Financial accounting is complex: Accuracy is paramount, but accounting software is expensive. You shouldn’t be forced to choose between profitability and precise calculations. You need a solution that’s cost-effective so you’re getting the most accurate data, the best reporting and the smartest analysis without breaking your business budget.
From sales and invoicing to warehouse management and inventory tracking, distribution is a very complicated endeavor. As a wholesale distribution company, you’re well aware of the challenges associated with fulfillment – you encounter them on a daily basis. Find out how distribution software solves these common problems and helps your business run smoothly.
1. Your customer places an order, but you can’t fulfill it.
When your customer places an order – no matter the channel – you’re tentatively promising that you’re able to fill it. But your inventory is inaccurate or your warehouse is mismanaged, so you’re unable to process and fulfill orders as they come in. Your customers, who assume that your product availability is accurate when they place the order, are upset. You’ve lost their trust and all but eliminated the possibility that they’ll return in the future.
How does distribution software help?
Distribution software utilizes data-capture technology to accurately track every item in your inventory. This warehouse management system is linked to barcode scanners, laptops, smartphones and mobile devices, so every item that comes in and out of your warehouse is tracked. Your overall business management system is integrated, so all the tracking data that’s captured is immediately synced to the ERP software. This grants you real-time inventory control and visibility into your omnichannel transactions.
Payroll processing is difficult and time-consuming, so it’s no wonder why many businesses have chosen to outsource payroll tasks. Unfortunately, it’s often nerve-wracking to put your business’s important payroll functions in the hands of someone else. Payroll software is the solution: It offers all the benefits of outsourcing payroll (eliminating the burden on your resources) and all the control of performing payroll in-house. Before you start your hunt for a new payroll solution, arm yourself with these questions to ensure the choice you make is the right one for your business.
With several departments generating their own numbers using their own complex Excel formulas, it’s no wonder that small- and medium-sized businesses (SMBs) often struggle with finding a single clear version of the truth.
Who has the right numbers? Nobody knows!
The ability to communicate accurate financial data to lenders and stakeholders is critical. But how do you know which version of the truth to rely on? Excel and require manual actions, which can create issues and can be error-prone. They also can’t capture the discussions between managers about the results of reports. Nor do they contain automatic alarms that trigger management actions based on a threshold.
In order to achieve a single version of truth and process high-quality reporting actions, SMBs absolutely must use financial accounting software. It’s only with powerful tools like this that an entire company has full confidence in the numbers.
There are a lot of business software vendors on the market today. You know you need to migrate to the next level of operational efficiency, but how do you ensure you’re adopting the right ERP software for your small to mid-sized business?
Although all ERP software systems offer a way to integrate a range of processes and functions, traditionally, these systems were created for enterprise businesses and are considered costly and time-consuming to set up. Luckily, in the last 10 years, cloud-based ERP software offers businesses an affordable and accessible alternative.
Traditional on-premise ERP solutions, as discussed in our previous post, are fast becoming obsolete. They’re still being used by many small and mid-sized companies, but it’s unrealistic for smart, strategic business executives to continue overlooking the huge functionality gaps in the on-premise model.
The next stage in the evolution of ERP is the hosted approach. Hosted ERP software is a popular and attractive option: Young SMBs build new business management solutions from scratch, and well-developed businesses overhaul their current systems to be more flexible, functional and accessible. Here’s what a hosted ERP system looks like:
Enterprise software has gone through quite an evolution throughout its lifetime; the ERP solutions of today hardly seem to be of the same lineage as traditional versions.
Since their inception, ERP solutions have been traditionally hosted in-house. Businesses spend quite a bit of their budgets building an IT infrastructure and purchasing the equipment upfront to run the business management system as a whole.
On-premise ERP software is both a thing of the past and a thing of the present: Its technology is outdated, but it’s still in use by many small and mid-sized businesses today. Let’s investigate the components and typical structure of a traditional ERP system:
Hardware is one of the biggest costs plaguing setup of on-premise ERP software. You need to purchase expensive hardware and equipment – all of which is difficult and costly to maintain.
As technologies continue to advance exponentially, savvy business owners, executives and decision-makers must begin to look toward the future and recognize emerging trends before they become mainstream. Your strategic planning process starts with your business management system, and those using the powerful Microsoft Dynamics suite should keep a keen eye on a few important trends:
On a day-to-day basis, small- and medium-sized businesses (SMBs) struggle with so many things. They don’t have nearly as much manpower as necessary, cash flow is almost always fluctuating, the competition is stiff and forecasting anything seems impossible.
While there are an infinite number of ways to alleviate these pains, streamlining accounting is one of the best. Armed with the right tools, SMBs save time and money, gain actionable insights into the company and move the business forward. The best tool to streamline your accounting is cloud-based financial accounting software.