How Enterprise Resource Planning system can help cash management?

How Enterprise Resource Planning system can help cash management?

ERP offers two options for making payments. Firstly, the cheque feature allows you to print a cheque for a vendor immediately, but not against a specific bill, which is comparable to the bill centric payment cycle found in accounts payable.

It is possible for you to verify the transaction by attaching a support document. And secondly, it is possible for you to record and post cheque you write through a chequebook. The system can also smoothly handle the transfer of funds from one cash account to another.

You can examine the cash balance report to verify the balances of your account to determine if you need to make a transfer, and you can also check to see if there are sufficient funds.

With the ERP system in place, the received payments can be deposited in two ways. The receipt function records both the receipt of payment and its deposit if you have already deposited the payment.

You may also receive payments, accumulating them in an account for later deposit. At this point you can create a "deposit slip" on the system, which posts the amounts of the deposits.

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What is the functionality of Lot Tracking in an ERP system?

What is the functionality of Lot Tracking in an ERP system?

Lot tracking system records information regarding a batch of product. Lot tracking allows to track several units of a stock item using the same lot or batch number. User can determine what can be purchased or sold by Lot status. Expiry dates and user defined statuses allow you to further control the stock item. You cannot sell stock items that have reached or passed their expiry date.. You can track items by lot number and serial number - Lot tracked items are where the tracking (Lot) number refers to a specified quantity of the items, serial numbers are applied to individual items.

Lot Control and serialization options are defined at the system level and when one of these options is activated individual items are defined to be controlled by either lot number or serial number or by item number (not lot or serial tracked) on the part master file. When a part is defined as being tracked by lot number or serial number, that tracking is enforced throughout all material transactions for that item and upward through its parent items.

For purchased items lot or serial numbers are required for the full quantity of receipt, and are entered as part of the receiving transaction. For receipts with many serial number tracked items, ranges of numbers may be entered. A running total of items accounted for with lot or serial number assignments are displayed, thereby ensuring that the entire received quantity is properly identified prior to completion of the transaction.

Furthermore, the system checks current inventory to ensure that duplicate numbers are not assigned. On subsequent inventory transactions, lot and serial traceability is enforced upward through the item's bill of material structure. The lot or serial number and quantity are required on all material issues.
 

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What are the reasons for ERP system failure?

What are the reasons for ERP system failure?


ERP solutions are designed for a large audience of companies looking to achieve success by following a template of best business practices. However, the system often fails to achieve its promise because people who are supposed to be the main users of the systems reluctant to change their attitudes.
This leads to costly program modifications to replicate those processes. This, in turn, can result in unnecessary manual tasks and issues of software maintenance, which neutralize the original benefits of the software.
When making an ERP software selection, examine the processes encoded in the software. If you can agree to model your company's best practices based on those processes, you're choosing the right solution. If you can't, continue looking.
Once the ERP system is chosen, it's not uncommon for management to turn the project over to a subordinate to manage the implementation. The problem is that the subordinate, who is usually chosen from the end-user base or IT department, typically isn't given the authority to implement necessary business process changes.
Project management is a discipline, which requires the ability to delve into detail while keeping a perspective on the original business objectives. The project manager needs to have the ability to overcome impasses through a judicious combination of political guile and management direction.
The most successful ERP projects are led by a member of the management team who has actively participated in both the software selection and implementation efforts. When selecting your project manager, choose the one who has the most to gain from the ERP system. 

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REGISTERED OFFICE

TMA House, 1st Floor,

Road No 16, Plot No. 6,

Wagle Industrial Estate,

Thane (West) 400 604, Maharashtra

Tel: +91 22 41118000 / 8049 (50 lines)

      +91 22 25828775

e-mail (Sales): sales@eresourceerp.com

Middle East

UAE

eresource MiddleEast FZE

P.O Box: 513071,

Sharjah,

United Arab Emirates

Contact Person: Sudheer Soman Nair, CEO

Mob: 00 97155 9018499

email: sudheer.nair@eresourceinfotech.com