Understanding ERP Components Before You Start Implementing

Enterprise Resource Planning (ERP) is an integrated application that many companies use to combine business activities so that all departments can work with one data and process.

Companies can use erp to summarize and improve their operational efficiency so as to save both time and money. In implementing ERP systems, companies can also standardize and automate many business processes so as to eliminate manual effort and save time.

The usual components of an ERP system

Regardless of the variation of the company's need for ERP systems, there are some ERP components most wanted by the company.

Finance

The Company wants to record, track and consolidate all sales and operational information in the accounting system. The ERP financial system provides this capability with a general ledger, accounts receivable, accounts payable and payroll.

Human Resources

The ERP system also offers a human resource component that enables the company to track working hours and evaluate employee performance throughout the company, as well as manage the development of benefits, talents and staff.

Purchasing / procurement

ERP purchasing system summarizes the procurement process of purchase-order and vendor management to payments and reporting. ERP purchasing systems also have the ability to automate purchase orders and payment agreements to decision makers such as managers and others.

Business Intelligence

Nowadays companies increasingly want data analysis that allows them to judge and act on the information they have. To facilitate this, ERP vendors provide pre-designed reports that companies use to assess business and operational sales along with the ability to perform data collection and develop special reporting.

Customer Relationship Management

ERP CRM application focuses on customer information. This includes information about the company's interactions with marketing, sales, clients and partners and can track all of these transactions on marketing, sales, service, and other departments facing customers

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5 List of Best Retail Management Software

Technology is always changing sales and shopping in the market. But even so, despite the popularity of online shopping, it's important to remember that many of the frequent buyers visit the store to find a better customer service experience.

It is important for you to be able to provide customers with good service when they are in your store. With this in mind, it's also important for us to find a tool that can help your store up-to-date and help you in making your shopping experience better.

List of Best Retail Management Software

The following list is a list of 5 best retail management software that can help you manage your store inventory and create and enhance your shopping experience and satisfaction with each of your customers.

Gift Logic

The gift logic system gives the store everything it needs to keep the business running smoothly. Gift Logic has the following applications

• Point of Sale
• Inventory Management
• Customer Management
• E-Commerce
• Gift Registry Management
• Maintenance of items on consigment

The system can also manage back-office needs such as clock management, fingerprint or signature integration and work with QuickBooks.

Springboard Retail

The springboard retail system is designed to increase profitability and make store management easier. This system can run in a variety of modern browsers and on various devices including touch-sceen system, desktop and Macs.

The springboard system keeps the report in real time and inventory management includes purchasing and information received. The system is quite modern and fast but is designed to remain user-friendly.

ProphetLine

ProphetLine, a retail management system designed for small and medium businesses, especially those with multiple stores. The system is capable of tracking point of sales and enabling inventory planning and control, accounting and also employee management.

Alert Tech Sense System

Sense system is actually not an inventory control system but a customer service system. This system is useful to facilitate communication between customers and sales teams.

The tracking system used by the Sense system allows you to train employees and track the needs your store may need and how to improve inventory and help for your customers.

Acumatica Cloud ERP

Acumatica cloud erp provides multi-channel ordering experience while improving operational efficiency. Acumatika provides ERP software solutions for retail that can enhance the in-store shopping experience and automate the online order sales process.

It has a flexible design to accommodate the needs of single or multi-channel sellers. Acumatica Cloud ERP delivers all the solutions in one integrated software to enhance the buyer experience and encourage customers to come back to your store. For more information about Acumatica Cloud ERP Click Here.

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Common Problem Supply Chain Management And The Solution

Supply chain management has become a vital part of the business process needed to run well. Without having a good supply chain management, you will have a lack of coordination within the company along with disruptions to the supply of goods.

An efficient system can help you find the various needs associated with the addition of stock reserves and can also help you in ensuring your company is able to sustain market demand for a product.

This is very important in supply chain management because the delay in providing supplies will only cause your customers to switch to competitors to meet their needs for the products they want.

Some common problems you might encounter in supply chain management are as follows

1. The loss of goods in some parts of the supply chain is one of the common problems faced by most companies. This loss can be caused by several factors including theft, misplacement and so forth. But with a supply chain management system can help you in finding the cause of the loss of the product.


2. Another problem is the amount of the required costs associated with manual stock recording. Some of the workforce may be needed by the company for the purpose of recording, especially for companies that handle large amounts of products in their daily life. In this case, there is also the possibility of a human error. Supply chain management software can help eliminate the problem by automating the calculation function.


3. Companies have difficulty predicting product demand on the market and may not know how much to order to accommodate market demand. Software supply chain management software generally has functions or useful features to help you in predicting business needs based on existing sales data

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The Important Things To Evaluate Your Inventory Management Software

Distribution companies know how inventory management software is able to simplify the tracking and stock management process so as to reduce freight costs and also improve business process efficiency. In fact, the ability of inventory management software to track inventory across supply chains and manage stock levels effectively is very important and necessary for all types of distributor companies.

However, it is important to note that this software solution offers more value to your organization. Consider the following benefits when you want to evaluate software for your inventory management.

* Complete visibility of your supply chain - Once successfully implemented, the inventory management software can provide all information to the operational and overall product inflows and outflows and additional capabilities to narrow down the required details.
* Quality Management - Errors and problems often occur when it comes to durable and non-durable goods. You may have to deal with broken packages, left behind in the charging rate, and postponement of delivery. The inventory software is able to determine and track the various problems that may occur and provide guidance relating to the factors that affect the quality of the goods.
* Planning and forecasting - In addition to managing inventory levels in your warehouse, inventory software can also predict future capacity requirements. Inventory software can give you the right shade to determine the feasibility of launching regional warehouses near customers so as to improve service levels and improve work efficiency. Good inventory software can help you make that decision.
* Cost management - Profitability of your business gained by the products that are on your shelf. As you increase inventory and manage it according to your needs in real time, your organization can benefit most from existing space.
* Efficiency and customer service - Optimizing your inventory process can lead to the widely used efficiency for stock replenishment, shipping processing, and customer service (in other words, picking, packing and sending). All these efficiency improvements can be achieved without the need to add morestaff and certainly will not reduce the quality of the goods.
* Scale - the inventory management software you use needs to grow according to the growth of your business. The inventory software ensures that your business can grow without the substantial increase in system or hardware costs. If you expand your customer base, introduce new products, or penetrate new markets, a good inventory software solution will always keep pace with your business.

The value and strength of inventory software products is sometimes underestimated. Over the years, these inventory software solutions are complicated to use, impractical and provide limited capabilities. Therefore, some distributors distanced themselves from fear of making their operations more complex. But as time goes, now is not the problem anymore.

Therefore, inventory management software solutions can be perfectly integrated into the various business processes that exist. It is time you look well at your current operations and think about replacing or integrating inventory software into your current business

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What Do You Know About General Ledger?

General Ledger's topic may not be a topic that is so interesting to discuss. Even for some people, the general ledger is just one of the tedious lessons to be taken to graduate business school. But believe me, general ledger can be the answer to various business problems you might encounter.

The general ledger has been around for centuries and plays an important role in completing 2 simple-looking tasks but in actual implementation quite difficult.

1. The general ledger allows us to track values ​​over time. To be able to get account balance today is very easy, but to get a balanced balance on a day historically requires some sophistication.
2. General ledger knows the difference between balance and balance changes.

We've all learned about the three basic financial statements when we study accounting. The income statement reflects certain earnings and periods that affect owner's equity. The balance sheet shows the balance of assets and liabilities at all times. But what makes the general ledger interesting is the cash flow statement.

A good general ledger should be able to retrieve the beginning balance in the period for the cash account, showing the impact of revenue and expenses for the period, and showing the final balance for the cash account. It's amazing how many low-end accounting products are struggling with this concept.

Although GL (General Ledger) is very important, but in fact no one takes the time to innovate this until it reaches its full potential. And I think I have a theory of why it could be like that: I believe that over the past few decades, all the innovations in GL have been created by users of accounting software, not accounting software vendors. Accounting software vendors just listen to what users want and blindly give them what they ask without understanding the reason.

It's time for vendors to step in and contribute to GL's innovation. The accounting system has been very good at generating financial statements, but the strength inherent in GL has begun to be ignored. Companies are looking for a more mature system that enables them to manage their finances as they see fit, without being forced into the box created by limited vendor capabilities. Users want more sophisticated functionality that is aligned with how to run their business, such as:

• Ability to run financial reports through various data sets
• Company-specific dimensions that can be budgeted, managed and tracked, and so on

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Cash Management ERP Module For Your Business

The cash management module in the ERP system is mostly related to the overall cash flow within the organization. This serves to keep records of bank transactions, cash transactions, sales invoices, self payments and payments due.

The cash management module also takes into account financial transactions that occur within a certain period of time. It is also useful to keep records of funds used by the company for various purposes. In essence, cash management offers real-time tracking for corporate balances.

Master Data Management

Maintaining a master database is an integral part of almost any cash management module such as:

• Tracking Payment / Receipt: During this phase, payment / receipt is tracked by the module using the following parameters:
  
  • Identify the payment mode, whether it is automatic or manual.
  • Determine the maximum amount of payments for various business partners in one batch.
  • Maintaining the directory of Bank account number / Bank address to receive or make payment.
  • The way payment can be through check or online.
  • Option to send payment or make big transaction.
• Bank Relation: This segment deals with the type of currency (domestic or foreign), the type of bank involved in the transaction and checks for blocked payments if any.
• Integration with General Ledger: This stage is largely concerned with integrating all aspects of payments under one roof. It also keeps records of payments or receipts to be realized such as checks that have been issued but can not be realized.
• Payment Authorization: This section specifies the maximum payment amount that a user can allow. It also determines whether a particular user is authorized to make a prepayment or not.

Function

There are various functions in the cash management module. Some of its key features are listed below:

• Supplier Payments: Flow diagrams for payment to suppliers are as given below. However, in the case of standing orders, payments and payments that are not in accordance with the pro forma bill, variations of this process may also occur.
  
  • Selection and preparation of invoices to be prepared for payment.
  • Take a list of payment suggestions.
  • Modify the payment suggestion
  • Reconcile the amount of payment in accordance with invoice or payment suggestion.
  • Set a job to a specific bank.
  • Maintain bank check or bank order notes in electronic format.
  • Update the ledger as per the transaction.
• Receipt of sales invoice:
  
  • Checks: Receives checks from customers, sends them to the bank, cleans checks by banks.
  • Direct Debit: This applies only to customers who have authorized to debit their bank account directly.
• Cash Flow Projection: Cash flow projection can also be obtained by using cash management module with ERP system. This will provide a rough estimate of the financial wellbeing of the company on a certain date in the future based on current financial data

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What Do You Know About Purchasing Order?

The topics to be discussed are critical to your business success. With this posting, it is expected to give you a clear explanation for beginner about what is purchase order.

What do you know about purchase orders?

Purchase order is a document sent by the buyer to the supplier which contains the order request in the form of type of goods, the quantity of goods, and the price has been agreed. The more complete and detailed the document, the more effective the purchase order process will be. When the supplier receives the order, a contract will be established between the buyer and the supplier.

What is the difference between purchase order and invoice?

In short, buyers make a purchase order. Then the seller prepares the invoice after payment has been received. In some cases, the buyer is given an invoice with a payment due date.

In a purchase order and invoice has almost the same details. Basically, usually invoices always refer to the purchase order to ensure that both documents contain the same information. The difference lies in the technical details that exist in the purchase order but not in the invoices.

Why is a Purchase Order so important to a business?

Now try to imagine, what if the buyer receives their order, but the items received do not match the requested specifications? If the buyer does not have a purchase order that can be used as a reference, how do buyers and sellers determine where the error lies? That is why a purchase order is needed to avoid those kind of things.

Why is the manual procedure inefficient?

If your organization uses a paper in handling purchase orders or transactions or other activities, then you should be prepared to create a lot of documents. Just imagine, usually the company will make up to 7 documents in the manufacture of purchase orders. These include, requests, purchase orders, quotations, orders acknowledgments, advice notes, goods received notes, packing slips and invoices. And it's all just one purchase order, what if there is more than one purchase order? How many documents should you create?

That's why a lot of erp software like Acumatica Cloud ERP are entering purchase order into their system so it can simplify the process as well as recording various transactions done in business

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