Is Software an Asset or Liability?
How can you tell if your business management software is an asset or liability?
In today’s modern world, business management software is used in almost every industry sector to improve performance and efficiency.
Just because it’s software for business, however, doesn’t mean it’s an asset now or that it will be in the future.
Too often, small-to-medium businesses buy enterprise software that is inadequate, or they stick with software they have used since the dawn of time simply because it’s all they know.
It’s high time business owners took stock of which software is an asset and which is a liability.
And it all starts with knowing what you are suffering with in the first place.
Which Liability Are You Suffering With?
If your business is tangled in a web of data duplication between products or using out-dated solutions, you can probably resonate with one or more of the liabilities listed below:
- Business software runs on old hardware that can’t be upgraded or uses out-dated technology, such as DOS
- Your software hasn’t been updated in years, and no one knows how to do it
- Management don’t want to change for fear of losing control and not being able to understand the new solution
- Inefficiency and old processes waste time exponentially
- Your business runs multiple software products that don’t communicate with each other
Time for a Software Audit
Any business can benefit from a software audit, even if the only things that change are processes to help employees manage their workload a little better.
Look at every piece of software you use for your business and how it helps you perform the day-to-day tasks you require.
Make a note of the number of times you need to duplicate data into one or more software products, and how often you need to login to a different service.
When you analyse your business software in this way, you can pick up on the features you need and the bells and whistles you can do without.
Turn a Liability into an Asset
After you have performed your software audit, what are the best steps to turn any liabilities into assets?
Accentis Enterprise can help with a complete software solution designed for small-to-medium businesses that need a change with a fully-integrated ERP system.
Accentis Enterprise combines General Ledger Accounting with Payroll, Inventory Management and CRM, as well as industry specific requirements such as MRP and SCM for Manufacturing and Supply companies.
By utilising a single piece of software combining all the requirements for a modern-day business, you can increase business production and efficiency whilst improving staff morale and management capabilities, as well as saving money overall.
Conclusion
Liabilities cost your business money by wasting employees’ time in several ways, from paying for multiple services that don’t integrate and share data through to wasting employees’ time by forcing them to perform procedures that can be automated.
Accentis Enterprise is the ERP solution for businesses in a wide range of industry applications including Plastics, Electronics, Metal Fabrication and more.
Our product specialists are experts at turning your current liability into an asset that will help your business grow well into the future.
You can be more successful, more competitive and more profitable. You just need to See, Know and Grow your business.
What liabilities are you holding on to?
