Are you actively keeping track of all the end-to-end expenses occurring in your business? Or are you having trouble keeping track of your spending?
Just like you, businesses of all sizes are constantly looking for methods to reduce operational expenses while boosting productivity. Hence, an ERP system like GenieBooks handles everything from client details to tracking your expenses.
Now, what is an ERP system?
An enterprise resource planning (ERP) system is intended to streamline and accelerate processes for small and medium-sized enterprises.
The technology includes a variety of flexible solutions, each with special advantages for various businesses. These software(s) also integrate with each other, making it simple to share and analyse data throughout the organization as needed.
If you manage a small to mid-size business, the first conventional thought that will cross your mind is, ERP is something designed for large enterprises, is extremely difficult to implement and overall expensive to buy and maintain.
But an ERP solution made for SMEs, like GenieBooks, offers expense management that ensures affordability, quick deployment and ease of use.
Therefore, a number of small and medium business organizations deploy ERP systems to optimize all activities and enable efficient team works. They are able to achieve business efficiencies while producing quality products in less time and at a lower cost by maintaining a high level of integration among various processes.
If you don’t have a comprehensive enterprise resource planning system in place for your business, you’re wasting resources that could be bringing you revenue.
So here’s how a Cloud ERP comes into the picture when you need to track and reduce expenses smoothly:
- By Reducing Costs:
- Labour Cost:
Labour cost reduction is somewhat of a challenge that businesses have long faced. The corporate budget is significantly affected by constant overtime and ineffective work completion. ERP deployment is therefore a requirement for users to handle the same issues in the most effective way. In addition to this, it benefits in maximising employee engagement by getting rid of time-consuming chores like cooperation.
- Admin Cost:
Integrating all activities into a single, reliable platform provided by an ERP solution improves work procedures, reducing time lost to duplication of work, and resulting in cost-effective, efficient corporate processes as opposed to those that are not integrated. Additionally, GenieBooks’ 100% cloud-based accounting and inventory management software offers unique functionality for tracking costs that eliminate the need for additional training and a lot of workloads compared to other ERP systems.
Moreover, an integrated ERP enables restricted access to the necessary data for a work role. This enhances security and saves time.
Human mistake is also less likely when ERP is used for inventory control and record keeping. An invalid entry will be flagged by the ERP software before it can be saved in the system, in contrast to a spreadsheet that may be changed and saved over.
- Inventory cost:
Almost all businesses view the cost of their inventory as a significant expense. An ERP system can assist in balancing an organization’s inventory with its customers’ needs, so minimising any excess inventory that is sitting around and taking up needless space. A company may order goods on time and avoid last-minute mayhem by knowing the precise quantity of inventory.
Understanding your regular stock requirements will assist you in minimising stock waste, reducing unused storage space, and improving your capacity to predict resources.
- ERP offers instant visibility of your Expenses
Expense management does not yield income, but it is something that every company must do in order to maintain its goals. An accurate, simple, and intuitive accounting software can complete the difficult job in the rear end, while users enter the necessary data and numbers to get the desired outcome.
Additionally, doing cost control with an automated cloud-based accounting software is extremely beneficial because there is virtually no room for human error. By switching from a manual to an automated approach, it can dramatically cut IT costs and the cost of processing each report.
The number of accounting records you need to track can become overwhelming without an efficient accounting software system in place.
GenieBooks 100% Cloud-integrated ERP software ensures you have the financial tracking facilities built within the software so that you don’t have to go through the hassle of installing different applications for different needs. Here is a list of tracking facilities you can benefit from
- Transaction Tracking
GenieBooks integrated platform helps you keep track of all transactions on a single screen. It is easy to get real-time visibility on all the due dates, approval status, and transaction status.
- Inventory Tracking
Efficient Inventory management helps you remain up to date with information on inventory quantity, quality, wastages, locations, and inventory movement.
- Ledger Tracking
Ledgers are building blocks of the financial reporting of any small, medium or large business. GenieBooks ensures that the ledger reporting of your business is accurate and real-time, so the balance sheets and income statements represent the exact situation.
- Audit Tracking
Audits are a mandatory part of a company’s risk management strategy. GenieBooks Auditing tool enables end-to-end management of internal and external audits while managing complex compliance risks.
- Payment and AP Tracking
Similar to keeping track of expenses, sometimes companies face challenges in keeping track of permits issued. GenieBooks ensures that all your payment tracking needs are taken care of so you can concentrate on your core competency.
- Receipt and AR Tracking
Working with multiple diverse clients, companies often tend to focus more on their line of products and find it challenging to put in place an efficient system to issue a receipt and maintain records. This is where GenieBooks comes with the perfect solution to take care of such accounting requirements integrated right within the system.