Important Features of ERP


December 29, 2021

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Regardless of the type of discomfort, procrastination is your brain’s way of telling you there’s something missing - something you need in order to complete the task.

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Identifying the type of discomfort you’re experiencing often reveals a way to address it, and in so doing, remove your desire to keep putting the task off. ( Thanks, procrastination! )

Enterprise resource planning, popularly known as 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.

If you are looking for ERP software, here are the important ERP features that you need to know.

Integration of different functions of business

 A business, irrespective of size, must deal with various functions like purchase management, sales management, material management, finance, accounting payroll etc. Having a separate system to manage each of these functions is a nightmare. Here is why the integrated solution of ERP software will be helpful.

By allowing all the functions or modules to work together, enables you to get the complete view of the business. More importantly, allows your team to seek and consume information from a single system and put an end to all the discrepancies arising due to multiple sources of information.

Accounting and finance management

Accounting and managing finance is one of the important features of 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 accounts receivables accounts payables, cash flows, foreign currency transactions and forex etc. can be managed easily. Also, assists you with accurate on-time details as an when needed.

Purchase and sales processing

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.

There are ERP or accounting software’s that are designed to be free from the rigid process and allows you to handle sales and purchase process the way you want, without having to change the way you use to conduct your business.

Inventory management

Efficient inventory management is key for success of any business. The better you manage it, the better the business results. Just like Cash flow, it can make or break your business. Here is why ERP software plays a key role.

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.  Here, ERP software should be one that provides on-time accurate and actionable information that is crucial for decision making.

Take a look at top 5 inventory reports that are crucial for efficient inventory management.

Cost control and analysis

Just like a small leak will sink a great a ship, even the little expenses when you put together has the potential to impact your business in several ways. ERP software helps you track the cost incurred at different projects, units, departments etc. and allows you to set the budget using which one can track variances. The insights from ERP software helps you cut down the cost of unprofitable areas and ones that need to be optimized.

Insightful reports

The larger your business grows, you start to seek more business information like profitable products, fast-moving products, ageing of the stock that is lying in the warehouse, ways/areas to optimise the cost etc.

It becomes even harder to ensure that information is shared, and different functions work together effectively.  Here is why reports of ERP software is a focuses area.

By integrating all functions and process in a single system, ERP software provides complete information that helps you and your team to take the right decision. By automating the report generation, ERP software eliminates the time needed to manually collect data, reconcile it and then putting into a readable format.

Access to data on the go

With the evolution of technology, the need to access the business data outside the business premises has accelerated. Keeping the growing needs, most of the ERP software's are designed with powerful net capabilities that allow you to access the data remotely including the crucial information on mobile.

While on the go access provides greater convenience, you cannot afford to miss on the data security. This is one of the crucial factors that need to be considered for accessing the data online.

Take a look at TallyPrime and find out if it is the right fit for your business.

Read More on ERP

What is Enterprise Resource Planning System, ERP Software for Small & Medium Business, ERP Software for Manufacturing Industry, ERP Software for Distributors & Wholesalers, Types of ERP Software System, ERP Implementation Process, ERP Software Advantages, Custom ERP Solutions

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