Does your software include a component for automating calculation and remittance of sales tax? Can it factor landed costs into recorded inventory values and costs of goods sold? Does it create meaningful financial and management reports? If you answered no to any of these questions, it may be time for you to consider upgrading your ERP software. These three examples are a sample from the list of 11 Reasons Why You Need New ERP Software and they represent a small percentage of the benefits a fully integrated ERP software system can provide.
- Software that includes a component for automating calculation and remittance of sales tax will not only enable your company to deal with customers from all over the globe, it will also ensure you charge and remit the correct sales taxes. Not to mention the reduction in keying errors and time needed to check tax rates.
- A system that can factor landed costs into recorded inventory values and costs of goods sold is necessary in order to make appropriate commission payments and pricing decisions – and to accurately assess gross margins.
- Without meaningful financial and management reporting it is impossible to fully analyse and understand the growth and success of your company. This information should be readily available to share and analyse with other departments and employees in order to remain profitable in the future.
There are many possible reasons why you may need new ERP software, and even more excuses as to why you haven’t upgraded to this point. However, once you understand the potential benefits of a properly implemented new ERP software system, you’ll be excited about the possibilities offered to increase profits, reduce costs and facilitate growth.
It’s amazing (and quite entertaining) to learn about some of the creative workarounds businesses have designed to manage daily operations, when software exists to automate these activities in a fully integrated system. Each business has unique needs, but on the other hand there are several reporting features and applications that should be an integrated part of every ERP software system (in addition to add-ons and customization work that can cater to individual company processes).
Taking some time to research the functions provided by ERP software systems will give you a better understanding of the functionality that you could now be enjoying.