ERP, or enterprise resource planning software, is developed to help business owners manage many aspects of their businesses. ERP software integrates everyday processes to ensure a company runs smoothly. The ideal software offers a variety of features and functions which streamline your workflow to save time and, ultimately, money. Procurement, supply chain management, project management, accounting, and even financial reports can all be centralised through one software platform. But with so many ERP software packages on the market, how do you choose?
Financial Management and Accounting
One of the trickiest aspects of a business is the management of finances. This critical aspect of business is one of the primary concerns amongst business owners. If the books don’t balance, you can’t buy stock, pay staff, or keep the lights on. Integrated ERP software will help your finance department to track financial data from multiple departments for analysis and reporting. This setup minimises mistakes and automates tasks such as billing, account reconciliation, and payments. No ERP software is complete without extensive financial functionality.
Integration Between Departments
To minimise inefficiency, integrating various silos within the business can be done with comprehensive ERP software. To avoid working at cross purposes, ERP software offers users a centralised view of financial and operational data across the business. It is also critical that this data is available in real-time across the organisation to ensure seamless communication within the company to reduce discrepancies and errors. The integration offered by ERP software allows users to analyse business trends in order to make accurate predictions and improve organisational efficiency within the business.
Automation Through ERP Software
Some tasks are tedious and repetitive, so why not employ automation where possible? Day-to-day tasks, which involve manual data entry such as order processing, invoicing, payroll, reporting, and more, can be automated through ERP software. Automation will streamline your employee’s workflows and reduce human error by reducing manual input. Coupled with the centralisation of data between departments, automation can be done across departments simultaneously.
The combination of integration and automation ensures that users can generate reports automatically. Drawing data from a wide variety of information, otherwise separated into different silos within the business, ERP reports offer charts, graphs, and other data visualisation methods. These reports provide actionable insights for key stakeholders within the business to help employees identify problem areas in advance and address them.
Supply Chain Management
Another must-have in your next ERP software package is supply chain management. Comprehensive ERP software will allow businesses to track various aspects of the supply chain. This functionality may cover a variety of aspects such as procurement, inventory management, demand, order management, manufacturing, warehouse management, logistics, and distribution. Such functionality will simplify resource planning and distribution using real-time data whilst reducing inefficiency. Supply chain management ultimately ensures greater control over inventory.
The must-haves in ERP software are ultimately dictated by the type of business you run, your business model, your industry, and how big your business is. Every business, however, can benefit from financial and accounting functionality, as well as streamlined processes.