This article was published on: 13/07/20 10:32 AM
Know how 5 best practices helps you manage multiple companies with a best fit ERP software
“Every success story is a tale of constant adaptation, revision and change.”
Growth is good news. However, managing it efficiently can be a nightmare. Scaling up your organisation can be an administrative challenge.
Most organisations find themselves stretched between multiple databases, simply implementing what worked initially across their new locations. Information often ends up scattered across different databases, and reports have to be sorted together from various sources. This takes unnecessary time to compile and results in several human errors.
Managing a company is complex. It only multiplies with each new sub company added to the list especially when it comes to accounting, reporting and managing resources.
What your team will need is access to reliable reporting and analysis that will give a clear overview of progress happening.
The following 5 practices can help manage multiple companies from a centralised system as and when you scale.
- Consistent labelling across all databases- Synchronizing your master records across all your companies is essential when it comes to making sure that Vendor IDs and Vendor Names always match. Before entering data into your Expand ERP software system, ensure all the conventions for labelling vendors, as well as other important information. Consider those conventions when feeding in data. A simple step like this saves time and ensures consistency across all your database, making it easier to gather the information when needed without any complications. For example, one vendor with two separate IDs, or with two slightly different names, means reports may include only selective information when needed.
- Extra attention to security – Unlike many companies who apply the same security system across all databases, manage your multiple companies with a whole broader security concern. Never be complacent when it comes to sensitive information instead ensure special protection. Take time when setting up your system to go through the permissions and ensure you’re happy with each user’s level of access. Restriction of permissions, limiting employees to the information they need to perform their duties will add to neat filtering of access to information and data. This will involve better management of the multiple companies.
- Accounts charts need to be in sync – It is better to decide which accounts to use for which kinds of data, and ensure your team follows the same chart of accounts when entering data. Accounts must be consistent across all your companies to be effective. If accounts match, it prevents cross-company confusion and inaccurate reporting. Consistency is very crucial to match revenues across multiple companies.
- Create a systematic protocol to manage multiple companies – Rather than running multiple databases, use a Multi-Entity Management module integrated on your ERP software to:
- a. Run all your companies from a single database, saving your time and money.
- b. Reduce duplicate entries and consolidate your data into a single set of master records
- c. Strengthen security, share data between companies while still restricting access, making reports and companies invisible where necessary.
- d. Use the same chart of accounts for each company separately.
- Use a tool in your ERP software that pulls both individual and consolidated reports – Using a reporting tool of your ERP software will make pulling individual companies and consolidated reports possible. You may need to train a member of your team as the manager to manage your reports. Either way, a good reporting tool will give your company the ability to get an accurate picture of accounts across all companies without having to filter multiple databases for the information required.
A best fit ERP software will solve most of your challenges with integrated modules for Leads, HR, CRM, Accounts and Finance, Production, Warehouse and Inventory, third party e-commerce, personal market place etc.
Expand ERP is India’s best fit ERP cloud software for midsized manufacturers in export and retail industry. It is the best ERP software company in Kolkata with headquarters in Bangalore. Expand ERP has empowered several organisations for over 15 years. It is a home grown software for the Indian business. It is designed to fit into your company’s unique needs.
It has all the integrations like Leads Management, Warehouse Management, HR and Payroll, Accounts, eCommerce, Shipping, market place and various others to suit your special needs.
Expand ERP Software is a solution for managing your company/companies completely online. We also provide hasslefree online implementation within 28 days and constant training and support post implementation.
If you are still unsure of how to manage your multiple companies with a centralised system, book a demo with us to show you the way to scale your organisation. We hope this article brings some value to your worries. For more information call.. 9007026542