2. 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.
3. 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.
4. 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.
5. 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. 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.
7. 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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