The importance of the right ERP for accountancy consolidation
To manage mergers and acquisitions fast, efficiently and easily, your ERP needs three essential attributes: flexibility, interoperability and configurability.
Consolidation in the accountancy industry is a growing trend. In such a highly competitive market, one of the only ways for practices like yours to compete is through economies of scale; to acquire companies and/or their assets. And, if you can do it faster, easier and more efficiently, you will raise your competitive advantage sooner.
But onboarding new practices is a huge undertaking. There’s due diligence, systems consolidation, process alignment and endless administration. In short, mergers and acquisitions (M&As) are costly, disruptive, risky, and the whole process can slow you down.
If your practice, as the purchaser, doesn’t have a modern, flexible enterprise system in place, M&A activity can cause even more headaches and raise more questions. The most important question is: which systems and processes do you use, those of the new entity, your own, or a combination?
Get your ERP in order
The smart strategy is to get your enterprise resource planning (ERP) system in order before you even embark on an M&A track. That way you can remain in control of the project and its future direction.