in terms of not only monetary value but time as well.
Filing taxes is one of the major issues that every business must deal with. Gathering financial information from each department and channelizing it is quite tedious. However, in an accounting system all of this information is collected in one single platform. It facilitates the whole process of filing taxes. Furthermore, it can reduce the cost of finding errors in the financial data.
The longer the work stays in process, the more it costs.
- Lean Six Sigma for Service, Michael L. George
With the right ERP solution, businesses can benefit in the long run in terms of saving costs. Businesses can maximize their profitability, utilize resources and reduce budgets enabling them to invest more on creativity and innovation.
Mandeep Khatry is a Software Engineer with extensive experience in developing business process management solutions to enhance business productivity. He is a finance and economics enthusiast by heart and deeply involved in quantitative analysis of stocks.