Our ERP accounting software facilitates your company for implausible performance and assists to plan business strategies, Predict and provide an authentic financial report of your financials.
When shopping for ERP Software, you have to know what features your company will need. We conducted a survey over the last year, pulling information from conversations with our ERP buyers. We received results from over 650 buyers about their challenges and past vendor failures. But our main goal was to find out which ERP software features were most important to buyers when shopping for an ERP.
Enterprise resource planning (ERP) software is a business management software that integrates various functions of the business in a single system. By managing all the business needs in a single system, ERP software enhances business efficiency and performance.
Today’s enterprise ERP systems integrate and automate essential financial and operational functions and provide a trove of data insights from sources including general ledger (GL), accounts payable, accounts receivable, payroll and financial reporting. Modern ERP systems also help with inventory, order and supply chain management as well as procurement, production, distribution and fulfillment.
If you are looking for ERP software, here are the important ERP features that you need to know.
This ERP functionality is a significant part of what makes this solution different from others. A business, irrespective of size, must deal with various functions like Purchase Management, Sales Management, Marterials management, finance, accounting, payroll etc. Having a separate system to manage each of these functions is a nightmare. That is why an ERP software with integrated solution is preferred.
Accounting and managing finance are two of the most important features of an ERP software. With inbuilt automation and powerful capabilities, ERP software helps you to manage accounting and finance needs efficiently. Right from billing to important accounts processes such as Account Receivables, Account Payables, Cash Flows, Currency Transactions etc. can be managed easily.
ERP Accounting features provide the ability to track, store and analyse financial data, such as accounts payable (AP), accounts receivable (AR), general ledger (GL), budgets and forecasting. This also helps company to perform more advanced tasks such as tax management, fixed assets management, revenue recognition and multi-currency reconciliation.
ERP Accounting features provide the ability to track, store and analyse financial data, such as accounts payable (AP), accounts receivable (AR), general ledger (GL), budgets and forecasting. This also helps company to perform more advanced tasks such as tax management, fixed assets management, revenue recognition and multi-currency reconciliation.
Automation features would make everyday’s tedious taskseasier such as order entry, Payroll, Accounting, Iinvoicing, reporting and more. Automation cuts down the many hours your staff would typically spend on these processes, allowing them to focus on more important assignments. Optimizing your employees’ time ensures more effective workdays. Automating your processes also reduces chances of human error.
ERP software helps in increasing the process efficiency by streamlining the order management system right from order-to-Invoice-to-cash. Also, with complete tracking ability, ERP software simplifies the procurements process of stock and other supplies.
Purchase and sales processing is a crucial process for any business, ERP software being flexible is important. This because order processing differs from business to business. Sometimes, the same organisation may follow a different process at different times, for different products and parties or different cycle for purchases and sales.
Efficient Inventory Management is key for success of any business. Just like Cash flow, it can make or break your business. ERP software plays a key role in this aspect. By automating the inventory management process, ERP software helps you manage optimum inventory levels. Its built-in reporting system helps you to forecast stock movements and know the insights on the stock trends, gaps, low-yielding products etc
Better reporting is almost as important to executives as more effective data usage. ERP reporting modules compile information about business operations into reports that empower stakeholders to make more informed decisions, enhance business processes and identify problem areas before the business suffers. Reports may include visual representations, such as charts, graphs and dashboards, hopefully revealing trends and patterns to improve business results.
Since an ERP system is already collecting and processing data from all your business functions, it makes sense to capitalize on that information through analysis. Put simply, this ERP function finds trends and patterns in your processes, which enables users to reflect on specific tasks’ effectiveness, and provide forecasts for future business decisions. ERP software helps you track the cost incurred at different projects, units, departments etc. and allows you to set the budget and monitor it to track variances.
ERP platforms allow companies to track, surface and understand business metrics—a powerful feature. They do this by facilitating companywide access to near-real-time data, breaking down information silos and offering reporting and analysis for every aspect of business operations.
In addition to tracking tangible objects, ERP software allows users to track information. Tracking information includes sales, production statistics, employee productivity and more. ERP systems provide a multitude of tools to follow different sets of data. CRM tools track sales, HR module tracks staff productivity, and production statistics are found in manufacturing analysis tools. ERP systems also allow users to set up alerts for specific events, keeping them up to date on the most critical activities
ERP systems offer insight into a company’s Supply Chain Management (SCM) efficiency by tracking demand, inventory, manufacturing processes, logistics and distribution. A fully automated and integrated supply chain enhances operations by suggesting purchase orders, work orders and transfer orders across multiple locations.
This system can also help set inventory goals and simplify distribution resource planning. Real-time data on a company’s supply chain helps identify areas of inefficiency, providing greater control and management over inventory.
The sales and marketing module of an ERP software provides functionalities such as contacting customers, tracking customer orders from placing an order to dispatching of products against the order, raising sales invoices, receiving payments and processing return orders. It also provides additional functionalities such as automation of tracking expenses against a particular customer, implementing targets for marketing personnel, tracking lost orders and preparing comprehensive reports for marketing activities. These reports enable users to analyse sales trends during a particular period, drill down against the consolidated data and predict sales for the next quarter/month.
ERP software maintains a detailed customer profile and sales history. The detailed customer profiles and sales history enable the business to understand the customer’s preferences better. ERP systems with integrated CRM also benefit marketing and sales teams by making it easier for them to sell, upsell, generate quotes and purchase orders, forecast, manage commissions and track key details like profit margins and ratios.
The HR Component of an ERP System acts as an end-to-end employee management platform, handling payroll, hiring, onboarding, compensation management and timekeeping. Complex HR functions, like tax and benefits deductions, are automated with ERP-connected HR software, which saves time and money while reducing errors.
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