Balancing risk and reward is core to any business. As a company grows, maintaining a comfortable balance between the two becomes progressively more challenging. Why? Because growth can demand substantial change—such as refining technology infrastructure or new technology implementation. And when there is big change, the potential for greater risk (and rewards) will follow.
When a company expands, the number of data points increases, demand for real-time reporting increases, and new workflows emerge. These changes require full transparency across departments and roles, custom reporting, and deeper insights into business functions—often leading businesses down the path to consider new systems for management, like enterprise resource planning (ERP) implementation.
ERP software has been around for years—long viewed as a silver bullet for managing multiple business functions and data points. And while ERP vendors design their ERP systems to bolster efficiencies via a centralized database, they also come with their fair share of risk and headaches, including a hefty price tag and a highly complex and time-consuming implementation process.
So, before you take your business down the ERP route, it’s best to understand the risks, rewards, and reality of alternative software solutions. Read on to learn how QuickBooks Online Advanced can serve as the hub for business operations and why it’s the best cloud ERP-styled choice for your growing business.