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Incorporate Best Practices: Add ERP to Your Business

Wednesday, December 18, 2019 2:36

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A business consists of different departments or processes which each contribute efforts focused on a specific task area to support the whole. The key to success for the business is to have each of these departments or processes merge together smoothly and generate the expected final product. That will require a tool which can collect, store, manage and interpret data which is received from these different departments or processes, and present a picture in real-time of the business.

Enterprise Resource Planning (ERP) refers to a suite of integrated business applications which provides a continuously updated view of all the core business resources and commitments, including cash, raw materials, production capacity, purchase orders, and payroll. All of this gathered information is maintained in a unique database repository which the ERP system can smoothly and quickly access to provide data in response to any query. All of this is to enhance the efficiency of the business by integrating varied organizational systems and facilitates.

To know if adding ERP will benefit your business, take a look at some ERP basics. Keep in mind the ERP software selected should be a good fit with the existing business IT systems.

ERP systems typically include the following characteristics.

1. An integrated system

2. Operates near or in real time

3. Maintains a central database which supports the application

4. Has a consistent look and feel across all areas

5. Ease of installation.

An ERP system covers many common functional areas.

1. Financial accounting: general ledger, fixed assets, payables including vouchering, matching and payment, receivables and collections, cash management, financial consolidation

2. Management accounting: budgeting, costing, cost management, activity based costing

3. Human resources: payroll

4. Order processing: order to cash, order entry, credit checking, pricing, available to promise, inventory, shipping, sales analysis and reporting, sales commissioning

5. Project management: project planning, resource planning, project costing, work breakdown structure, billing, time and expense, performance units, activity management

6. Data services: various “self–service” interfaces for customers, suppliers and/or employees

The best ERP product has the unique selling point of being easy to install plus the flexibility to work identical to the way your business functions today. There is no need to change the way you operate with the integration of an ERP product for your business. Expect it to be quick on boarding, flexible to adopt to your business and simple to use.

No matter the size of your business, there is available an ERP system which will support and improve efficiency. Small and midsize enterprises (SMEs) can manage all their core business processes through a single ERP for SME platform, taking positive action to improve cash flow and overall visibility while cutting costs.

Reference

https://en.wikipedia.org/wiki/Enterprise_resource_planning

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