Reasons Why ERP is Better than your Accounting Software
Over a period of time, the business world has widened its focus from ‘just profits’ to employee wellbeing, customer retention, process driven work culture, cost effectiveness, Data driven decision making and organizations social standing.
Traditionally, accounting software was the go-to option for these businesses. It offered modules such as billing, sales order, purchase order, general ledger, timesheet, expense, and electronic payment and managed all accounting functions like payroll, accounts receivable, accounts payable, and trial balances.
But with the increase in the scope of operations, ERP became the new ‘go-to’ option of modern times. Retail businesses today are more complex than ever before. Here is why ERP software bundle is what you need for your retail business.
A Comprehensive Retail Solution
Unlike accounting software, ERP is a whole ecosystem for any organization. It has a place for every process that your business involves. Your checkout, inventory, warehouse, discounts, vendor management, billing, reports, accounting, taxations, employee performance etc.
Ready for Digital
ERP used to be clunky and very difficult to manage and maintain. These days Ginesys and few others offer a cloud based ERP with zero management hassles for IT. Ginesys also provides APIs for creating integrations and in fact comes with many out of the box (see here)
It has many options like adding attachments, auto mailing and on-demand mailing of reports. Digital banking integrations and supply chain integrations with vendor and customer systems ensure a seamless flow of data.
Ready for Online
It has now become a wise decision to have multiple selling channels, an omnichannel approach to the retail business. In this scenario linking of online sales channel to ERP is a must-have feature if the planned sales flow is medium to high.
Also read: Omnichannel retail is your best shot. Here is why!
ERP helps with seamless integration of these channels to your business. You can manage your offline and online channels from a single dashboard, with the correct retail ERP software. Some of the benefits are:
- Facilitates faster distribution to own stores and franchisees
- Warehouse automation
- Detailed product categorization
- Safe and secured operations
- Detailed sales reports helps decision making
- Track all activities with an audit trail
- eCommerce integrations
- Mobile POS and Desktop POS
- Cloud Computing
- AI & BI tools
With ERP your business can be ready for the future.
Detailed Reports Enable Operations
To give a clear understanding of the retail frontend and backend, the owners and other stakeholders depend highly on these reports. Reports help bring transparency within the organization. A Retail ERP software like Ginesys has a comprehensive custom reporting or user-defined reports feature, where you can change the layouts and columns.
Cloud BI a Natural Extension of Cloud ERP
Ginesys and few other ERPs go a step further than regular reporting to business intelligence. This provides the ability to slice and dice data at a click and get results super-fast which is not possible with traditional reporting systems. This is the key tool which helps decision makers analyse their business and make valuable decisions.
Accounting software has been an integral part of business, but the modern retail industry is evolving beyond what an accounting software can offer. We can conclude it as a subset of today's ERP. ERP is much more comprehensive, more specific to the business and far more feature rich.
Still not sure whether to go through the ERP update? Let’s connect and discuss.
