Getting to know ERP Software
What is ERP Software? ERP Software stands for Enterprise Resource Planning (ERP) software. It refers to applications with different functions integrated to form a business-management system. ERP facilitates the collection of data at source. The data is then interpreted and store for financial reporting, business activities and decision-making.
In the past, bookkeepers must enter the numbers separately into an accounting software. With ERP software, information like purchases, sales, production, payments, receipts, etc. are fully or substantially captured at source and the information flow to the accounting software. The data entry work to be entered into accounting software is greatly reduced. Because of ERP software, less human error is committed (during the data entry process) as compared to the past and financial reports are generated with greater accuracy. The software provides strategic integration of business functions and generation of useful management reports for decision-making, future investments, product development, staff rewards, etc.
ERP Solution is Critical for Big Organization
ERP software is particularly important and useful for a big organization where data volume is high because it would take much time and effort to enter the source data into a separate software. The introduction of ERP Solution to a large organization transforms and simplifies the processes and reduces Company’s inefficiency and redundancy. Most importantly, it speeds up the processes, provides access to critical information, reduces waiting time and gets work done faster.
ERP Software and E-Commence or Online Selling
Nowadays, with online selling or e-commence, ERP software becomes even more important because it can capture information at source and push out marketing effort online. ERP provides seamless integration and automation for processes. Many online businesses can use Enterprise Resource Planning Solutions to run a very lean and profitable business.
Regulatory Compliance and Risk Management from ERP Adoption
ERP Software allows compliance forms (in respect of financial reporting, risk assessment and other aspects) to be completed easily. The information is then collated to assess any violation of regulatory standards or company’s practices and prompt the management to take necessary action. For example, when a form is completed, the company can determine if the business risk is high or low and whether to accept or reject a client. Or if a customer has not paid up for a long time, the system can notify and prevent the sales person from accepting further orders from this customer.
There are many Enterprise Resource Planning Software in Singapore and it is difficult to determine which is the best. Our advice to you is to understand how the software is able to meet your needs. Speak to some of the clients who had previously engaged the ERP vendor and check the level of post-implementation support. You should also ask about the users’ experience of the ERP Software to determine if it is user-friendly. The user-friendliness of the ERP Software effects the user-resistance to the introduction of this software and can determine the success and failure of implementation.
Income Tax Return Filing for Corporate and Individual is provided by us. We deal with Form C and Form C-S for Corporate Tax filing and expatriate Personal Income Tax filing. You may also approach us for Value-Added Tax or GST Filing as well as Withholding Tax Filing, Trust Income Tax and Transfer Pricing.
In addition to payroll service, we can also transmit your CPF contribution details to the Central Provident Board.
Other Human Resource services like compensation structure, recruitment consultancy is also provided by us.
Having the right accounting software can make a company more productive. Moreover, the reports generate by the software may also be more accurate for decision making.
If you are looking for a paid accounting software now, you may wish to consider Quickbooks Online or Xero Accounting Software. For free accounting software, the one which stands out among the rest is Wave Accounting. Before you start with any of the recommended software, it is good to read our comparison of Quickbooks, Xero and Wave Accounting software.