Cash flow is essential to the wellness of every business. It’s not rocket science: You need to keep cash flowing into your business to take care of your overhead. Payroll, rent, and materials are generally monthly expenses that need to be accounted for. It may sound straightforward, but it’s not easy.
As your company continues to grow, manual processes start to get laborious, worrisome, and counter-productive. Processes such as printing and mailing invoices, calling past-due accounts, and the manual management of company-wide payroll not only wastes time, it wastes money.
An ERP system mitigates these problems by automating systems and consolidating data through an easy-to-use and centralized system. An ERP combines and integrates all of your departments to get cash in the door quicker to cover the expenses you need to pay.
Working with an ERP allows you to:
Increase Frequency of Invoices
Think for a moment of your current time discrepancy between service delivery and billing time. Days? Weeks? If you’re not billing your customer or client until weeks after your service has been provided, you’re missing out on a vast opportunity to speed up processes.
When service technicians are connected to an ERP through mobile devices such as phones and tablets while in the field, your company can bill the client within seconds of signing on the dotted line.
ERP integration allows a condensed and centralized system to get cash flow in-house quicker.
Identify problem accounts
Instead of wasting employees’ valuable time calling all your clients to inquire about late payments, payment plans, or other issues with client accounts, an ERP system allows a cloud-based solution to tracking collections over time.
In turn, this allows your accounting department to keep tabs on account receivables and be proactive with slow payers with targeted data insights.
Improved inventory control
By streamlining your inventory management and supply chain processes, you will be better able to keep inventory levels minimized and introduce just-in-time inventory practices to reduce cost, physical storage, and defect rates.
In turn, this improved inventory style allows you to reduce the amount of cash tied up in inventory. Through better forecasting and inventory management, your company will make better purchasing decisions, match buying trends, and track turnover to optimize stock.
Better insights into cash position
Turn margins into cash by taking advantage of insights and predictive data. With an ERP system, you can monitor both current and future cash flow thanks to the consolidated nature of an ERP’s analytic insights.
With an understanding of cash flow and positioning forecasts over time, you’ll be able to take proactive steps to affect payments, invoices, and receipts.
Get the right data with the right reports
Take more control of your business. From data insights ranging from customer credit limits and payment terms to marketing and inventory, you’ll have the power to take your newfound actionable insights and turn them into business success.
Not to mention the savings you’ll get in hourly labor costs!
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