Enterprise Resource Planning (ERP) System Singapore

When Should You Buy the Enterprise Resource Planning Software For Your Company in Singapore?

Success in business is all about managing available resources exquisitely. Whether it’s hiring the right people, availing the right products in the market and even managing the cash flow, having in place a resource planning systems is utmost importance.

But as a business grows, buying Enterprise Resource Planning software (ERP) becomes inevitable. Only then can you cope with critical operations in your venture. But then, at which stage should you buy ERP software that fits your needs?

Here are some useful guidelines:

1. Using numerous software to cater to the different processes
The earliest sign that your business has outgrown existing systems is the presence of a raft of software to cater for the different processes.

In such circumstances, software for different processes are disjointed and employees have to track each process separately but then have to compile reports to marry off the different records. Such a disjointed system is often redundant, tiring and retrogressive at best. If your venture is experiencing such turmoil, it’s the ideal time to jump ship and invest in an ERP.

2. Difficulties in accounting processes
Success of a business is largely dependent on the bookkeeping systems in place.
For small businesses, a simple accounting system that may entail use of paper-based sales order and invoices is enough for the owner to keep the cash flow in check. If you, however, note that is becoming harder and time consuming to undertake accounting tasks, then this is the ideal time to invest in ERP solutions in Singapore. This not only eliminates paper work in the office but also the accounting system overall.

3. Difficulties in accessing and analyzing vital information about your business entity
How easy is it to analyze your entities average sales volume?
What about accessing your day’s sales margin reports in your business?
If it’s becoming harder to process important performance metrics of your business using the existing systems, you need to upgrade to an ERP system software.
With an ERP, your managers can access information on real time thus make the right decisions and in the right frame of mind. Likewise, employees can work more effectively which increases chances of netting more profits.

4. Deteriorating customer and sales services
A business is as good as its customer service. If your business’ customer service deteriorates, then your sales volume will suffer significantly.
Quite often, growing businesses experience major challenges when it comes to managing inventory.
As a consequence, critical business operations such as distribution of goods and attending to customer enquiries may suffer. With ERP module however, your employees can track shipment of goods, respond to customer queries in real time and generally make orders.

5. A messed up IT system
Today’s business runs on IT right from marketing on social media to preparing financial reports amongst others.
But as is common with most of small businesses, the IT system is usually disjointed with software being used for specific processes only. With such a system, employees find it harder to keep track of processes such as sales reports, receivables and more.

If your budding venture has reached a stage where there is growing use of different software for every other process, then it’s time to rescue the situation by buying reliable enterprise solutions in Singapore for your company.

Off-the-shelf solution vs Enterprise Resource Planning?

Depending on the nature and size of your business, using off the shelf accounting software for small business is advantageous in terms of cost and ease of use.

Firstly, you can use it right out of the box, as it is usually one of the easiest software to implement.

Secondly, such accounting software also has other areas of business administration covered and operational controls in place, for example customer relationship and inventory management. Some accounting software even offers integrated tools for other business related or operational tasks.

Thirdly, there is minimal technology overhead as well. If you require the after sale service support, you can easily get the full support you need, as off the shelf accounting software Company usually has a dedicated team to assist their large pool of customers.

However, not all businesses can use off the shelf accounting software, as the software may not be the exact fit for their businesses. As different businesses have different needs, depending on the nature of industry the business is in or the size of the business, an off the shelf software may not be able to address their business needs. Some businesses may need certain level of customisation for their organisation.

For example, a business may have their own unique requirements in terms of inventory management, revenue recognition or billing process. The business may require integration of certain functions, in order to provide a competitive advantage. A business owner may need a customised accounting software for regulatory compliance purpose. An enterprise may also anticipate many changes as the business grows, hence it is better to build a system from scratch right at the beginning.

This is when a customised Enterprise Resource Planning “ERP” comes into consideration. For a customised ERP, the solution is designed with your organization in mind. The technology team will take into account of all the business requirements and processes of the Company. The team will even take into consideration of having a bespoke system specially for your Company, to give your business a competitive edge over the others.

Why a Successful ERP Implementation Begins and Ends With a Solid Accounting Software Functionality

Stiff competition in the business world is making it necessary for enterprises to optimize resource planning and use, increase returns and most importantly, keep their clients happy.

To achieve all these without spending a fortune, entrepreneurs are investing in Enterprise Resource Planning system. But while there are many metrics that influence the success of ERPs, the major determinant is the functionality and efficiency of the accounting functionality incorporated within the system. Below are the reasons why.

Plays a vital role in system and data security

Even while different business entities have differing needs and operational schedules, ERP systems aspires to provide a comprehensive control of finances and operational tasks through a common software interface.

The inventory, to be specific, registers numerous transactions in a short spun of time. This can cause crashes and integration issues. Unless you incorporate a solid accounting software that can handle the challenges, your business can easily loss vital data and lead to harmful exposure of important data.

You should therefore lay great emphasis on the accounting software at the beginning, in the midst of and at the end of designing ERP solutions. This is certainly the best way to keep your system secure and efficient.

Reduces operational headcount of the inventory process

Solid accounting functionality eliminates redundancy within the system. You won’t need separate software for invoices, another for inventory movement and so forth.

In enterprise program with solid accounting software functionality, they are all intertwined into one. The result of it all is that it requires only a few employees to update the information in real time. More so, information from the central database can be shared by all departments in a seamless manner.

This significantly reduces the work force and subsequently lowers your business’ operational headcount.

Reduces inventory variances

A proper inventory management system is a core part of any thriving business that holds significant stock.
When it’s handled exquisitely, the business grows. If you, however, lack an efficient inventory control system, you risk running into stock outs, overstocking, cash flow problems and ultimately losing sales.

An ERP based on solid accounting software counters such digressing occurrences almost seamlessly. The merits to such a system are that goods are distributed on time, cash flow is monitored closely and most importantly, handling costs are minimized significantly.

Improves sales and customer service

Having a rigorous accounting system in place does not only ensure that goods are in store when customers require them but also guarantees a quick response to users’ queries.

With most of the transactions originating or ending up in the accounting section, collaboration between the different departments is enhanced. This means employees can generate reports in real time and even manipulate them to meet clients query criteria.

This leaves customers a more satisfied lot and, as a consequence, sales are most likely to grow sustainably.

Automation starts with the accounting software

The accounting cycle entails a series of complex processes which are not laborious but must also be ran in tandem. These include stocking, invoicing, production and more.

For their complexity and time consuming nature, these processes are best automated. Most of the other ERP sections are then linked back to accounting section of the software. This means that an error in the accounting section impacts greatly on the overall efficiency of the system.

As such, its utmost important to lay great emphasis on accounting section for it defines the system as a whole.

Find out how the enterprise solution can help you

ERP software in Singapore has become an important asset for businesses. It not only helps owners monitor their ventures closely, but also aids employees work more efficiently and with ease.

Nevertheless, different ERP system has different levels of efficiency and functionality. The best ERP program is one with a solid accounting functionality for it keeps information updated in an organised manner all the time.