You probably see the term “technology modernization” everywhere. Does “technology modernization” apply to me? How do I know? What do I do about it?
Let’s focus on what technology modernization means for your organization, specifically in relation to your accounting system. Also referred to as your enterprise resource planning (ERP) program, this includes: QuickBooks, Microsoft Dynamics Great Plains (GP), Microsoft Dynamics NAV/Business Central, NetSuite and Sage Intacct.
Do any of these statements describe your current accounting or ERP system?
- It's outdated and/or no longer supported by the software company.
- It does not support the growing needs of the organization.
- It's hosted on a local server or cloud server that must be managed and maintained (either by you or your IT company).
If so, your organization may benefit significantly from a technology modernization. By the time most entities realize they need a new solution and begin planning for it, they are already out of date with their technology and lacking efficiency.
What are the benefits of moving to a cloud-based solution?
- Increased functionality and ongoing automatic upgrades generate the greatest value from this transition.
- You save money when you get rid of your server (even if it is a cloud server).
- Licensing for a cloud product is generally cheaper, as are the ongoing maintenance fees.
A prime example of this is moving from Microsoft Dynamics Great Plains (GP) to the new cloud product of Microsoft Dynamics Business Central. You can:
- Remove the costs to maintain the server where Dynamics GP is running.
- Usually have reduced licensing costs (our last client saw a 75% decrease).
- Gain all the same features that GP has, plus all the new features added to Business Central in the last four years.
- Get all future Business Central updates (2 per year) at no cost and with no system downtime.
- Have a system that can easily integrate against their other business technology.
- Use automated reporting tools to get better insights into their data.
Below are just some of the benefits our multiemployer benefit plan and labor organization clients have experienced by modernizing their accounting or ERP system:
- Multiple entities within one solution.
- Quickly change between the entities and transact in each one as required without logging out or changing the system.
- Easily send transactions between these different entities instead of entering transactions in various individual, disconnected databases.
- Consolidate these different entities into group financial reporting in the same system or by using an automatic reporting tool.
- Increased reporting capabilities.
Do you need technology modernization? If you face functionality limitations, your system is outdated, or you think your team could be more efficient with your technology system, we would love to help you through this process.
Contact Us
For more information on this topic, please contact a member of Withum’s Multiemployer Benefit Plan Services Team.
