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4 Essential Financial Features your ERP System should have

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For many, enterprise resource planning or ERP software can appear clumsy. Business owners often ask themselves if they require all the modules or features and how the system will affect their key business operations. Whilst every ERP solution differs from the other, some prominent financial features help to curb costs and drive business growth.

Yes, most of the businesses will require an ERP software that entails the following core financial features:

  1. HR Accounting

 

One of the quintessential aspects of an ERP solution, the HR accounting module covers time tracking, benefits administration and payroll. These features would help your human resources crew to manage the daunting task of benefits administration, payroll and attendance tracking. This can be extremely handy for teams that work across diverse geographies.

  1. Supply Chain

Whilst supply chain management has its distinct set of tools, ERP systems with in-built supply chain management capabilities can greatly assist cross-functional staff in understanding the various supply chain processes. Tracking suppliers and supplies, co-ordinating with shipping and manufacturers, identifying hold-ups and regulating supply and demand throughout the organisation. Eureka! All within a single and unified system. This module can streamline order management, shipment tracking, invoice management and purchasing with ease.

Read also: 4 Tech Predictions for Supply Chain Management in 2017

 

  1. Asset Management

Supply chain management also infers providing care for parts, equipment and vehicles. Yes, asset management may range from providing vehicle repair and tracking of fleets to purchasing as well as maintaining electronics or other devices for your staff. Uninterrupted tracking of when these crucial assets will reach their limit of utility can help in significant savings for a company. Asset tracking, mobile tracking, BYOD management and fleet maintenance made easy.

  1. Analytics & Reports

Many ERP solutions these days come with intuitive business intelligence (BI) capabilities. Such ERP systems offer analytical and insightful reports pertaining to finances across the enterprise, in real-time. The visibility enables businesses to respond promptly to possible disruptions.

 

Here are 6 Business Intelligence Trends we can expect to see in 2017

Some ERP solutions even offer advanced modules such as weather forecasting, analysis and geo-targeting to help eradicate bottlenecks or disruptions before they hamper production.

 

To know how an advanced ERP software can help your business stay ahead of the curve, contact us. You can also SMS SAGE to 56767 or drop us a mail at sales@sagesoftware,co.in for a free demo and consultation.

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