Deciding to invest in ERP software for your business is a huge milestone and signals your business is moving in the right direction for growth. Financing ERP software is one option you may want to consider if sticker shock has left you hesitant to proceed with purchasing a system for implementation.
Fortunately, it is not all that difficult to finance ERP. By leveraging these options, you can continue running your business as usual without committing a big chunk of your budget at once.
Another attractive option for businesses considering the purchase of an ERP system is the option to leverage a software tax deduction through IRS Section 179.
Contact Encompass Solutions today to learn more about your ERP financing options.
Why You Should Consider Financing ERP Software
If you’re already evaluating an ERP system and the price tag has put the brakes on your project, fear not. You don’t have to commit all that capital to an ERP software purchase all at once.
At this stage in the buying process, you likely understand how beneficial an ERP system can be for a growing business. Everything from accepting and processing orders to managing inventory and shipping to financial reporting can be completed in one, unified ERP system. Whether you purchase your ERP software as an out-of-the-box solution or customize it to your specific needs, the price may be high.
Fortunately, financing options are available to you that can make that purchase a far more manageable process.
Here are some things to consider in favor of financing your ERP implementation project:
- Preserving capital through a financing option will allow you to start your implementation project immediately, leaving your precious capital available for use in other areas of your business.
- Taking advantage of flexible payment options means you can structure the terms of your payment to fit your unique needs and business objectives.
- Leasing ERP software is easy, simple, and intuitive. You can finance your ERP purchase as easily as you finance a home, car, or other common purchase.
- Reduce long-term debt exposure through financing your ERP system to maintain a better Balance Sheet. With less debt, you will have access to more capital to further improve your business processes or expand operations.
Your ERP Software Financing Options
Manufacturers may be surprised to find that they have an array of options to consider when financing ERP software purchases. Loans and grants are just two of the most common options available.
Government programs allow manufacturers to apply for and be awarded grants and low-interest loans to put towards ERP software projects. A business needs to satisfy only a few criteria before it can be considered for such government-sponsored financing programs. You can find a sampling of such funding and grant programs at the manufacturing.gov website.
Alternatively, a company can work with an ERP implementation partner to scope out their project and approach private lenders who specialize in ERP financing.
Whichever option you choose to pursue, Encompass Solutions is experienced in financing ERP for manufacturers and can help you, from start to finish.
We’re Here to Help
Encompass Solutions works directly with companies that specialize in financing ERP software purchases. With our help and these strategic partnerships, you can manage your buying process more easily. That leaves you more energy to focus on things like implementation and training your employees on how to use ERP for the greatest benefit.
By working with us and our financing partners, you can break up payments into manageable sums spread out over time. This results in a powerful ERP system for your business and a low monthly payment that is easy to manage.
Our partners can help you finance ERP software and projects, including:
- Software licenses – Perpetual and subscriptions.
- Services such as implementation, project management, consulting, and training.
- Prepaid, Multi-year SaaS agreements
- Hosted Applications
- Customized Website Development Costs
With financing terms available for between 24 and 60 months, you can reap the benefits of ERP now and worry about settling the bill later.
Consider working with Encompass and our partners on your next ERP project to leverage such benefits as:
- Budget-friendly monthly payments with no large up-front costs
- Conserve cash with 100% financing
- Match cash outlay with benefits of the solution
- Aggressive fixed rates
- Credit approvals up to $250,000 without financial statements
- Preservation of existing credit facilities
Want a better idea of how your financial plan will be structured? Use this intuitive ERP financing calculator to get answers to your ERP financing questions today.