How to keep good business records for your limited company
Keeping good business records is not just about meeting tax and legal requirements. It's also key to help your business grow profits and stay efficient.
ERP software is designed to support a variety of business processes, including inventory and order management, accounting, human resources, and customer relationship management (CRM). An ERP system's primary purpose is to automate these functions, facilitating improved resource management to drive efficient growth for the business.
With an ERP system being at the heart of a business’s operations and processes, it can take quite a long time to bring all the information together and have all departments using it effectively. What starts as a few functional modules can grow into a central ERP system functioning alongside a number of isolated applications. Businesses need to find an ERP implementation strategy that lets them integrate stand-alone applications, creating a united application architecture.
Integrating your ERP system (which manages finance, inventory, receivables, etc.) with your CRM (which helps to manage sales, service, retention, etc.) is likely to produce ROI improvements on both fronts.
ERP and CRM integration enables companies to automate manual processes, such as data entry. This can also increase data accuracy and provide better insight into your customer base.
While having an integrated business management system can make your business much stronger, companies can also come across some common pitfalls if they don’t follow a systematic approach.
Using a batch integration process used to be an effective and logical way of implementing ERP software and integrating it with systems used by various departments. However, with ERP systems housing so much crucial business information, this is no longer best practice.
As businesses have evolved to be more reliant on technology, the ERP software is required to provide data for other systems. If that real-time information cannot be provided due to batch integration, the ERP migration will make operations less effective.
At the start of ERP implementation, businesses tend to install modules from the same ERP provider. As companies and their requirements evolve and grow, they can find themselves adding modules from different providers. Modifying the existing integrations and co-ordinating any additional data transformation can be a tricky and costly process.
It’s important for businesses to choose an integration approach that’s future-proof and in-line with evolving technologies, such as cloud-based applications and mobile platforms. It’s valuable to have a roadmap for how evolving technology can be harnessed by your business to counter this integration challenge.
Make sure the ERP integration process is divided into steps, and each stage has specific timelines for completion. To guarantee a seamless migration, assign someone to be responsible for ensuring those deadlines are met.
The implementation process should be supported by documentation to minimise the chances of encountering delays. Such pre-worked documentation shared by the ERP provider ensures that, as a business, you can hit the ground running and hone in on new opportunities.
Keeping good business records is not just about meeting tax and legal requirements. It's also key to help your business grow profits and stay efficient.
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