Many small to mid-sized manufacturers believe that they can do without an ERP system. They believe that their operation is simple enough that they can control it with a few spreadsheets. Often, this is simply not the case. Here are 10 of the most compelling reasons to implement an ERP system.
1. Real-time information for decisions
Without an ERP system, your team is flying blind. They make decisions based on guesswork and rules of thumb because they don’t have the data they need. Sometimes they are the right decisions, but more often, they are sub-optimum decisions that can cost you money and customer goodwill.
2. Best practice procedures
Software companies often design their ERP systems to support specific industries or verticals. As they add customers, they learn industry best practices and incorporate them into the software. By implementing an ERP system designed for your industry, you automatically make your business processes more efficient.
3. Improved visibility
If customers want to know when their order will ship or if you need to know whether you have enough of a critical component to accept a rush order, an ERP system gives you instant visibility into your operations and your supply chain.
4. Faster month-end close
ERP systems automatically process transactions and generate audit trails and financial reports that can simplify period-end closings. They flag anomalies so you can investigate quickly, and they simplify repetitive journal entries and other activities that make closing so complex and time consuming. Faster closes mean you know the health of your business sooner.
5. Increased customer satisfaction
Customers like accurate delivery dates, and ERP can help you provide them with improved inventory and shop floor visibility. In addition, the increased visibility and accuracy will help you improve your DIFOT rate (delivery in full on time), which helps keep customers happy.
6. Managed and controlled costs
ERP systems calculate and collect costs so you always have an accurate picture of your product cost and margins.
7. Better operational efficiency
By helping you to plan production more effectively, your operational efficiency will improve as you reduce setups and teardowns or unnecessary downtime.
8. Accurate records
The uniformity of record data that an ERP system instills will help ensure that your records are more accurate, which will increase process accuracy across the board.
9. Balance of supply and demand
MRP, a component of ERP systems, will help you balance supply and demand so you can reduce inventory while keeping customers happy.
10. Reduced lead times and increased throughput
Better scheduling and accurate records ensure that your schedules focus on priorities, leading to shorter lead times. Since you won’t have as many orders waiting for tooling or parts, your throughput will increase.
Payroll software can ease your payroll pains. Here’s how you can prepare to use payroll software.
Before you start using a payroll software, you have to make sure the software actually meets your needs. Determine what you need the software to do. If the software does not meet your needs, it will not be effective for your business. Payroll software could include these features:
Payroll tax filing and deposits
Time and attendance tracking
Once you figure out your payroll needs, you can rule out software packages that will not work for you. Also, consider your wants—things you would like, but do not necessarily need. Knowing your wants might help you choose between two similar software packages.
The role of accounting in small business management is huge as it assists to track the financial information for various business functions. Operating a small business usually involves owners to be familiar in several business functions. Producing services or goods, creating marketing strategies, accounting for financial information and conducting economic forecasts are some of the responsibilities that a small business owner have.
Thus any business should have a tab over its everyday expenses to enormous expenditures. But, the advancement in technologies made the task less cumbersome and easier comparing to traditional methods. The latest technological outcomes like accounting software and other products have made the process of accounting fast and precise. Accounting software mainly keeps track of the cash flows documents and processes, perform calculations, transactions and generate reports.
But, the functionality of this software is not restricted to these operations alone, as it also assist in enhancing the profitability, operations, efficiency and reduce costs. There are various types of accounting s/w available for business of different kinds and sizes. Accounting s/w brings upon a discipline on business finances that in turn help to achieve better management of finance. The simple to use business accounting software is capable of performing the complex calculation in a matter of minute.
The accurate data that it produces assists in the faster decision making. Another facility present in the accounts software involves customization option as per the business type and it assists in assessing the progress and efficiency. It also facilitates the production of daily reports which help in tracking the daily activities, controlling workflows and operations. It is likely to generate the reports based on various time periods and parameters as per the requirement.
Information that is derived out of this software can be utilized to make product planning and for planning the marketing strategies. Accounting software also brought upon automation in several aspects of business like accounting inventory, billing to payment processing, etc. It can also make strenuous and complex accounting procedures that make business finance transactions effortless and enable to obtain a fast and accurate accounts calculations.
Who knew your cashflow could look so good. In real-time too! Gain immediate clarity over your net business. Take control by keeping track of receipts, payments and GST. Watch your net position change real-time.
Generate 20+ different reports Create impressive reports, and use powerful tools to gain insights. For instance compare net positions between quarters, then 1-click to easily ‘drill down’ to the details.
Master your budgets. Become a forecasting guru. An engaging budget tool that lets you allocate resources and plan for the future. Create scenarios for your business finances to improve forecasting.