ERP – Enterprise Resource Planning on Cloud
Enterprise resource planning (ERP) is a classification of an alpha version that standardizes, streamlines and integrates business processes across finance, human resources, procurement, distribution and other departments. ERP systems operate on a unified software stage by using common data definitions which operates on a single system.
Enterprise resource planning (ERP) is a process used by companies to administer and assimilate the important parts of their businesses and that is why ERP software applications are important to companies. An ERP software system can also perform variety of actions like integrate planning, purchase inventory, sales, marketing, finance, human resources and more.
ERP systems are designed around a single, defined data structure (schema) that typically has a common database. This ensures that the information used across the enterprise is normalized and based on common demarcations and user experiences. These core constructs are then interconnected with business processes driven by workflows across business departments (e.g. finance, human resources, engineering, marketing and operations), connecting systems and the people who use them. To be precise, ERP is the vehicle for integrating people, processes and technologies across a modern enterprise.
- Enterprises wide integration
- Customer Relationship Management
- Tracking and Visibility
- Business intelligence and data analytics
- Work flow visibility and streamlining
- Financial management
- Sales and marketing
- Human resources (HR)
- Supply chain management (SCM)
The finance module is the first constituent that is activated in an ERP system. It is the reason organizations replace their standalone accounting software with ERP. As financial regulations and reporting requirements have grown stringent in recent years, ERP system helps in integrating the finances of the various business functions ensuring accounting accuracy. It also provides the consolidated financial data needed to measure and improve corporate performance. The finance module is also the component that differentiates ERP from other integrated business applications, such as human capital management (HCM) suites and material requirements planning, which mostly addresses only raw materials and components needed in manufacturing. ERP is the one truly essential module that serves as the vanguard of deployment when a company expands to new locations. The Finance Module is the one that handles core accounting, budgeting and financial management functions. This is as important as what a central nervous system is to a human body.
It integrates all information from other functional modules to reflect in money’s worth. The Finance Module is also sometimes referred to as Financial Accounting Module or Core Finance Module or Financial Management Module. The Finance Module maintains a standard Chart of Accounts of the Company through which finances spent on various counts can be summarized, analysed and determined for improvement. The accounting module would enable you to efficiently manage your finances in compliance with local tax regulations and provide segmented analysis to rationalize your financial views for each business unit. With its integrated functionality, the financial controller would help monitor all transactions with real-time notifications and trigger alerts to sales managers if any orders are initiated to ensure determined cash flow.
- Profit tracking.
- General ledger.
- Accounts payable
- Accounts receivable
- Fixed asset management.
- Risk management
- Tax management.
Inventory management is a component of enterprise resource planning that refers to an integrated approach to business planning and operations, in which businesses can manage all their finances, logistics, operations and inventory in one place. Inventory management refers to the process of ordering, storing and using a company’s inventory. This includes the management of raw materials, components and finished products, as well as warehousing and processing of such items. Inventory management is a component of supply chain management that involves supervising non-capitalized assets, or inventory and stock items. Inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale. Thus, inventory management hinges on detailed records of products or parts as they enter and leave warehouses and points of sale. Inventory management is critical to the bottom line because inventory is a major asset that remains an investment until the products sell. Since several costs are tied to inventory management so it is important for businesses to store, track and ensure availability. Overall, best practices in inventory management involves sound purchasing plans, making items available when they are needed and the necessary tools for tracking existing inventory.
- Stock tracking and management
- Sales and purchase order management
- Multi-channel order fulfillment
- Warehouse management and stock transfers
- B2B ecommerce functionality
- Payment gateway functionality
- Integrations with ecommerce, accounting, shipping and other operational tools
- Intelligence reports and analytics
Sales and distribution management takes the responsibility of making sales and manage the distribution chain to make a profit. The sales module implements functions of order placements, order scheduling, shipping and invoicing .This includes the process of making Sales quotations, Sales orders, Delivery note, Sales invoice, Debit note and their respective masters.
The main aim of any distribution and manufacturing business is to optimize sales efficiency and prices along with its supply chain. Processing customer orders is the second critical function.
Maintaining continuity in market supplies is extremely important for a business, ERP sales module enables your sales department to gain access to critical information at the right time thereby help in planning efficiently based on demand, ensuring timely deliveries accompanied with customer satisfaction.
A sales order can be made against sales quotation and also can be made manually. There is a functionality of double authorization or two-level authorizations in sales order along with the functionality of amendment. Amendment logs are maintained according to the rates and quantity in respective reports which are easily traceable.
- Customer database
- Multi-tiered orders
- Sales forecast
- Credit limit
- Sales territories
- Generating bills or invoices.
- Determine the details of materials based on conditions
- Target setting for executives.
- Order amendment history.
- Authorization of orders and invoices.
- Tracking sales returns.
- Preparation of dispatch advice.
- Order calculation based on price offered discounts (line and total), excise, taxes, freight
- Letter of credit details for association with sales orders.
- Payroll management
- Leaves management
- Expense management
- Bonus and perks management
- Income Tax and Deductions
- Regulatory Compliance
- Reports, pay slips & forms.
- Notifications and Alerts
- Employee organization by pay-grade
- Supports how employees are paid
- Attendance Management System (AMS)
- Employee Payroll Management System ( EPMS)
- Easy Payroll Compliances
Payroll is a unified HR and Payroll solution that automates all your HR processes. It will reduce the daily paperwork activities of the HR department. The solution captures the entire gamut of business process from Hire-to-Retire. Payroll is so complex, tedious and can also lead to costly errors. Many small business owners rely on their accountants, automated software systems, or third-party contractors to manage the same. No matter which service you choose, it should suit to the needs of your business. The most effective payroll systems offer advantages in terms of time, cost and accuracy in an organization. The Payroll module manages the processing of employee compensation and the generation of various analyses and documents. The files for accountancy, banks and external organizations are generated here. The module processes both amounts to be received or paid by employees and interim amounts needed for analyses and reporting purposes. Payroll is the total of all compensation a business must pay to its employees for a set period or on a given date. This is usually managed by the accounting or human resources department of a business. In small-business payrolls may be handled directly by the owner or an associate. Increasingly, payroll is outsourced to specialized firms that handle pay check processing, employee benefits & insurance and accounting tasks such as tax withholding.
Payroll is also referred to the list of employees of a business and the amount of compensation due to each of them. It is a major expense for most businesses and is almost always deductible, that means the expense can be deducted from gross income which decreases the taxable income of the company. Payroll can be different from one pay period to another because of overtime, sick pay, and other variables.
- Create a new BOM and Routing in just a few clicks.
- Define the Batch Unit of Measure (UOM).
- Convert Sales order into production order
- Can maintain multiple versions of the Production Structure and BOM.
- Link critical information for product production: routings, recipes, raw materials, packaging, tools, tasks and quality measures.
- Combined production degranulation with Quality Management & Tolerance level.
- The quality control (QC) system manages all required
- Functionality in the QC area. When a new lot from
- Purchase or production has to be approved or released.
Production Management refers to the requisition of management principles to the production function in a factory. Production Planning is one of the key modules in ERP and deals with planning processes, such as capacity planning, material planning, execution of sales order to production order, and bill of material and goods movement. In other words, production management involves the application of planning, organizing, directing, and controlling the production process. Production Management is the process of effectual planning and regulating the operations of an enterprise that is responsible for the actual transformation of materials into finished products. Production Management also deals with decision-making related to the production process, so that the resulting goods and services are produced by the quantitative specifications and demand schedule with minimum cost.
The product process module handles the master data required for Bill of Materials (BOMs) activity, work centre and routing. This is then kept in a separate component for consumption after each process. It is an end to end business solution, which supports the organization to have a smooth data flow across the organization right from purchase of raw materials to production and then to sales and then finally to the general ledger. The production supports the dynamic BOM and routing for production planning. The order planning window provides the visibility and tools you need to plan for demand from sales lines.
Fixed asset management is an operation of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. This is an accounting process that seeks to track fixed assets for the purpose of financial accounting, preventive maintenance, and theft deterrence.
Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition and keep them in good working order. By doing so, they minimize the lost inventory, equipment failures and also improve an asset’s lifetime value. Fixed assets are the long-term tangible assets that are used by businesses in generating income. Fixed assets contribute the firm with long-term financial gain as they have a useful life of more than one year. Fixed assets are also known as capital assets and are denoted by the terms Property, Plant and Equipment in the balance sheet. Fixed assets cannot be easily converted into cash. Organizations face a significant challenge to track the location, quantity, condition, maintenance and depreciation status of their fixed assets. A popular approach of tracking fixed assets uses serial numbered asset tags, which are labels often with bar codes for an easy and accurate reading. The owner of the assets can take inventory with a mobile bar code reader and then produce a report.
Off-the-shelf software packages for fixed asset management are marketed to small and large businesses. Some enterprise resource planning systems are available with fixed assets modules.
- Document Management
- Inventory Management
- Data Security
- Fixed assets
- Tax Management
- Asset Budgeting
- Asset Lifecycle Management
- Depreciation Management
- Disposal Management
- Asset details
- Asset depreciation
- Asset management
- Post depreciation
The Purchase module provides an easy way for businesses to order and purchase products for use in production and for sale. It is easy to use database management tools for all your supplier and production information. With the purchase module you can send purchase orders directly from Unleashed via email and has handy tab-driven data entry pages. Purchase Module Streamlines procurement of required raw materials. It automates the processes of identifying potential suppliers, negotiating prices, awarding purchase orders to the supplier and billing processes.
Purchasing module is often integrated with supply chain management software. ERP Purchase module aims for procurement of required raw materials. It automates the processes of identifying potential suppliers, negotiating prices, awarding purchase orders to the supplier and billing processes. The purchase module is tightly integrated with the inventory control and production planning modules. Purchasing module is often integrated with supply chain management software. Purchase module helps you maintain various suppliers and their contacts, track purchases and get a complete purchase rate history,
- Purchase order system features
- Spend Authorization/Approvals
- Audit trails
- Supplier management
- Contract management
- Access management
- Spend Dashboard
- Spend and transaction reporting
- Quotations from various suppliers.
- Recording Payment terms in PO.
- Excise consideration in Purchase and Process orders.
- PO authorization.
- PO amendments with complete amendment history.
- Order cancellation and order closing.
- Multiple delivery schedules.
- Quality inspection of goods.
- Quotation validity
Admin module helps the HR team for efficient management of human resources. Admin module helps to manage employee information, track employee records like performance reviews, designations, job descriptions, skill matrix, time & attendance tracking. It can also include Travel Expenses & Reimbursement tracking. The administration is to create a better social, political and economic environment. In other words, it is related to socio-economic change and nation-building.
In every state system, the economy or social system is developed; similarly, the administrative system is also developed. The administration is to bring about change through integrated, organized and properly directed governmental action. In the recent past, the governments in most of the developing nations have shifted their focus on development using planned change and people’s participation. With this shift of administrative concern towards developmental objectives the researchers and practitioners of Public Administration have been forced to conceptualize the developmental situation and to bridge the gaps in the administrative theory. The growing welfare functions of the government have brought into limelight the limitations of the traditional theory of administration.
- User management
- Effective user access control
- Branch Creation
- Employee Creation
- Employee Hierarchy
- Role Access Rights
- Change- Orientation
- Goal- Orientation
- Innovative Administration
- Client-Oriented Administration
- Participation-Oriented Administration
- Effective Co-ordination
- Ecological Perspective
Fleet management is the process that your business uses to manage all fleet and asset information, from acquisition through to disposal.
Fleet management is an administrative approach that allows companies to organize and coordinate work vehicles to improve efficiency, reduce costs and provide compliance with government regulations. Fleet management software furnishes the entire necessary tools essential to manage assets, track vehicles, gather data on vehicle utilization, maintenance, fuel consumption and ensure drivers’ safety & productivity. Along with the general requirements of fleet management systems, it enables impressive extra capabilities to optimize the services to the fullest. Tracking systems are used to monitor driver behaviour, proper vehicle usage, work breaks and safety.
- Increased productivity
- Ensuring safety
- Reduced costs
- Better customer service and satisfaction
- Time management
- Work order management
- Inventory management
- Asset management
Quality control involves testing units and determining if they are within the specifications for the final product. The purpose of quality control is to determine any need for corrective actions in the manufacturing process. Good quality control helps companies meet consumer demands for delivering better products. Quality testing involved in each step of the manufacturing process. Employees often begin with the testing of raw materials, pull samples from along the manufacturing line and test the finished product. Testing at the various stages of manufacturing helps identify where a production problem is occurring and help determine the remedial steps it requires to prevent it in the future.
- Quality Control On Items Is Optional And User-Defined
- Maintenance Of Quality Control Parameters For each Internal Process Of an Item With Reference to Its Process Sheet
- Internal Rejections
- Vendor Rejections
- Quality Objectives
- Quality Manual
- Organizational Structure And Responsibilities
- Data Management
- Customer Satisfaction With Product Quality
- Continuous Improvement
- Quality Instruments
- Document Control
Management information systems or computer information systems (CIS) consist of five related components—hardware, software, people, procedures and collection of data.
It is a general name for the academic discipline that deals with the application of people, technologies and procedures, collectively known as information systems, to solve business problems.
MIS is different from regular information systems as it is used to analyze other information systems applied in operational activities in the organization. MIS is used to handle the organization’s information system through a computer. It offers vital information to managers so that they can carry out operational control, management control and strategic planning successfully.
- MIS reports in Accounts
- Budget report
- Production report
- Continuous flow
- Complex process
- Cash flow statement report
- Funds statement report
- Profit report
- Income report
- Inventory report