The High Cost of Implementing an ERP System and How Financing Can Help

The High Cost of Implementing an ERP System and How Financing Can Help

Implementing an Enterprise Resource Planning (ERP) system, such as SageIntacct, NetSuite or ODOO, can be a game-changer for businesses looking to streamline operations and enhance efficiency. However, the cost of implementing an ERP system can be substantial, often running into tens or even hundreds of thousands of dollars. This investment includes not only the software and hardware but also costs for customization, training, and ongoing support.

For many businesses, especially small and mid-sized enterprises, these upfront costs can be a major barrier to adopting an ERP system. Fortunately, there are financing options available that can help spread the expense over time. With financing plans offering terms of up to 60 months, companies can manage the financial strain of implementation by paying in affordable monthly installments.

By securing financing for ERP implementation, businesses can balance their budget while still gaining access to the powerful tools that drive long-term growth and efficiency. Whether through loans, leases, or vendor-financed programs, breaking down the cost into manageable payments ensures that the benefits of an ERP system are accessible without compromising cash flow.

With the right financing plan, companies can embark on their ERP journey without the burden of upfront costs, making it easier to stay competitive and position themselves for success.

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Electric Vehicle Enhancements: The Benefits Of Purchasing EVs For Construction

Benefits of Purchasing Electric Vehicles for Construction

Electric Vehicle Enhancements: The Benefits Of Purchasing EVs For Construction

Benefits of Purchasing Electric Vehicles for Construction

When you think of futuristic technology, what do you picture? If you see an electric car, you’re not alone! Electric vehicles offer an unprecedented opportunity to abandon fossil fuels without sacrificing speed or convenience. While most people picture such vehicles in the hands of ordinary drivers, they also have significant commercial applications, especially in the construction industry.

As a construction company looking to invest in new technology, electric trucks, cranes, and other vehicles should be at the top of your list.

 

The Many Benefits of Electric Vehicles

Electric construction vehicles and equipment are among the best investments you can make as a construction company. They aid your company on multiple fronts, including through:

  • Sustainable Branding– With electric vehicles, every time local utilities add renewable sources or improve efficiency, your carbon footprint will fall. Your company will thus continuously grow more sustainable over time. Not only is this a good in itself, but clients who care about the environment will be more likely to choose you, leading to higher revenues.
  • Convenient Charging– Electric vehicles prevent you from having to deliver fuel to your worksites, instead charging your equipment with power from the grid. And while it currently takes a long time to do this, recent advances in battery technology may soon allow you to charge in as little as five minutes. You can thus keep all of your vehicles powered up at a fraction of the effort that it currently takes.
  • Silent Solutions– Vehicles and construction equipment that rely on electric technology make little noise. Considering that concerns over noise pollution are among the most common barriers to new construction projects, adopting electric vehicles gives you more flexibility in terms of where and when you build.

While these and other benefits make electric vehicles a great investment, not all companies have the resources to invest in this way. Electric vehicles are still highly expensive, putting them out of the price range of many new and small construction firms. And while they are falling in cost, waiting for them to become affordable for your firm could force you to defer considerable profits.

If you don’t have the money for such investments but want to reap the profits now, consider purchasing electric construction equipment with working capital. Working capital loans provide generous, flexible funding for construction projects, allowing you to invest in equipment that lowers costs, raises revenues, and saves the environment. For more information on buying electric construction vehicles and other new technologies with this capital, contact Dimension Funding today.

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Wagering On Washing: Why Improved Sanitation in Breweries Is A Worthy Investment

Improved Sanitation in Breweries

Wagering On Washing: Why Improved Sanitation in Breweries Is A Worthy Investment

Wagering on Brewery Sanitation

As a brewery, you don’t just have a responsibility to satisfy your customers. You also have to keep them healthy and safe! You understand the importance of sanitation, and the benefits of improving it at every opportunity. By investing in new keg washers and other brewery cleaning equipment, you can obtain the highest standards of sanitation in your industry. This leads to large and lasting benefits, making it one of the best ways to invest in your brewery.

The Benefits of Improved Sanitation in Breweries

While most breweries understand that sanitation is important, there are some who are not aware of the full impact it can have. By purchasing the best possible cleaning equipment and taking full advantage of it, you can:

  • Reduce Interruptions– If one of your customers gets sick from consuming your product, you may need to shut your operations down and fix the problem. Your costs will thus increase even as your revenues grind to a halt. Investing in better sanitation equipment reduces both the frequency and the severity of these interruptions, bolstering your company’s finances.
  • Build a Better Brand– By buying the most advanced sanitation equipment on the market, you go beyond other breweries and establish yourself as a leader in cleanliness. This causes customers to trust you above your competitors, leading to greater loyalty and more consistent sales.
  • Prepare for Future Standards– What is considered advanced sanitation tech today will become the industry standard down the road. By adopting this technology now, you have more time to adapt to it, allowing you to incorporate it more effectively and with fewer disruptions.

Through these and other benefits, investing in the most effective cleaning equipment pays for itself many times over.

How Working Capital Helps You Invest in Cleanliness

Even after learning all the benefits of advanced sanitation, many companies are hesitant or unable to invest in it due to simple cost constraints. Cleaning equipment is expensive, and all but the largest brewers lack the cash to buy it outright. Thus when new devices become available, many brewers must slowly save up money before they can buy them.

Working capital loans let you skip the saving and start cleaning. They provide generous funding for new equipment, so you can make improvements now and then pay for them as your costs fall and revenues rise. As a result, you’ll never have trouble staying ahead of the curve on sanitation.

For more information on working capital, financing equipment, sanitation, and other keys to success in the brewing industry, contact Dimension Funding today.

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Careful Construction: The Importance Of Working Capital To Worksite Safety

Importance of Working Capital to Construction site Safety

Careful Construction: The Importance Of Working Capital To Worksite Safety

Importance of Working Capital to Construction site Safety

Of all the duties that construction companies must fulfill, none is more important than keeping their worksites safe. Not only do such companies have a responsibility to their workers, who face some of the highest workplace injury rates in the modern market, but they must also safeguard anyone else in the area. To keep everyone safe while still running a productive business, you have to make a variety of investments on a regular basis. Working capital is essential for financing all these investments, including:

Quality Construction Uniforms

One of the simplest and most effective strategies for improving employees’ safety is investing in quality uniforms and other workplace gear. Construction uniforms use bright colors and reflective tape to alert workers to each other’s location. They also contain spaces to hold essential tools or attach harnesses. Certain uniforms may improve safety in particular climates. For example, if you do construction work in the American South during the summer, you’ll need gear that protects employees from heat and sun exposure.

Quality uniforms don’t come cheap, and if you need to rapidly expand your labor force or replace a large number of worn gear all at once, it may be hard to cover the cost from your ordinary revenues. Working capital allows you to pay for new uniforms whenever you need them, ensuring your employees have the gear necessary to stay safe at all times.

Effective Construction Equipment

From scaffolding to harnesses to precise measurement tools, quality construction equipment is critical to the well being of your employees. For maximal safety, it is essential not just to buy and use this equipment, but to replace it with more advanced equipment at every opportunity. These investments are almost always highly expensive, and only pay for themselves over long periods of time. Working capital will let you cover such costs now, achieving immediate improvements in employee safety.

Training Updates

No matter what uniforms and equipment they have to work with, employees can only stay safe if they have the necessary skills. You thus have to offer them periodic training courses that cover basic construction site safety while updating workers on any new gear or equipment they have to work with. Working capital may be necessary in order to obtain the best possible training instructors, software, and other resources. You may also need it to pay for lost productivity, since your employees will have to take time off work while training is going on.

Whether you’re looking to buy new equipment, update your uniforms, or pay for training courses, Dimension Funding has the working capital you need. For more information on providing a safe, efficient workplace, visit our website today.

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The Future of Software and How You Can Control Costs

Controlling Software Costs

The Future of Software and How You Can Control Costs

Controlling Software Costs

In the ever-changing world of technology, it is easy to get lost in the benefits and features of each new advance and not see the increasing costs that can be associated with having the best infrastructure to run your business. The larger concern is usually the high cost of maintaining hardware; a hosted, subscription software environment often seems a cash-flow-friendly complement. But be warned: While the upfront cost may look attractive, the amount spent over the long run, as well as the the impact of future costs to strategic planning, can make monthly subscriptions an extremely expensive option.

Here are some tips from our experience with clients making software-buying decisions.

  1. Know your costs for the next five years. Software is typically not used for a month or even a single year; the average life span for a software product is three to 10 years. Software companies would like you to think in the short term when making a purchase decision — thus the smaller, initial outlay so cost will appear less of an obstacle — but planning for the long term is where the savings lie. Depending on the provider, typical savings on the same software bought with your next five years in mind, compared to paying for it month-to-month in subscription fees, can be as much as 10 to 40 percent over the same number of years.
  2. Control automatic cost increases. Look at your subscription license agreement and realize how much the software company can raise the subscription price year after year. Many say the cost of renewing your subscription may rise as much as 10 percent each year. Purchasing for multiple years, or signing a multiyear contract, can avoid or mitigate this automatic cost increase.
  3. Research and establish your full implementation costs; look for prepaid or set pricing. Too often, not having an agreed-upon budget can nickel-and-dime your solution. We see customers who initially thought a project would cost $75,000 paying twice that to get it working properly. This can be due to myriad factors, but having the right partner, exploring the best solutions up front, and knowing what you need the software to do to make your company efficient and profitable can go a long way in controlling scope — and cost — creep.
  4. Find out what other software you’ll need to supplement the core solution. You’re usually not buying only the main ERP, CRM, or HRMS software, but will require additional middleware or third-party plug-ins to run the system properly. There are thousands of supplemental software programs used to help run the major platforms, and cost ranges are huge. It is extremely important to know this up front. We have seen clients duped into implementing less-expensive add-on software only to find later they actually need the more expensive option.

Know the full costs up front as much as possible. When you have this five-year plan and budget in hand, you can see the overall picture and better control your costs. So how then do you pay for all this to take advantage of the savings your plan provides and avoid cost overruns? There are various methods.

  1. Pay cash upfront. Cash is always king when it comes to lower total costs — but still recognize it may reduce much-needed working capital for your day-to-day operations. (Remember: Cash flow is why the monthly software-subscription model looks so attractive initially.)
  2. Use a line of credit. This will usually offer the best variable rate, but don’t forget that lines of credit are intended for short-term borrowing, not long-term assets like technology infrastructure components. Plus they may have additional fees, payment schedules, and other requirements and parameters when used.
  3. Get a fixed-term installment loan or payment agreement. Software can be financed along with professional services, maintenance, and most third-party software. Programs with low rates may let you take advantage of the prepaid discounts from software suppliers. These discounts can more-than-offset any finance charges and still give your company a substantial savings over the duration of your five-year plan. With a fixed term, you don’t need to worry about rising or variable interest rates, which makes your project budget far more realistic.

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Secondhand Superiority: The Benefits Of Relying On Used Construction Equipment

Used Construction Equipment

Secondhand Superiority: The Benefits Of Relying On Used Construction Equipment

Used Construction Equipment

As the owner or manager of a construction company, high capital costs will be a serious obstacle to success throughout the life of your business. From trucks to cranes to rigs to scaffolding, construction equipment is highly expensive, and is only getting costlier as time goes by. This creates a challenge for small and new construction companies, which struggle to afford all the equipment necessary to do their work safely and effectively. Used construction equipment offers an array of advantages for cash-strapped companies, allowing you to:

Reduce Purchase Prices of Construction Equipment

The initial purchase price for used equipment is far lower than that for new equipment. Depending on what specifically you are buying, you may be able to get twice as much used gear as new for the same cost. Not only does this prevent you from tying up all your money in initial purchases, but it gives you more financial flexibility to make sure you have every piece of equipment you need ahead of time. You’re thus unlikely to ever begin a construction job unprepared.

Deflect Depreciation

As with most vehicles, new construction equipment loses a large portion of its value the moment you take it off the lot— even if you keep it in pristine condition! When you buy used equipment, that initial depreciation will already be out of the way long before you make the purchase. As long as you make sure what you’re buying hasn’t been seriously damaged, you’ll be able to get the same quality gear without having to deal with depreciation. You can then resell it for nearly what you paid for it if you ever have to raise money or realize you don’t need the equipment.

Avoid Production Losses

When you buy new equipment, it’s often necessary to wait for weeks or even months for the manufacturer to produce and ship it. Used equipment, on the other hand, is ready to go right away. This means you will not have to pause your operations for as long, saving you from the cost of lost productivity.

Lower Equipment Leasing Expenses

Even if you plan to lease your equipment rather than purchasing it, there is still a financial advantage to choosing used. Used equipment is less expensive to lease than new equipment. This decreases the chance that you’ll have trouble keeping up with all of your payments. It also frees up more of your credit for use on emergencies and other expenses.

For more information on purchasing or leasing used equipment and other tips for cash-strapped construction businesses, contact Dimension Funding today.

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Barriers For Brewers: Financial Challenges In The Brewing Industry

Barriers for Brewers

Barriers For Brewers: Financial Challenges In The Brewing Industry

Barriers for Brewers

From the smallest craft businesses to the largest operations, brewing companies invariably face an array of challenges. Not only do they need to produce beers and other brewed products on the right scale and schedule to meet all their clients’ needs, but they also have significant health, environmental, and branding requirements. In order to keep up with all these obligations, brewers must have access to a large and flexible amount of funds on a regular basis. Only then will they be able to:

Obtain Essential Brewery Equipment

Few industries have more pressing capital needs than brewing. From the kettles and stills needed to produce beer and other brewed beverages to canning and bottling lines that package them to supplementary equipment required to wash all of these devices, brewers must fill their facilities with a wide variety of expensive and complex machinery. This creates serious barriers to entry for new startups, which often lack the cash or mortgageable assets to buy this equipment and begin production. Such companies depend on access to affordable leases and working capital in order to get off the ground.

Carry Out Repairs & Maintenance

In addition to getting their hands on brewing equipment in the first place, brewers need to make sure that equipment remains in good condition for the long haul. That means conducting frequent inspections, repairing any devices that are even mildly damaged, and updating existing equipment with new technology as soon as it becomes available. The cost of this maintenance work is usually low, but it can go up if you discover a major problem or need to invest in an expensive but promising enhancement. Access to working capital is essential for brewers to perform this work and keep their equipment in good condition throughout their time in business.

Respond to Shifting Demand

Public preferences for beer and other brewed beverages can change on a dime. If brewers want to keep up with this changing demand, they must be able to expand or scale back production of different varieties with little or no notice. This means investing in flexible equipment that can switch to brewing different products quickly, as well as maintaining access to all the ingredients necessary to create each product on their list. All these actions are expensive, making working capital essential.

Promoting Health

Besides addressing changes in consumer demand, brewers must respond quickly to health concerns. This may require taking essential equipment offline for cleaning or inspection, as well as switching out ingredients. Working capital is necessary to insulate brewers from the cost of lost production while taking these health precautions.

For more information on working capital and other financial resources for brewers, contact Dimension Funding today.

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The Benefits of Medical Equipment Financing and Leasing

Leasing Medical Equipment

The Benefits of Medical Equipment Financing and Leasing

Leasing Medical Equipment

When it comes to the healthcare industry, effective medical equipment financing is literally a matter of life and death. Unless you can obtain the most advanced equipment, drugs, and personnel to deal with every variety of diseases and injuries, you won’t be able to heal patients in critical conditions. For this reason, it is essential that you consider all your financial options and choose the one that best fits the needs of your hospital. In particular, you should never overlook the opportunity to lease medical equipment rather than buy it, an option that allows you to:

Invest in the Most Advanced Medical Equipment

If you insist on buying your equipment outright, you may not be able to afford the most advanced devices right away, forcing you to wait until you can save up enough money. Leasing lets you use those devices now, reaping benefits such as:

  • Lower Costs– More modern medical devices often use less energy for the work they do, lowering your power bill. This will improve the financial health of your hospital while helping make up the cost of the lease.
  • Better Outcomes– The more advanced medical equipment is, the more effective it will be at treating patients’ diseases and injuries. This speeds up recovery times, improves patients’ quality of life, and even saves lives.
  • Faster Service– Many of the latest medical devices serve patients more quickly than their older counterparts. Given how serious hospital overcrowding has become, there are few better investments you can make for your facility.

Remember that these benefits of financing and leasing don’t just help your facility and patients. By serving a larger number of people and achieving better outcomes, you reduce the strain on other hospitals and clinics as well, leading to better results throughout the healthcare system.

Keep Cash on Hand for Emergencies

Even if you have the money to buy all the advanced devices you need now, tying up that money in equipment may not be a wise decision for your hospital or patients. Remember that a natural disaster or other crisis could strike at any moment, causing a dramatic increase in injuries and illnesses. To meet the needs of this horde of new patients, you will have to order more drugs and devices, pay enough people to stay fully staffed at all times, and use more of your equipment ‘round the clock. All of these steps require massive spending, and without cash on hand, you may not be up to the challenge. Leasing your equipment leaves your funds free, allowing you to stay prepared for emergencies.

Dimension Funding offers medical equipment financing and leases for a wide variety of medical devices. To learn more or get started applying, contact us today.

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Payment Prudence: Why You Should Opt For Software Leasing

Software Leasing

Payment Prudence: Why You Should Opt For Software Leasing

Software Leasing

The role and importance of business software has changed dramatically in the past few decades, yet many firms are still treating software financing the same way they always have. Companies continue to purchase programs outright, even when they are of limited long-term value. Instead, you should consider leasing software for your business, especially if:

You’re Concerned About Capital

If you lack the cash to purchase valuable programs, leasing allows you to gain access to them immediately rather than having to save up money. This means you can reap any productivity or cost-cutting rewards the software brings now, taking full advantage of all opportunities to grow as a business. Even if you have the money, leasing leaves you free to spend more of it on other investments rather than sinking it all into digital purchases. These savings are further enhanced by the many tax advantages that come with leasing.

You Can’t Keep Up with Updates

If you don’t specialize in tech, you likely have trouble keeping track of new software updates. Even when you know new programs are available, you may not be able to judge how valuable they are to your business. Software providers have the specialized knowledge to identify and evaluate updates. Leasing also means you won’t have to spend money on programs that will soon become obsolete, limiting your potential for lost investments.

You Need a Myriad of Products

If your company relies on a wide range of different programs and applications, buying them all may create an enormous logistical and financial hassle. Leasing allows you to gain access to a multitude of products without the burden of purchasing each one. The examples/types of leased software include customer relationship management (CRM) systems, computer-aided design (CAD) programs, ecommerce software, and Point of Sale (POS) applications.

You Require Supplementary Services

Leasing software gives you access to a range of services that supplement the programs themselves. These include training your staff to use the software and customizing it to fit your unique needs. Providers also tend to offer troubleshooting and security services to you if you lease.

You Still Desire Ownership

If you still desire the benefits of ownership, many leases allow you to become the owner once the contract comes to an end. Such leases often require no additional payments, all while letting you reap the benefits of leasing prior to that point.

Dimension Funding offers the full range of business software products, along with quality support services, to all companies and organizations. For more information or to sign up for a lease, contact us

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Restaurant Reinforcement: The Importance Of Working Capital In The Food Business

Restaurant Financing

Restaurant Reinforcement: The Importance Of Working Capital In The Food Business

Restaurant Financing

Business Financing for Restaurants Means Better Profitability

Whether you run a large restaurant chain, a single cafe, or anything in between, financing is always a challenge in the food business. Not only do you need a large supply of inventory and equipment at all times, but you also must be prepared to address sudden changes that sap your revenue or raise costs. Only through regular access to affordable working capital can you meet these obligations and stay profitable. Dimension Funding offers working capital at generous rates and with little paperwork, making it easy for you to:

Invest in Equipment

No restaurant can afford to wait for more advanced equipment. The latest grills, fryers, stoves, and order devices improve kitchen efficiency, speeding up the cooking process while saving electricity and gas. This means that every second you wait to purchase new devices is wasted money, but how can you make such expensive investments if you don’t have cash on hand?

Working capital provides a simple solution to this problem. By borrowing the funds to purchase new restaurant equipment now and paying off the loan with the savings and revenues you generate, you can take advantages of all opportunities to enhance your business as soon as they arise. In this way, you’ll never miss a chance to cut costs and expand your market share.

Shore Up Safety

In addition to cutting costs and boosting revenues, working capital gives you a chance to achieve greater health and safety for your customers and employees. Keeping food free from contamination means buying the best cleaning and refrigeration products on the market. Likewise, if you want to avoid slip, fall, and trip injuries, you have to keep your floor in good condition. All of these steps require heavy upfront investments, and working capital gives you the money to make such investments. In this way, you can improve your company’s reputation while keeping liabilities and settlements to a minimum.

Survive a Shifting Market

The restaurant industry is subject to constant shifts in demand and costs, some predictable and others sudden. Say that you depend on tourists for much of your business, but most of those tourists come during the summer. You’ll still have to pay your employees, suppliers, and landlord the rest of the year, but may not have enough revenue to do so. Likewise, if a natural disaster damages your premises or disrupts supply lines, your costs could rise dramatically. Working capital lets you weather these shifts, staying in business until your costs and revenues return to normal.

Dimension Funding is committed to helping your restaurant succeed. We supply working capital and a variety of other financing options, allowing you to make the investments you need quickly and affordably. For more information, contact us today.

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