February 2021 - Tranquil

How ERP Software is Playing Role to Improve Business Productivity?

Posted on February 9, 2021November 27, 2024 by TRANQUIL

ERP (enterprise resource planning) is a burgeoning trend in this corporate arena.

All businesses (irrespective of their size and nature) are facing a chunk of problems to stay ahead in this fiercely competitive era.

To overcome all these challenges and run their departments in a hassle-free way, every company needs an effective ERP system in the business.

ERP system plays an imperative role as it improves overall business productivity and helps companies to proliferate in this steep competition.

The popular ERP software solutions are also responsible for enhancing the productivity of an organization as well as an employee.

Here, we are mentioning how ERP software is playing a crucial role in enhancing your business productivity and profit.

ALSO READ: Guide on How Do ERP Systems Work

How ERP Software Enhancing your Business

1. Improves Efficiency

A Cloud-based ERP software system can efficiently manage all the resources of the organization.

With this business task management software system, now you don’t need to enter all the information manually.

Since you don’t need to keep all of your imperative and sensitive data and records in excel sheets, hence, this software eliminates several repetitive processes.

ERP software can also streamline all business processes by making them efficient and easier for businesses.

Now, you can easily collect data and update all records as per your requirement and choice.

An effective ERP system integrates all departments (finance, marketing, manufacturing and inventory control) into a central database.

With this software, the reporting formats and procedures can be customized for each company.

This helps in collaboration and makes the discussion smoother between departments.

Manufacturing processes can be streamlined using automation features of ERP.

Now, you can manage your inventory control in a better way through this centralized system.

The customers’ benefits and needs are also taken care of in the entire life-cycle of the product.

ALSO READ: Important ERP Modules and Functions

2. Improves the Project Management of a Company

ERP software plays a crucial role in the improvement of the project management of a company.

Business project management software manages everything from customers to schedules to employees and invoicing.

This kind of ERP project management software ensures that all of the tasks are completed on the stipulated time.

This software also takes care of the customers so that they can get satisfied with the work.

3. Better Information Management through Business Automation

Performance metrics and measurements are imperative in evaluating business progress.

Moreover, they also help you in setting up your future goals.

When your business starts to thrive, it would be a daunting task for you to manually calculate sales margin, profit ratios and other such metrics.

ERP system encourages automation to the business.

By using this software, employees across the organization can access shared data and information without the need to maintain manual records.

This system also generates synchronized reports based on key business metrics.

Since everyone can access the data immediately, hence the company management can take significant decisions quickly.

ALSO READ: Benefits of Mobile ERP

4. Improved Workflow Increases Productivity

With ERP software system, workflow in all departments gets streamlined.

Now, data access is simplified through user-friendly interfaces.

Employees can now get all the relevant information easily that is necessary for their job.

Whether it’s extracting a custom or standard report or formulating a report for presentation, ERP software makes every employee’s job simpler and easier.

This will automatically enhance overall productivity.

ALSO READ: Benefits of Having an Employee Self-Service System

5. Business Accounting Gets Simpler

Any business will struggle with its accounting procedures if they are done manually.

Moreover, if the sales, accounting, finance and HR departments don’t access the shared data, it will become difficult for a company to sustain in this world.

Financial reporting and everyday accounting consume a lot of time and effort from the employee.

By using ERP business accounting software, these tasks can be reduced.

Using ERP to integrate and analyse important financial data will uplift the productivity and lessen delays.

ALSO READ: Tips to Choose the Best Business ERP Software Solution

6. Transparency in Every Department

Information and data are extremely crucial business assets for every company.

Data security and integrity is very important to ensure that every business information is processed and accessed by right and trustworthy people.

ERP software will not only maintain the data safely but also give access to the data only to people who are authorized.

Now, strategic information can be maintained at one place, but the update of such information can be done by one or more authorized people.

Thus, ERP provides transparency in every department of a company.

7. Elimination of Redundancies

Data redundancy is one of the biggest problems with a non-centralized data management system.

Redundant data is such data which has been repeated twice or more.

This can create confusions and inconsistencies in businesses.

This is a quotidian problem for businesses which have multiple data storage locations.

But by using effective ERP software, this problem can be avoided.

ALSO READ: Top Trends of ERP System For The Future

8. Improve Reporting System

ERP software has many advantages as it improves the reporting system of projects in a company.

Using ERP software, a business can compare different functions across various departments and analyse the work progress of different projects.

Now, there is no need to write several emails and maintain spreadsheets.

A company can make its reporting easier with ERP software.

ALSO READ: Detailed Guide on Hybrid ERP

9. Better Customer Satisfaction

Keeping your customers satisfied while managing your sales and inventory can be a daunting task for a company.

This can be more complicated if you have your customer and inventory data housed on different platforms.

This could be time taken if you try to report product-related information to your customer.

Lacking updated inventory data, this can make your life hell.

ERP helps a business in maintaining up-to-date information and also generates a real-time update for all data.

This will help your customer in accessing accurate and updated data.

This will certainly improve your customer care relationship and will make your customers more loyal to your company.

ALSO READ: Understanding the Role of ERP in Supply Chain Management

10. Information and Data from Various Departments are Easily Accessible

Data sharing with different departments is a difficult job for organizations.

It’s a very time-consuming job to collect data from various departments and maintain it properly for the betterment of the company.

But ERP systems have made this easier and simpler for the organizations.

Now, data management and access are easier from all departments.

Data from various projects can easily manage and maintain with this single ERP platform.

11. Assure Data Security

Data security is an important thing for the growth of an organization which can never be compromised.

Data security is not a concern when you are using an ERP software solution for your organization.

ERP software improves the security consistency of each data, this enhances the accuracy.

ALSO READ: Understanding the Role of ERP in Supply Chain Management

12. ERP Gives a Positive ROI

ERP implementation is a time-consuming process and it may take up to 3 years in a conventional scenario.

But with Cloud-based ERP solution, you can minimize the time frame.

According to surveys, companies which put stress on return on investment (ROI) at the beginning of the ERP implementation, could-based ERP solution can give significant results after a year.

A cloud-based ERP solution is beneficial for many things including cost reductions, quality improvements, customer satisfaction, reduced employee count, redeployment, and improved market share.

13. ERP is Customizable and Adaptable

ERP software system can easily be customized as per the requirements of the company irrespective of the operating systems and database systems being used.

ERP solutions are not only made up for large organizations, it is now suitable for small and medium businesses too.

Moreover, ERP systems can be implemented in a step-by-step fashion which means a company don’t need to invest humongous amount at the beginning.

This is beneficial for companies where the budget is a constraint.

ALSO READ: Different Ways to Improve the Procurement Process

Implementation is at the core of ERP solutions and the success lies in the understanding of the business processes that are usually done by functional consultants either available in-house or outsourced.

Browsing through various solutions to find the best one for your businesses is an uphill task.

This is the perfect time to replace traditional legacy software with an enhanced ERP solution.

Because an ERP solution plays an important role in managing and improving your business productivity.

If you are ambiguous to implement the ERP solution at one go, you can start with an introduction to ERP and then incorporate all the departments gradually.

Enhance your business productivity with Tranquil ERP software solutions. Tranquil ERP software comes with various features including project management, inventory management, sales & distribution, procurement management, finance management and HR & payroll management. As per your requirements, you can implement these software solutions which will boost up the growth and profit of your company.

To know more Schedule a demo

Need of Having HR & Payroll Management Software in SMEs?

Posted on February 2, 2021November 22, 2024 by TRANQUIL

Small businesses are thriving very rapidly over the past few years, but the competition is also higher than ever.

HR system and payroll management system plays a pivotal role in the success of any business including SMEs.

A survey was conducted by CII and the report claims that 20% of medium and 80% of small enterprises don’t want to invest in HR software and payroll software because their budget is a constraint.

Hence, most of the time either they are unable to higher the right and effective employees or can’t retain the talented ones.

Investing in the right payroll and human resource management software will not only help the organization to run its operations in a hassle-free way but also will help the company to reach the success of zenith.

But the way SMEs are handling their HRMS is not at all appreciable.

A very little or no attention is paid to the employees and its negative effects will certainly impact on the growth of the organization.

ALSO READ: Benefits of Having an Employee Self-Service System

This is why a comprehensive HR management system and payroll software is the best bet that every SMEs should opt for.

This software provides a plethora of advantages including improved efficiency, less timeline, accuracy, precision and enhanced productivity.

With Tranquil HR payroll software, every employee should be happy when their pay and benefits along with their service records are managed flawlessly without investing much time and effort.

Things you should look for before deploying an HR and payroll management system.

Certain parameters you should check before selecting an HRMS software.

Your Requirements and Need: Always consider your requirements before choosing a human resource management system. Whether you only need the basic HR and payroll functions or you need some advanced features like automating shift scheduler, wage protection, end of service benefit, biometric integration, etc. If you have many office locations, then make sure that the software is web-enabled and can easily access from anywhere and any device.
Other Parameters: Other factors that you also need to think about including after-sales service, implementation support and local availability for any kind of service and support.

Now, many software companies are embracing the clients with cloud-based solutions [software as a service (SAAS)] which are inexpensive and can easily be implemented.

With this software, you don’t need to invest a humongous amount on hardware and software.

You just need to subscribe to the software which will satisfy all your needs and requirements.

ALSO READ: Must-Have HRMS Modules and Features

Why Do Small Businesses Need HR and Payroll Management Software?

HR and payroll management software has become an integral part of many SMEs.

But why do small businesses need this software, let’s dig a deeper?

1. Enhances Payroll Management and Lessens Time:

Every month small businesses invest a lot of time in payroll because they find most of the challenges in this segment.

HR software makes payroll management easier and saves time and also, eradicates errors which are often committed by the employees.

Employee management and payroll software help SMEs in controlling compliance issues, overtime, labor costs and also help the companies to make effective decisions without taking much time.

This manager payroll software helps employees to focus on other jobs which require immediate care and attention.

2. Improves the Recruitment Process:

An effective HR management software is very much beneficial for the companies as it makes everything digital and employee-centric.

An employee management software helps SMEs to attract the best talents for their companies.

Moreover, they can integrate this software with social media sites and other job portals where most of the candidates prefer to view various job posts.

It also streamlines the entire hiring process by assisting in the screening, interviewing, and onboarding process.

ALSO READ: HCM Vs. HRM – Key Differences and Benefits

3. Extirpate Human Errors:

Manual processing creates a chunk of errors including miscalculation in taxes, ignoring taxable items, feeding forms with improper information and much more.

And these errors can make a huge penalty for your business.

Hence, HR and payroll software is the most important thing that every company should opt for as it helps businesses in avoiding such mistakes.

4. Reduces Paperwork:

Human resource management software reduces a lot of paperwork.

It standardizes processes like employment history, personal information, certifications, education, and compensation information.

It also saves a lot of time for the employers by gathering and stockpiling all necessary information in one place.

This software also protects personal information both from hackers and fraudulent users by encrypting it.

ALSO READ: How Does Landed Cost Affect the Cost of Inventory?

5. Automatic Updates & Payments:

The tax tables and superannuation rates will continue to thrive in every year.

It is getting complicated day by day and creates a lot of difficulties for small businesses to comply with it.

But if you have payroll software, then it can keep updating its system to stay on top of federal and state requirements.

It also saves a lot of time by paying employees electronically during the time of processing payroll.

6. Real-time Feedback:

To retain its best employees, every company should offer the yearly appraisal.

But appraisal is becoming obsolete with SMEs.

Employees need to be encouraged and appreciated so that they can stay motivated towards the work.

HR software management solution offers various tools that help the company’s management in offering continuous feedback.

The HR software solution also helps managers to connect with their employees quickly and assists them in reviewing the work of the employee.

Thus, with this kind of software solutions, SMEs can get real-time feedback for their employees which will help them in making decisions during the appraisal.

ALSO READ: Job Costing – Everything You Wanted to Know About

7. Remote Connectivity:

Remote working or work-from-home has become the new normal during these days.

Many companies and SMEs are opting for remote working especially after this coronavirus outbreak.

HR software provides remote connectivity of employees working from various locations.

This is quite beneficial for the small and medium-sized companies because now every employee can collaborate on projects from remote locations.

Moreover, with this software, they can now communicate with each other instantly.

So, an HR and payroll software helps the companies to track on time spent on various projects and thereby ensuring that every employee is rewarded against their effort and work.

8. Talent Management:

To sustain in the competitive environment, the company management must ensure that every employee is skilled enough for their respective jobs.

The experienced and skillful employees can easily handle all the job challenges that come their way.

The clients are satisfied only with those employees who provide quality work within the stipulated period.

HR software solution builds a harmonious work relationship between the management and employees.

Moreover, this software improves communication and provides a clear line of expectations between employees and management.

Thus, this software plays an imperative role in building a healthy corporate culture by meeting targets, improving brand identity, enhancing visibility and retaining the top clients.

ALSO READ: ERP vs CRM

9. Ease of Use:

An HR payroll management system is easy to use which means a person without much proficiencies in technical knowledge can easily use it.

This kind of software installation doesn’t demand any specialized training or accounting background.

With the help of a stable internet connection, a cloud-based HR software can easily be accessed from anywhere and anytime.

10. Easy Data Retrieval:

An HR software can safely store all imperative data related to all business departments.

By using simple queries, you can retrieve all kind of information easily.

By retrieving individual employee’s data, a company can evaluate his/her performance.

This information helps the companies to make decisions regarding promotion, demotion, and salary increment.

ALSO READ: Benefits of ERP for Accounting and Financial Management

11. Saves Money for Small Businesses:

An HR software can reduce the ratio of HR work to the number of employees.

With this software solution, small businesses now need only fewer employee as work is made easy and fast.

In this way, they can make savings on employees’ salaries.

These are some benefits of having HR and payroll software.

By opting for payroll and HR management software covering all the requirement, small businesses can build a robust foundation for future HR processes.

Tranquil is an established IT company which is specialized in providing payroll and HR software solution. The company offers the clients in selecting the right payroll and HR software which will suit their requirements and needs. The HR and payroll software solution by the company makes the whole human resource process smoother and easier. We at Tranquil are equipped with the best techniques for the software solutions which can save money, time, and effort. To learn more about our company and its products, just visit our official website.

If you want to simplify and streamline your company’s human resource process, you should get in touch with us as soon as possible.

Month: February 2021