Know how 5 best practices helps you manage multiple companies with a best fit ERP software

Multiple companies connected with one ERP system
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This article was published on: 13/07/20 10:32 AM

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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.”

-Richard Branson

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.

    1. 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.
    2. 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.
    3. 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.
    4. 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.
  1. 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

Know how Automating Export documentation can save significant time and resources

Automating Export documentation- ERP Software in Kolkata
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This article was published on: 10/07/20 2:42 PM

Home > ERP company in India

Know how Automating Export documentation can save significant time and resources

Business automation has become a must-have for any organisation that wants to be future-ready. The future is technology. Automation is the only respite for achieving desired goals within the timeline for any company. Export industry is a notch ahead of any other industry. Dealing with overseas clients with different languages and cultures, rules and regulations, currency and conversions etc involves a lot of brain racking work. Export documentations is the most difficult task to sort so that no legalities are missed which can end up the company owner behind bars. A best fit ERP cloud software can solve most of these challenges faced by an export company. Expand ERP is India’s best fit ERP solution for manufacturers in the Export industry. It is the best ERP company in Kolkata with Headquarters in Bangalore.

Every export taking place in the company goes through defined steps of documentation like invoice, packing list, bill of exchange, shipping bill etc. Whether you are in an exporting business or someone who uses exporting services, you know that there can be a lot of paperwork involved. There is a lot of paperwork that can often seem endless and repetitive.

Instead of performing repeatedly the same tasks, it should be a simple set of few button clicks automating Export documentation to complete. Here we have taken the example of export documentation but in business no matter how simple or complex a task, if it is repetitive then it should be automated to save time and eliminate the possibility of error. For example every invoice generated should be emailed to the customer; every dispatch should be emailed to the customer and a group of seniors. These are examples of simple tasks but there are numerous possibilities of errors. Even if it is done without error it is highly possible that every email is in a different format. Such automation involves time and money but once done properly, it has huge advantages like Performance and Efficiency, Consistency and error free (Same standard professional output and no errors no corrections), Easy for anyone to learn and get going.

– Exporters have reduced rework due to errors by 75%. Man hours spent for documentation have reduced by 60% and output is now more professional and reliable with EXPAND ERP for exporters.

Counter Export challenges with Expand ERP softwarebest ERP company in Kolkata :

Export houses depend on effective export control processes throughout their supply chain. The legal ramifications of violating export laws can be a huge challenge. Freight forwarder, customs broker, sea vessels crew, warehouse management all these can be simply managed by single export business software. To supply the highly competitive order shipments, freight exceeds in volumes of sales and profits, you need an ERP.

3 Reasons why Exporters need a best fit ERP software

  1. Financial reporting accuracy – all invoicing and purchase orders can be consolidated and kept track of through erp.
  2. Enhances speed and agility – ability to respond faster to customer needs and deliver service promptly.
  3. Details of shipment – and ERP scheduling application is crucial for optimising work hours and properly utilising resources. This will allow tracking of order details anytime, anywhere.

Every export company should own 2 things:

  1. An export compliance program.
  2. Export documentation software that standardises the export paperwork.
Export documentation is required for goods leaving one country for another to ensure a variety of things.
  1. Ensure proper taxation and dues are accounted for
  2. Ensuring products don’t land in the hands of people banned from receiving goods
  3. Ensure public and environment safety

Export documentation keeps those who export within the bounds of export compliance.

Common compliance issues are:

  • Consistent problems with errors or omissions on documentation 
  • Not obtaining specific approvals or licenses for special items (guns/weapons, medications, animals, plants, etc.)
  • Shipping goods to restricted destinations 
  • Shipping goods to a person or business already on the restricted parties or denied persons list

EXPORT REQUIREMENTS AND REGULATIONS

Requirements and regulations can vary by country. These can be set by the Indian government or the destination country for a multitude of reasons. It’s up to the exporter to ensure that all requirements and regulations are followed prior to shipment to make sure all documentation is in order.

Common documents include a Commercial Invoice, Packing List, Certificate of Origin, and Shipper’s Letter of Instruction to the Freight Forwarder. There could also be product-specific or country-specific documents.

One of the features within Expand ERP is the Requirements Guide. As a user, this is your manual to navigate through creating and managing export documents to ensure compliance between India and the destination country.

Restricted Parties denied screening:

If you’re exporting, you need to know who you’re shipping to and make sure that they aren’t on a government list somewhere that says they aren’t allowed to receive goods for one reason or another.

Reasons can vary, but the ultimate result is to comply and not provide them with goods because of any restrictions they may be under.

Benefits of Expand ERP – the best fit ERP company in Kolkata for Export industry:

  • Timely export order entries into the system has allowed companies to plan out their production or procurement activities well in advance.
  • Single system for everything export – documentation, post shipment and financial accounting. Companies do not have to manage separate spreadsheets for various activities
  • Flexibility to validate accounting entries with exchange rate present in the Shipping Bill have ensured company accountants to book the exact value of export sales
  • Auto-computation of fluctuation due to difference in exchange rate’, has reduced significant amounts of time spent on manually calculating the exchange rate and entering it into the system.
  • Tracking of the various export incentives with their values has also become easier since they are being entered as additional information in the shipping bills section.
  • Packing credit availed and it’s utilisation along with balances and interest has become easier to track as they are being tagged with the realisation or discounting of bills
  • Shipment and post shipment statuses such as goods under dispatch, goods in transit come from the ERP itself since various dates such as B/L Date, LR Date, LEO Date are being entered by the customers.
  • Remittance statuses such as documents being sent to the bank, pending negotiation and realization pending are available from the system itself.

 

Various KPIs, BI and MIS available for the management so that they can take quick and effective decisions.

If you are in search of the best ERP software in Kolkata for your export industry, Expand ERP is fully equipped to deliver the best solution for your complex business process. Further the software is intuitive and can easily be used by anyone with basic computer knowledge. Its user-friendly interface makes things easier for one and all. Also you need not worry about capex and infrastructure investment as it is cloud-based. Expand ERP provides a solution with over a decade of knowledge and research to process all export documentations and financials with ease.Schedule a demo with us to find out more details or call at… 9007026542

Expand ERP Software – the best fit ERP Company in India recommends best practices for your Finance Team

the best fit ERP company in India
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This article was published on: 29/06/20 2:28 PM

Home > ERP company in India

Expand ERP Software – the best fit ERP Company in India recommends best practices for your Finance Team

We believe as Warren Buffet has rightly said; “ It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that you’ll do things differently.” It has taken us over 15 years of market experience to build the trust of our several patrons. It is our mission to keep up to our promises and strive endlessly to satisfy our customers. Therefore, even at the most trying times Expand ERP – the best fit ERP company in India has successfully delivered satisfied services to customers.

We at Expand ERP realise that our customers and patrons depend on us and the services we provide now at these unprecedented times more than ever. We are committed to continuing to support their core Finance, HR, and People systems under any circumstances. The crisis will pass, and when it does, we want to ensure that our customers come out stronger and more resilient to counter all challenges that may crop up as obstacles in their business.

In order to continue to provide practical support and guidance, we have curated this document as a manual with guidelines to follow for remote Accounts and finance teams using Expand ERP cloud software– the best fit ERP software provider.

Administrative practices:

  • Enable email notifications – email notifications in the system are required to pertain actions of the user’s role at the company. (i.e.For any approval in any module should not be delayed and ensured via email notifications.)
  • Define hierarchy within the organization – communicate within all departments and leaders should be clear and accurate to avoid disruption. Knowing who your Admin is will avoid password reset delays and ensure necessary approvals are ready to go.
  • Set delegates for purchase approvals – This way, when a user who is vital to the approval process is out of the office, they can go to their Preferences, turn on their delegation, and their approvals will then route to the configured delegate approver.  
  • IP settings done right – If using IP filtering, you should ensure the IP addresses or IP range for each user is set within the company’s security settings. This will prevent log-in errors relating to IP mismatch. 
  • Keep the company message board updated  – An Admin can update any news internally via posts in the software which can be accessed by all users.

General suggestions:-

  • Cross-train users and ensure a back-up –  In Case of absence of someone  for an extended period of time, within an organization, we will see a sudden influx of cases because a user who performs a crucial task is out unexpectedly.This can be avoided with a backup.
  • In addition to cross-training, documentation of all processes and actions of each user performance should be maintained for future reference for emergency needs. This often results in contacting support with a multitude of training related inquiries, and the ERP support team will recommend training.

Product Managers advise –

  • Consider adding an AP -automation partner to the equation so you can electronically inbound invoices. The integrations to receive payment may be handy to get more payments electronically .Integrated banks and payment gateways with your ERP software allows easy money transactions inbound as well as outbound.
  • Expand ERP Systems Integration has the AR Accelerator add-in for customers that have a lockbox at their bank already. This is an excellent time to consider setting one up, if you don’t have one. A lockbox service can eliminate having to collect receipts at a central location, as well as eliminate the need to handle mail for internal staff.
  • Bank feeds provide an electronic option or to import a clearing file.
  • Spend Management can be an option if you haven’t implemented electronic approvals in spending processes (AP, PO, EE) or general ledger. This would be an excellent time to implement  spend management.
  • The concept of a ‘Resources’ dashboard may be helpful – examples to include: urls for different types of documents around processes, or forms, or other types of information to help staff members locate resources.
  • How are you sharing information internally from your finance to other departments in your business? This is an optimal time to use dashboards and the report scheduler for paperless data delivery. The report scheduler supports delivery via PDF or Excel.
  • Encouraging going paperless is even more important with this pandemic. Research the tools that will help your team go paperless. It will reduce the amount of production/interaction with contaminated tangible items.Expand ERP cloud software provides the facility to store all data on cloud platforms resulting in zero hard copy.

Virtual (work from home ) tips:

 

  • Keep your cameras on during your virtual team meetings.
  • Talking and interacting with your coworkers helps you feel engaged and included. 
  • Talking with turning on the cameras will bring new perspectives and spark new ideas.
  • Use an instant messaging platform to keep your status updated, allowing you to maintain visibility when you are available.
  • Arrange a monthly Townhall for all team member’s mandatory participation for mutual sharing of appraisals, grievances and news updates of the organisation.
  • Maintain a Gantt Chart for all team members to feed in their pending work and work in progress and work done shared with all.

Expand is India’s best-fit ERP software on cloud for the Retailers & Exporters in midsized manufacturing business

It drives business efficiency with ease by perfectly fitting into the existing business process and effectively automating most complex processes. With Expand ERP one can manage his entire business completely online.

Further, to deliver the maximum benefit of our solution, we do Direct Implementation. With our completely in-house Anytime Support & Remote Assist, our experts will make the digital transformation of your organization hassle free.

We hope you find this guide helpful! We recognize that the present times are a bit uncertain but our Team Expanders are  here to support you in any way we can. If you have additional questions or comments, please reach out to us at: 9007026542