To get and keep clients, a modern and forward-thinking tax consulting firm needs to be proactive. Are you investing in the right technologies that will keep your company relevant? To continue to outperform and stay ahead of the competition, you must provide great customer and employee experience.
In today's fast-paced business environment, simply having technology with a better user interface is no longer enough. It's about exceeding expectations by obtaining critical insights at the appropriate time to improve operational transparency, streamline everyday operations, and make more informed decisions.
With a reliable enterprise resource planning (ERP) software such as SAP HANA and a trusted partner with the right experience and expertise, tax consulting firms can increase their agility to meet today’s growing business needs.
How Can an ERP Solution Help?
Tax consulting firms face many challenges in keeping their operations running smoothly, especially as they get bigger and more complicated. This is where ERP systems may help. ERP software brings together many business processes and functions, like managing finances and accounting, running human resources, and maintaining customer relationships, onto a single, centralized platform.
ERP solutions can help you streamline operations, improve communication and collaboration among teams, and gain real-time visibility into key business metrics. It can provide actionable insights that inform strategic decision-making. ERP software also allows you to examine workflows and pinpoint bottlenecks. It's also useful in areas that may benefit from automation to reduce human error or boost productivity.
Here are a few ways an ERP solution can benefit tax consulting firms.
Centralized Financial Management
With ERP, tax consulting firms can manage their financial processes better with a single, centralized platform. This means that financial data from many sources, including invoices, expenses, and revenue, may be uploaded into the system and updated in real time. It avoids data duplication and eliminates manual errors. Several accounting processes can be automated, including accounts payable and receivable, bank reconciliations, and financial reporting. This reduces the time and effort needed to manually enter data so that finance teams can focus on more critical tasks.
ERP software connects financial activities to other company processes like project management and procurement. ERP allows consulting businesses to manage their finances in the context of the company as a whole and make informed decisions that affect the bottom line.
Improved Project Management
ERP software enhances project management and makes it easier to set up project plans, define tasks and milestones, and keep track of resources. It enables you to monitor progress against your objectives and make changes to keep projects on schedule. ERP includes a time and expense tracking system that allows employees to report how long and costly specific tasks are. This helps you keep track of project expenditures and ensure that projects stay on budget.
ERP enables you to create accurate project reports and dashboards, so tax consulting firms can monitor performance as it happens. This lets businesses find out where projects might be running late or going over budget so they can fix the problems before they get worse.
Managing Service Entities
ERP solutions can help you manage different service entities that are part of the same company, like departments or subsidiaries. When a company grows and adds more clients, services, and locations, managing operations and integrating finances can become more complex. ERP enables standardization and consistency across all business operations, simplifying management and lowering overhead expenses.
ERP allows tax consulting firms to combine financial and operational data from all business units and entities to create reports that show the organization's overall performance. This helps firms with multiple service entities grow and expand. As new entities are added to your organization, your ERP software can be modified to meet your business's growing needs without causing disruptions or downtime.
With ERP software, team members can work on projects, tasks, and documents simultaneously. This ensures that everyone is working with the most up-to-date data, which can significantly reduce errors. ERP makes it easier for team members to communicate and share information without having to switch between tools or platforms.
Because ERP gives mobile access to team members, they can still work and retrieve data while on the road. This increases productivity and keeps employees engaged even when they are out on the field. During busy tax seasons, employees who are working in the office or remotely can have instant access to mission-critical information.
When deciding on an ERP solution, you're not simply purchasing software. You’re committing to a partnership with the provider. Our team of experienced ERP consultants can help your tax consulting firm streamline its operations and maximize profits so you can take your business to the next level. We have expertise in ERP for research organizations, ERP for accounting firms, and ERP for biotechnology companies. Visit NBS today to schedule a consultation!