To optimize inventory management, big organizations integrate their inventory software with back-office and accounting systems. This unification provides a competitive edge with merits to plan effectively, execute predictably with client and mitigate work costs and errors associated with manual reconciliation.
The three key benefits to integrating your inventory management software with your accounting and back-office systems are:
Complete supply chain visibility: When fully optimized, inventory software provides the entire operation with insight and actionable information regarding both inbound and outbound product flows - as well as the added ability to drill down into details if needed.
Increase in Productivity: When all important data is easily accessible to different departments of the organization, It results in better collaboration, increases in efficiency and speed which means increase in overall productivity of the organization.
Quality Management: The nature of durable and non-durable goods is that issues and errors do occur. Shipments can be delayed, fill rates can lag, packages can be broken. Inventory software identifies and tracks the various issues that could occur, and through reports and analytics, provides guidance regarding the factors impacting quality.
Quick Decision Making: ERP helps with real time data which enables quick decision making. Moreover, reporting tools allows preparing long term plans on what steps required to be taken in future.
Decrease in Expenditure: ERP software saves both time and money. Being a small organization you do not like to spend on outsourcing to a specialists; it allows you to work by yourself instead of outsourcing. Many ERP software provide functional products free from annual license fees that even include training, support and self-help services. Moreover, printing and paper cost is also mitigated.
Better Invoicing Process: It effectively manages cash flow results automating and standardizing your invoicing process. Fast and efficient invoicing reduces errors of traditional hand operated processing invoices from scratch, and saves valuable time that can be invested into other areas of the business. Good invoicing systems automatically arranges costs and quotes, produces invoices from this data. This greatly reduces the workforce required to produce invoices and the chance for human error.
Centralization ERP software centralizes various aspects of your business's financial management, helps you in dealing with tasks such as inventory management, invoicing, payroll and even some facet of customer relationship management all from within your ERP software program. It saves you time and money for you don't need to purchase separate software programs to do things such as invoice customers.
Analysis: Having good ERP software is like having an in-house financial advisor. The customizable reports allow you to analyze different aspects of your business, providing the data you need to take better financial decisions. Various reports such as Balance Sheet Summaries etc. show precisely how well your business is performing at the moment while reports such as clients Who Owe Money let you manage your Accounts Receivable more easily.
Tax Compliance: An ERP software shows how much tax is payable on particular invoice, allows to develop report showing, makes easier to collect the data one needs to complete and file government tax like GST etc. ERP software features include analysis tools, report making applications and payroll assistance. It is the efficient source of information for tax and audit preparations, with income and expense trackers. Some even come with comment capabilities, enabling you to make notes for future reference.
Security: Your important company data in the wrong hands can endanger all of your business efforts. Therefore, whether you own a large organization or SME, keeping sensitive information safe is crucial. Security is a top priority for ERP software companies. In addition, the online connection makes it easy to invoice clients, link up with bank information, and assess your business' financial health wherever you are.
Accuracy: In manual process when data inputting is done by several different people and in pen and paper record there is always chance of mistakes. Software provides high level accuracy. It also makes it easier to access and provide accurate information.
Pramod Chandraker has been Telecom, IT and Digital Marketing professional. He founded OS DIGITAL in 2015 and introduced the services like Bulk SMS Service Provider, Digital Marketing Voice Call And SMS APi as a Service Provider Company. OS Digital developed the latest features and innovative technologies to their customers and the customers also showed their interest because of the unique and user-friendly technology provided by them.
