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As your business grows, it will outgrow its software – your new needs will no longer be met with small business accounting software – and it will be time for an enterprise resource planning (ERP) system. An ERP system is integrated business management software that manages data across multiple business activities, including accounting, project/service management, inventory control, human resource management, timekeeping, customer relation management, ad-hoc/dashboard reporting and much more.

An investment in an enterprise resource planning (ERP) system may be one of the best investments a small business can make. ERP solutions are no longer just for large companies; as the costs have come down, it’s easier than ever for small and medium-sized businesses to operate similarly to – and compete with – larger enterprises.

Here are ten reasons to move away from your small business accounting software:

You've grown your business to its current state with basic software, and that's great – but as you continue to grow in both size and complexity, you'll need to find an accounting product that can "stretch" to provide for your new needs. With so many products on the market, it might seem overwhelming, but we have a few recommendations to help you find the best accounting software for you.

It’s not quite the chicken or the egg conundrum, but putting a management accounting system implementation ahead of a business process review doesn’t make sense. It should be the opposite, in fact – you should always get a business process review before implementing a management accounting system.

Editor's Note: This post was originally published in August 2015 and has been updated for freshness, accuracy, and comprehensiveness.

Are your business processes efficient? Inefficient processes negatively impact your position in the market, so fixing the flaws is vital to your success. The flaws, however, can be subtle and difficult to pinpoint.

Your board doesn't approve a new financial system because staff are frustrated with it. They approve it because someone brought a clear, documented case: here's what isn't working, here's what it's costing the organization, and here's what changes if it's fixed.

You might be asking, “Why should I pay for a business process review? Aren’t they just trying to sell me something?”

Unfortunately, the answer is “maybe.” If the business consultant doesn’t share everything they learn and offer advice based on the business process review then yes, they were just selling it to you. If, however, the consultant uses the business process review as a springboard to learning about your business and go through the learning process with you, you should expect to pay for the knowledge and results gained.

Editor's Note: This post was originally published in April 2015 and has been updated for freshness, accuracy, and comprehensiveness.

Did you know that, statistically, over 60% of enterprise resource planning (ERP) implementations fail? That's a lot of failures.

Business consultants are expensive. Many firms will charge you time and materials – an hourly rate anywhere from $125 to $250 per hour, plus travel, plus lodging, plus, plus, plus. So, what should you hire a business consultant?

Editor's Note: This post was originally published in May 2015 and has been updated for freshness, accuracy, and comprehensiveness.

What do you think of when you hear the word consultant? The value of a consultant is not the first thing that pops in heads of many. They think, instead, of promises made but never kept, money spent but never utilized, and plans created but never implemented. Clearly, consultants are doing something wrong.