It is common for businesses to face new challenges as they grow and increase their daily operations. Some organizations fail to manage the increasing number of transactions from their debtors, creditors, suppliers, and customers; as a result, it has a negative impact on their cash flow and inventory management. With increasing customer orders, some organizations face difficulties maintaining stock levels and ensuring there is no stock shortage or dormant stock. Others fail to respect deadlines for submitting tax returns to regulatory bodies and which often leads to penalties. If you are facing any of the above challenges; you should probably consider shifting to an ERP (Enterprise Resource Planning) or accounting software.
What are the functions of an ERP?
An ERP systematically records all financial transactions in an organization. Investing in an ERP gives key benefits that help the smooth running of different business operations. A full-fledged ERP has the modules required to effectively manage financial accounting, sales, purchasing, inventory, projects, payroll (can also be integrated with your HR system), CRM, and document management. The system also provides interactive dashboards that show precise information about the health and performance of a business.
How to choose the right one from the hundreds?
There are hundreds, if not thousands, of ERPs; choosing the right one will depend on the nature of your business which consists of your main activities. Firms such as management companies and holdings will need multi-company functionalities as part of their requirements while a distribution company will most importantly need a robust stock management module within the ERP. Others might as well need necessary APIs to enable integration with their existing systems like Human Resource Management System.
From a regulatory perspective, it is crucial to have a system that complies with local legislation and which can adapt to amendments to the local laws and policies of the country in which a company is operating. It is also important to align with the requirements of local authorities in terms of taxation and VAT returns.
The ideal ERP or accounting solution is one that fully complies with the local regulations of a country and that adapts to the specific needs of a business. TaMIS Financials is a full-fledged modular ERP that can adapt to the needs of mid-sized and larger organizations. It is also fully compliant with local regulations and undeniably aligns with the requirements of local authorities for returns like the MRA.
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