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What Exactly Is Enterprise Resource Planning (ERP) Software, And Do I Need It For My Business?

So you are researching “ERP Software”. You might be comparing prices, discovering new options, reading about beneficial features. Ultimately, you are weighing out the options. We get it and we understand it can be a little overwhelming.

But we here at Enterpryze also know how time consuming this research is.

So allow us to do the hard work for you.

What is ERP Software?

Let’s start with the basics, what is ERP software?

ERP software, or sometime knowns as “Enterprise Resource Planning Software”, is used by businesses across almost all industries. Such a software is used by business’ to consolidate and simplify day to day processes. You can integrate different business activities such as inventory management, CRM and accounting.

ERP software can give businesses a real-time reporting status across these integrated areas. This integration gives business’ a competitive advantage in that they save valuable time and money using one system across the board.

What Are The Exact Benefits Of ERP Software?

So what are the biggest benefits of investing in ERP software?

The benefits of having ERP software are very easy to identify and are applicable to almost every business interested in purchasing ERP software.

ERP Software Improves Your Business’ Efficiency

It’s quite simple really. If your business is using erp software properly, your business’ efficiency will improve drastically. About 80% of IT developers say AI and machine learning will replace a considerable amount of ERP processes. An ERP system can automate manual and routine functions, freeing up employees time to focus on more time on revenue driving tasks. With increased efficient comes additional knock on benefits such as shorter lead times, the ability to focus on improving demand forecasting and not to mention competitive advantage against competitors.

Better Collaboration

49% of companies said they improved all business processes. (Panorma-Consulting, 2018). ERP Software better connects teams across different divisions. With an ERP software, approved employees have real-time, on-demand access to operational data. This allows full transparency of the different business sections and increased capabilities in collaboration and better communication.

ERP Software Will Improve Your Data Security By A Long Mile!

The main concept of ERP is data, and with that comes a huge responsibility of security. ERP systems offer your organization a higher degree of security and cloud-based ERP systems offer an extra layer. ERP software has the accessibility of data and allowing access to responsible teams and individuals and doesn’t involve data distributed across multiple servers.

What Cons Come with Outdated ERP Software?

Of course, there are going to be some red flags that businesses need to consider.

They key is to outweigh the positives with any negatives that could potentially come your way.

Most of these are easily avoided with primary preparation and planning.

ERP Software Can Initially Work Out Costly For Some

Purchasing new software is going to add an inevitable, extra expense.

But the investment pays for itself in increased profits, more revenue streams and improved customer loyalty.

You need pay extra attention about add ons & integrations, as they can work out expensive.

Desktop Software Systems Can Be Unreliable

It’s true, hard drives fail and laptops break. That is why it’s important to look for and invest in Cloud-Based software. Meaning all data is safe and attainable, even from mobile devices.

Onboarding & Set-up Can Be Time Consuming

Initially, it might seem off-putting but with proper management, this process only needs to be done once and additional users/onboarding should be easier as time goes on.

What Do You Focus On When Choosing An ERP Software?

When it comes to ERP software for your business, there is no room for error with your inventory capabilities.

Not only do you need one which offers you accurate and intensive stock reports at the end of the day – end-to-end traceability of your stock’s whereabouts is important too.

  • Order Management; Track every item from when you order it from your supplier to when you sell it to your customer across multiple locations. Order management is a digital way to manage the lifecycle of an order.
  • Stock Management; We’ve learned now that the management of stock is an integral feature of inventory software.
  • Warehouse Management; Running the day-to-day operations of warehouses. At a high level, this includes receiving and organising stock in multiple warehouses, managing stock storage and picking and packing activities in a warehouse, even scheduling employees.

Any well-oiled ERP system is one that can boast its accounting and financial abilities – or the capability to aggregate important data about cashflow at a glance.

Having this module in your ERP software also allows users across the company to perform simpler invoicing, send in expenses, approve or reject those expenses, view online banking data, perform reconciliation and more.

  • Financial Reporting; Having a separate financial accounting or banking digital solutions adds more man-hours and increases the chances of human error with manual data input and reporting. With the added element of financial reporting and overview, businesses can accurately forecast revenue streams much more accurately. And being available as one system, can save valuable time, money and decrease the chances of inaccuracy. Enterpryze incorporates simple but powerful accounting. Think “Chart of accounts, Profit and Loss and Balance Sheet reporting”.
  • Chart of Account & Journal Entry; Simple but powerful accounting. Chart of accounts, Profit and Loss and Balance Sheet reporting should be the most basic inclusion in an accounting feature.
  • Bank Reconciliation: The headache of bank reconciliation – vanished! Perform auto-matched bank reconciliation with your bank with a simple click. Beware – not all ERP software providers offer!
  • Expenses: Usually an integrated add on. Most businesses don’t realise that having an expenses management feature is a headache avoided. No need for another software – manage all your business’ company expenses through our accounting feature.
  • Online Banking: Not all accounting features include online, real-time bank feeds and force businesses to keep track of all business transactions. Don’t switch from screen to screen. Enterpryze integrates your local bank feed straight to your home dashboard.
  • Sales & Purchasing: Set up customer & supplier records than create sales and purchasing invoices easily.

Physical or online, your business needs to be available. Your ERP provider should be able to offer integrations from all the most popular sources such as Shopify & Facebook – so your brand gets an omnichannel presence.

Not only that, accepting numerous payment types. This helps businesses for better inventory control and increased sales opportunities.

  • Service & Delivery Management; Managing customer deliveries, their payments and keeping track of deliveries out on the road. Delivery management is a very nice bonus feature. Enterpryze allows you to manage field staff on & off-road – and on mobile with integrated mobile apps.

The Average Costs of an ERP Solution

The cost of your ERP software will completely depend on what provider you and your business decide to purchase from.

Like any product, some will be more expensive than others.

It is important to note that some ERP software providers will have hidden charges for on-boarding, API & web integrations, and service fees – so make sure to ask during your demonstration!  

Enterpryze pricing works out on a monthly charge, which you can see here. 

How Do I Know if This ERP Software Is For Me And My Business?

By now you should have a clear understand of what an ERP software can do for you and your business. But the question remains, do you really need such a solution for your business? Ask yourself this. 

  • Are you running a business with multiple inventory processes? 
  • Are you issuing invoices and quotes daily? 
  • Do you have employees who work in separate locations and departments? 
  • Do you want to have complete overview of your stock items, from raw materials to finished production and sales? 
  • Are you planning to develop more revenue streams, taking your business towards more online platforms like Shopify?  
  • Do you have accurate sight of your daily expenses & revenue in parallel to your stock? 
  • Finally, ask yourself this, do you want to manage your business more efficiently and maximise margins? 

Track items sold in real-time, from order to sale.

Why Enterpryze's ERP Software?

Enterpryze is an easy business and accounting software that saves you valuable time, gives you instant reports and has simple scheduling features that will help your business soar in 2022.

But how you ask? It’s simple. Here at Enterpryze, we understand business. We have been working with SMBs since 2016 and connect SMBs with their most trusted partners. So we know what we’re talking about..  

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Transparent Pricing Plans

Want to know the most important piece of advice? Contact one of our Enterpryze Experts and schedule a live demo.

It is 30 minutes and scheduled to suit you. Our associates will even personalise the experience for you to suit you and your business. Want to see something specific?

We can arrange that. You have done the research, now see it live in action. 

Ready? Let Enterpryze get your business ready for 2022.

Talk to our Enterpryze Experts to see how your business can unlock maximum margins and greater productivity across all operations.

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