What is Entreprise Resource Planning (ERP) ?
ERP is a term used to describe the management of all your resources within your business in order to improve performance. These processes generally cover procurement, sales, inventory and general accounting. They can include fixed assets, employee expenses and HR.
How does ERP help organisations grow?
1. By reducing cost of sales
Using an ERP makes it easier to track costs within the critical processes of your business. This helps reduce time and expense mistakes within your purchasing department. ERP also helps prevent discounts issues by controling margins and promotes faster customer payments. Project costing, stock valuation are all easier to track within an ERP.
2. By increasing liquidity
An ERP system helps you automate customer reminder letters, which in turn helps you get paid faster, without having to put as much effort into it. Better control on cost of sales and margins also means access to money faster. ERP’s also allow for time and expense entry, which will be either carried by the company or invoiced back to the customer.
3. By controlling cashflow
An ERP allows you to challenge your vendors before paying them. Using an ERP, you will be able to see the state of each vendor bill, the quality of goods and services received and the time they took to be delivered. Vendor credit terms, payment facilities and currency are ways forr you to control the flow of expenses coming out of your business.
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How is NetSuite ERP used?
1. By the Accounting department:
HR & Payroll
Fixed Assets records
Disposal (Scrap/ Sale)
Employee expense claims
Leaves (Paid/ Unpaid) tracking
Direct GL posting / Approval
Import of opening balances
Transaction control accounts
Bank fees and charges
2. By the Purchasing department:
Full/ Partial payments
Vendor Return Authorizations
Supplier access portal
Supplier response and locked prices
RFQ winner and responses
Preferred vendor by item/ service
Vendor price per item/ service
Multiple vendors tied to items/ services
Multiple vendor lead times
Manual selection of most appropriate vendor per purchase order
3. By the sales department:
Project and budgeting
Create and send invoice customers
Real-time exchange rates
Multiple price lists per level
Billing schedule (Invoice automation)
Sales reports by period, item/ service/ Rep/ customer category/ product line…
Upselling and more!
Credit terms by customer
Automated reminder letters
Full/ Partial payments
Customer payments in multiple currencies
Customer credit rating tracking
User access roles and security
Credit note management
Return authorisation management
Support team management
Billable / free interventions
360 tracing of all activities tied to customer and products sold
Performance analytics per support rep
Solution knowledge base
3 budget categories
Budgeting by period, account, item, department or customer/ project.
Project revenue recognition
Ressource assignement per unit cost, expertise and seniority
Budget vs actual reports
Project planned vs actual profitability report
How to choose the right ERP?
The right ERP for your business is the one which is easiest to use for everyone.
It must allow your departments to work better together.
The ERP you choose should be easy to learn, flexible to your needs and that of your employees.
That way, your accounting, receivables, payables, HR and project teams will be able to work on a single system…
The right ERP is one that also answers to your local fiscal requirements. These include:
1) Value added tax calculation (VAT) and reporting
2) Acceptable financial reports (General ledger, trial balance, Profit and Loss and the Balance Sheet)
3) Localised reports and printouts (i.e Your government may require a list of all items included in your delivery pack, presented in a specific format. or as in the case of France, an FEC extract or a DAS2)
Why do we sell and recommend NetSuite ERP?
Here are 6 main benefits experienced by companies using NetSuite ERP:
1) It follows ERP best practices.
2) You pay lower cost of ERP maintenance.
3) You pay lower cost of database maintenance and security.
4) No ERP database overhead costs (Electricity/ space rent).
5) It’s an all-inclusive ERP system – No more spreadsheets.
6) It allows finetuning to meet local obligations.
We have been implementing ERPs for over 20 years, mainly across Europe and the USA. The speed of implementation and the flexibility brought by NetSuite ERP is unmatched.
Does NetSuite ERP make sense to you?
We are NetSuite experts that help small to medium size businesses across the world.
Our founder, Mr Dominique Staub has worked with NetSuite UK where he was awarded the NetSuite EVP award for his outstanding work and the implementation projects he helped rescue across Europe, the Midle East and the United Kingdom.
We offer one-to-one services to guide and support you and your team in the implementation of this cloud ERP.
Our customers range from startups to small multi-nationals, across industries and timezones.
Your NetSuite implementation will be in good hands with us !