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ERP Finance Module: Everything about ERP Software for Accounting & Finance

ERP Finance Module: All about ERP Software for Accounting & Finance Productivity

 

About ERP Software For Accounting & Finance

It is a no-brainer that ERP software integrates various business processes into a centralised system to eliminate any bottlenecks that impair data flow. While ERP systems are often linked with production, inventory, supply chain management, and more, accounting and finance teams too can leverage this solution.

From impact of inventory movement on finance, profitability tracking of each sales order, and linking expenses to cost centres, bank reconciliation, and tax management, the finance department deals with a multitude of complex processes. Hence, they are always in dire need of a tool that can help streamline processes and ensure transparency.

That’s when the financial module in ERP comes into play!

What are Finance Modules in ERP Solutions?

The finance ERP module handles functions related to financial management. Since the functions of each department are integrated in an ERP solution, it is easier for the accounts team to achieve accounting accuracy with this module.

The finance module’s key responsibility is to glean financial data and convert them into reports. It enables you to monitor the real-time value of a material, which thereby improves productivity and revenue.

5 Ways How ERP Software Can Help in Financial Management

Profit and Cost Tracking

Gathering and analysing data on profit items is of paramount importance for any business. An ERP finance module enables you to track profit and get an aerial view of your organisation’s financial health. This will give you an insight on the major sources of profit and cost. Basically, you can plan your next move with the help of analytical reports generated through profit tracking. Finance ERP modules also automate profit calculation, which eliminates manual errors. 

Ledger Management

Business owners do have the bandwidth to monitor their transactions on multiple platforms. And that’s when the finance module in ERP comes to your rescue. With the ledger management feature, you can keep a record of every transaction and get a 360-degree view of all your assets, capital accounts, income, expenses, and liabilities. The unified view of your financial data enables you to better strategise your business growth.

Accounts Payable

As a business owner, you might have come across instances where you had to face severe cash shortages due to the gap between your income and expenditure. ERP for finance allows you to have control over your cash flows. The accounts payable feature enables you to manage the funds owed to vendors / creditors and process invoices. The finance module will ensure that you never run out of money to pay off your debt.

Accounts Receivable

The accounts receivable functionality enables you to keep track of customer payments and manage invoices. You can also integrate a payment gateway and allow your customers to access invoices and / or make payments online. As this offers a convenient payment experience, businesses also witness repeat customers.

Manage Taxes

Evaluating your taxes can be a daunting task, especially if your business operates in multiple sales tax jurisdiction. The financial module in ERP is inbuilt with tax intelligence, which facilitates complete adherence to the regulations. Complex processes like tax audit and tax reporting can be effortlessly managed with an enterprise resource planning solution. It offers you the flexibility of calculating tax on each line item as well as on the entire document amount.

The ERP finance module will fast-track the financial processes of your business. It offers auditable revenue and expense management, which enables the company to be explicit while communicating financial details to both vendors and customers.

At SourcePro, we offer customisable ERP software with robust integration of the finance module. Our tool can forecast costs and revenue to create an accurate budget. Get in touch with our team and explore the power of ERP. 

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Here’s How the ERP Software Can Improve Business Productivity

Here’s How the ERP Software Can Improve Business Productivity

 

ERP Software Can Improve Business Productivity

Ever since the Enterprise Resource Planning (ERP) systems were introduced in the market, it became easier for businesses to handle complex functions. It enabled seamless integration of various departments, which thereby enhanced the overall performance. 

With a plethora of benefits that the ERP software offers to an organisation, it focuses on increasing productivity. Here are a few features of an ERP solution that offer a competitive edge for businesses.

ERP Helps in Strategic Planning

Planning is one of the fundamental requirements for any business, and it is imperative to take a strategic approach. Successful execution needs a well-planned structure and it can be done with the help of ERP software. The system uses the data to analyse performance, helping you identify and eliminate the bottlenecks in any operation. With ERP, you have an advantage and a good scope for building an effectively planned strategy. 

The ERP Software Has a Single Database to Improve Integration

With every piece of business information in one place, it becomes easier to stay updated with real-time data. ERP solutions make it very convenient for the users to get their hands on the necessary business information. Since the required data is easily accessible, It ascertains that there is no delay in completing activities. With a solution that integrates all departments, you can improve coordination and ensure that customer queries are resolved quickly.

ERP Software Helps in Inventory Management 

Inventory management is the most crucial and complex part of a manufacturing business. Be it raw materials or finished goods, it is essential to have a systematic approach while sourcing, storing, and selling an inventory. At SourcePro, our ERP solution – New Horizon – allows you to monitor sales and demand, so you can fulfill the needs of your team (with raw materials) as well as your customers (with finished goods). The ERP for business can help you to track orders, keep records, store important information of customers and clients, etc.

ERP Can Give Better ROI 

Once you adopt an effective ERP solution for your business, you will witness steady development and growth in every business activity. The streamlined process, single database, and access to real-time data increase efficiency. Customer satisfaction, quality of services, and other cost reductions also help in greater productivity. ERP offers better ROI and scope for expansion. You will see a significant rise in ROI after the ERP solution implementation.

ERP Software Keeps You One Step Ahead 

Modern technology and constant improvements in ERP modules keep you relevant in the industry. With cut-throat competition, most organisations are doing their best to stay on top! Thanks to cloud-based ERP software, ERP implementation has become simpler and quicker. Also, it can integrate with other software in your organisation, and provides better security for your business data.

ERP implementation requires a plan, a team, and the best ERP software provider. We, at SourcePro, are determined to offer the right training and information to our clients in order to ensure optimum usage of the ERP system. We strive to deliver the best customer support to our clients and work towards improving their experiences with timely updates. 

Set an appointment with us to further understand how our ERP software can transform your organisation.

 

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6 Manufacturing Problems That ERP Software Can Solve Lack of Effective Planning

6 Manufacturing Problems That ERP Software Can Solve Lack of Effective Planning Processes?

 

Needless to say, businesses need access to create an impactful strategy. Not having the right information could be futile. And with planning being the pivotal aspect of any business strategy, you cannot afford to go wrong with it. 

Manufacturing businesses, especially, need data-driven planning to ensure every target is achieved at time. The Enterprise Resource Planning (ERP) system proves to be a useful tool for manufacturing businesses. ERP software offers a centralised database that stores every piece of information in one place. Businesses fritter too much time away in reaching out to the right team and acquiring certain data.

But since ERP offers a standardised storage solution, it gives you access to information such as sales, orders, deliverables, etc. The ERP solution also helps to strategise new plans with the help of useful insights. Along with meeting expectations and demands, an ERP solution can prove instrumental for manufacturing businesses in multiple ways. Let’s explore them

Inaccurate Data 

Data is one of the most imperative assets for an organisation. Manual data entry takes up a lot of time and is prone to human errors. Thus, a manufacturing business cannot rely on inaccurate data for making reports and strategising.

Keeping a record of the data can be simple with the right ERP software in place. In fact, businesses experience increased output and smooth functioning due to data accuracy. Since businesses are submerged in data, it is important to devise effective data management and ascertain that your team is accessing reliable information.

Poor Inventory Management 

It is necessary to maintain the required quantity of products in the inventory. You will need to have real-time information on the finished products, raw materials in stock, and materials that are in process. ERP software keeps a tab on all small functions of the inventory. 

It keeps track of demand and supply to ensure a fine balance between the two. From the moment something enters the inventory till it reaches the customer, the ERP software maintains complete transparency of information.

Failing to Be in Compliance with the Law and Regulations 

All businesses have to abide by the law and regulations. Manufacturers are subjected to various regulations and there are laws related to different types of products and services. As a businessman, you must follow ethical practices and ensure your team is complying with the law at every step.

The ERP system can help a manufacturing business to abide by the regulatory standards. Functionalities such as lot traceability, data security, compliance reports, audit trail, quality control, etc. keep the regulatory reporting in check. Through automation, ERP software also helps your organisation to avoid the hefty cost of compliance delays. 

Poor Customer Relationship Management 

Today’s customers are actively seeking for the best products in the market. You must keep track of their choices and practices to gain an understanding of customer expectations. Latch onto the new-age technology that takes a deep dive into customer behaviour and offers a comprehensive insight on your target audience. 

The ERP can keep a record of customer’s buying patterns, which helps you to remarket or resale to the customer. You can utilise digital platforms to keep them updated with the necessary information about their orders in real time.

Low Profit Margins 

We agree, there can be instances when your business exceeds the cost margin. However, it is imperative for you to manage the operating costs. With ERP systems, you can monitor the administrative cost and ensure that you make careful choices. It helps you take control of the spending and regulates the spending in business.

Keep a check on the business transactions and reduce costs wherever possible. The ERP software records every resource to minimise cost and wastage without degrading the quality of your product.

ERP implementation can be one of the most crucial decisions for a business. Hence, It is important to collaborate with a trusted ERP vendor who can guide you to choose the right ERP software. 

At SourcePro, our ERP solutions are built to conquer the challenges of a manufacturing business. How about getting in touch with our experts and customising this ERP system according to the needs of your business? With decades of experience in accelerating business growth, we can help you build a solution unique to your business. 

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Role of ERP Solutions in Finance and Accounting Processes | SourcePro

What is the Role of ERP Solutions in Finance and Accounting Processes?

 

Role of ERP Solutions in Finance and Accounting Processes

Finance and accounting departments are like the life rings of any business. Be it budget estimation or managing cash flows, these departments deal with complex and crucial financial data. Thus, it is imperative to arm them with a solution that helps them store, manage, and update every valuable information. Keeping a track of incoming and outgoing funds is critical. Companies can analyse this data to drive profits and expand the business.

And an ERP solution makes it possible! Once integrated, it becomes the core of your business. It optimises the processes and functions of each department, and has the capabilities of supporting finance and accounting operations. Let’s take a deep dive into the role of ERP in accounting and financial management.

How Can ERP Mitigate the Burden of Accounting & Financial Management?

While it is widely believed that accounting software is enough for these two departments that deal with the complexities of money, ERP software is any day a more robust and efficient solution. It helps in managing operations across the organisation through a standardised platform. One of the most important benefits of an ERP would be its abilities to fetch data from multiple sources and gain a complete financial picture.

Manages All Accounting & Financial Needs

Businesses need to engage in brainwork to plan capital requirements and manage cash effectively. With an ERP, companies can well structure this process. It enables you to browse through valuable business data, based on which you can determine the budget and allot expenses like purchasing raw materials, salaries, transportation, and other operations costs.

Also, when you go for a single system that manages multiple departments, you save a fortune. 

Eliminates Duplicate Data Entry

ERP systems are imperative for managing business processes. Going for a solution that also includes an accounting module eliminates the need of tallying the data between different systems. This improves data consistency and thus offers freedom from the challenges of data duplicacy.

Complete Transparency

ERP offers easy access to data! This software strives to provide the organisation with reliable and accurate data that is critical for business growth. It allows you to adopt suitable financial measures, which can be more yielding. 

Automate Workflow

Since ERP automates redundant processes, you can focus on improving your business operations. An ERP solution for accounting and finance comes with built-in workflows that are time efficient. These workflows streamline data entry, simplify activities related to accounts payable / accounts receivable, eliminate cash flow issues and automate repetitive accounting operations.

In-Depth Insights

An ERP system with accounting and financial management modules offer a 360 degree view into the fiscal condition of an organisation. The aim is to understand the financial health, keep track of costs, measure revenues, and manage other accounting procedures. Equipped with ERP, you can stay updated with every transaction in real time.

A business’s financial data is extremely confidential, and hence requires utmost security against cybercriminals. At SourcePro, we offer an advanced solution that features multiple layers of security and provides access to authorised users only. Contact us to understand how our ERP software can optimise your accounting and finance department.

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Top 7 ERP Software Trends of 2021 | SourcePro

The Top 7 ERP Trends Of 2021: Here’s What Awaits Us!

 

Top 7 ERP Software Trends of 2021

Enterprise Resource Planning (ERP) software technology has undergone several changes. The upgrades of this technology favour various industries, companies, and businesses. No enterprise would want an inflexible system to be an obstacle for growth and expansion. The COVID-19 pandemic created the need for better risk management and business continuity via digital means. 

The innovation in ERP systems is happening gradually and we have seen a few interesting trends in 2020. These trends gave us a holistic understanding of what can be expected in near future. This article explores some of the relevant ERP trends gaining momentum in 2021. 

Mobile Application

Most of the things today are just one click away on our phones! Today, mobility is the standard feature for almost every technology. Therefore, ERP software will also support basic mobility so that users can have access to data anytime, anywhere, and on the go. This is a huge advantage for businesses to communicate or operate from anywhere. It enhances communication and reduces the chances of delay in tasks. Mobility will only increase efficiency and boost productivity for the business. 

Cloud Acceleration

Though cloud-based ERP systems are not new to the industry, there has been a significant switch from on-premise ERP to cloud-based ERP systems. More and more ERP software companies are now offering cloud-based ERP solutions due to the ever-increasing demand. Businesses realise that installing an on-premise ERP system costs more to their company and demands maintenance from their end. For small and medium-size businesses that may not have an IT department, it is feasible to opt for cloud-based ERP solutions. They do not have to worry about updates, maintenance, or the initial installation charges that incur with on-premise ERP. Further, there are hybrid-ERP solutions too, that offer a combination of on-premise and cloud-based ERP systems.

Integration of AI

Artificial intelligence (AI) technology has been penetrating many industries. It has also been a part of emerging trends in ERP systems. Companies have to deal with complex data, and ERP solutions with integrated AI can aid them with innovative data processing. It can help to collect unstructured data, use it effectively, analyse it, and get meaningful insights for the business. AI can reduce the chances of errors and create better workflows. 

Integration of IoT

The internet of things (IoT) can provide opportunities to organisations if combined with enterprise resource planning systems. This integration of IoT and ERP software can be used by companies to collect, assess and evaluate a large amount of data. Real-time information helps in improving machine performance. Thus, less reliance on technicians will be required to automate different business operations across all departments. IoT makes connection easier for devices that are within the network, without any human intervention. 

Attention To Digital Marketing 

To measure the success of marketing, businesses will require a tool that can offer analytics and insights. This is where ERP can benefit in marketing processes and campaigns. Organisations can leverage the relevant metrics, CRM, and other resources for planning and strategies. For social media marketing, ERP software helps to acquire data regarding links, posts, social media analytics, and much more. Due to the several benefits of ERP for digital marketing, organisations are now connecting their marketing processes to their ERP systems. It also allows accounting and finance departments to effectively respond or make operational changes. 

More Involvement in Finance

Any ERP system provides modules that help with the general functions, including ledger, payroll management, cash management, fixed assets, and more. The latest ERP upgrades include modules that support both external and internal operations of the organisation. The role of ERP in finance is evolving due to easy access to analytics. With modern ERP systems, it is now possible to manage finance virtually and keep a record of the organisation’s performance. 

Personalised ERP Solutions 

Across different industries, you shall see the personalisation of services offered by different companies. With ERP solutions, personalisation is not new, but in 2021 you will see more and more ERP vendors offering personalised solutions to various companies. Companies using the general ERP will switch to personalised systems. It will help them in handling the integration of AI and IoT within ERP systems. Customised software can be operated without much help from IT experts. It helps you to make your business more flexible, accessible, and customer centric. 

We, at SourcePro, are constantly working towards providing our customers with the latest features and adapt to the new trends of ERP systems. Consult us to understand the role of ERP in your company and how you can leverage this technology in 2021 for the growth of our business.  

 

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How Can ERP Software Help To Work Remotely | SourcePro

How Can ERP Software Help To Work Remotely | SourcePro

ERP Software can help work remotely

After the COVID-19 lockdown, most of the enterprises had to work from home. This forced all industries to shift their operations online and try to tackle most issues virtually. Enterprise Resource Planning (ERP) Systems played a crucial role in enabling employees to continue working from their homes without any hindrance. It was a challenge for a few companies to adapt to the work-from-home trend since they did not have an IT team. On the other hand, some companies could work remotely using VPN and RDP (Remote Desktop Protocol). Let us understand how ERP software helped to manage operations while employees worked from home. 

Better communication

One of the biggest obstacles while working from home was communication. Teams faced difficulty in coordinating initially. But did you know? Modern ERP systems can be integrated into your smartphone and tablets. It made collaboration easier and helped employees to communicate better. Cloud servers could provide data to teams at any given time. This ensured timely execution of business operations. 

Managing Big Shifts in Demand

During the lockdown phase, consumers’ shopping patterns changed and this brought changes to the supply chain as well. As most managers and employees worked from home, there was a need for better collaboration within teams. Activities that were done offline shifted to an online platform. ERP helped to adapt this new shift from offline to online in most operations.  

Streamline Operations 

Though integration and streamlining operations are the first and foremost functions of ERP software, this was reflected well in the period of working remotely. While working from different places, the complexities increased, which led to a decrease in productivity. ERP solutions helped to navigate these difficult processes and ensured that accurate data was being used for the business. 

Cost Saving

It became essential to cut down on costs and avoid making expenses that could negatively impact the business. While working remotely, an ERP system enabled the employees to reduce administrative and operational costs in various business processes. This allowed managers to reallocate resources wherever necessary. ERP systems can assist you in making the correct decisions with respect to costs and savings. 

Empowers Employees to Work Remotely

Through remote access, electronic data exchange, and automated reports, ERP systems helped enterprises to continue their processes without having to be physically present in the office. Teams experienced faster feedback and control over the tasks in real-time. Manually updating and strategising according to customers’ demands could be a lengthy process. But with a robust technology like ERP, planning, assigning, and scheduling operations get simpler.  

There is a new-found emphasis on automated processes for reports, alerts, and other communication modules. At SourcePro, we offer customised ERP solutions to enable businesses to keep up with the industry trends. Our ERP systems are designed to be flexible; it can be leveraged as per your business’s needs and challenges.

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