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Business

What is ERP?

ERP (Enterprise Resource Planning) is simply software that takes all of your information and allows it to communicate with each other.

It also transfers data from one module to another in real time.

It is a Customizable Software

ERP can be customized to fit your particular business needs. It can be fit to suit the user so that they know exactly what they are getting with their purchase.

It is a Step up From MRP

Material Requirement Planning or MRP was the starting point for ERP and has evolved from there. This has allowed them to integrate their financial management, supplies, manufacturing, customer service and sales/marketing departments.

What is ERP?

It is a Problem Solver

ERP has been designed to support all departments of your business. It doesn’t only make things run more smoothly, but it will be a problem solver for your company as well. It will handle trouble shooting to ensure that the production goes smoothly.

It is a User Friendly Tool

It facilitates the handling of day to day tasks while making great management decisions. ERP can be a very user friendly system as long as you take the time to learn the ropes.

5 critical Points for ERP Success

To achieve success on your ERP implementation, pay attention to these five dimensions of ERP implementation:

1 - ERP is about business value:Treat ERP as a major business investment. ERP is all about improving your business.

2 - Business fit is critical.During software selection, always keep an eye on your business needs.Use the aid of a consultant with the selection software solution.

3 - Prepare for transformation. ERP will definitely involve changing how people inside the organization perform their day-to-day work.

How to know it’s the right ERP for you?Picking the right ERP solution for your business can be very tricky, the key is to make sure that the system fits perfectly with your business needs.

The results of a questionnaire about challenges corporate face when applying an ERP system state some key considerations vendors should keep on mind to introduce a winning ERP system:

1. A clear presentation of requirements well after fully understanding the work’s nature.

2. Identifying the problems that the company aspires to solve by using an ERP system.

3. Putting the long-term vision of the company into consideration when choosing the system.

4. Good technical support and Training the users on new systems and procedures will successfully manage the change process.

5. keeping cost efficiency & return on investment in mind.

6 tips to keep your cash flowing

1. Find good accounting software & generate monthly financial statements

Automating your accounting makes it easier to monitor what’s going in and what’s going out. Also using the effective financial statements tool helps you pinpoint potential problems early.

2. Send invoices promptly, make sure they’re effective

Customers can’t pay you if they haven’t been billed. Send invoices along with the shipped product, or as soon as a project is completed. Make sure the invoice recipient information is correct to avoid any chances for error.

3. Penalize late payers & reward early ones

State on your invoices that customers will be charged a late fee for every month of payment delay. On the other hand, Offer discounts if customers pay sooner or in cash.

6 tips to keep your cash flowing

4. Follow up & work with late payers

If a payment is not received on time, follow up immediately. Be polite, but firm. Sometimes something is better than nothing, so if a customer can’t pay the full amount, work out a payment plan.

5. Watch your spending & cut extra costs

When it comes to maximizing your cash, what goes out is just as important as what’s coming in. Go over your monthly expenses and look for places to cut.

6. Keep your cash in the bank

Deposit checks as soon as you get them, this keeps the money in your own account working for you

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