Keeping Track Of Receivables: Are you having difficulty keeping track of all your receivables? Managing the AR ( receivables) and shorting the payment cycle is extremely import to a business. This improve cash flow and a proper system helps make sure you do not, delay getting invoices out to your customers.
Averiware, is a cloud based solution to your problem, you will be able to quickly generate invoices, keep track of all your invoices, receipts, advances, deposits, returned checks, and credit memos. Once Averiware is implemented will help you better manage you AR and in turn improve cash flows of your business.
Communication: For an accounts receivable management to be truly successful, it must work around a systematic, consistent, and controlled communications plan. Are you communicating with customers today? Many companies send an invoice and do nothing until the invoice is late, then later start calling customers and playing catch-up. Why? Usually it’s because they don’t have the time to deal with sending reminder letters, emails, and phone calls to customers because collectors don’t have time.
With Averiware, these types of issues won’t exist. Send recurring emails, invoices and reminders with ease. Avoid the long headaches and build customer relationships with consistent communication.
Lack of consistency: Consistency is defined as, “the achievement of a level of performance that does not vary greatly in quality over time” which is exactly what you need to be successful in collections. There are a few different areas of accounts receivable management in which consistency plays an important role. If your business lacks consistency, you can hurt your business in the long run.
With Averiware your business will be set up to with constant communications in receivables. Keeping track of all your revenue is what keeps your company alive, and therefore a proper solution is almost mandatory. Gain a competitive advantage with averiware today!
Timing Issues: When you’re running a business, you want to improve your efficiency. Many people find this extremely difficult, mostly due to the lack of a proper system in place. Without a good financial system, you find yourself struggling to keep track of previous invoices or other payables that could make or break your business.
Averiware is a cloud based ERP Accounting solution for small and midsize organizations. Using a great business process automation system like Averiware, you are able manage accounts payables and reduce the amount time needed to process an invoice. Payables are routed accordingly and instantaneously.
Implementing an AP automation system means no one in your organization will ever have to spend another second searching for a vendors invoice. There will never be another “misplaced” invoice once you implement Averiware’s automation software
Money Savings: Hard to keep track on what you’re paying for? Whether it be overpaying a payable or losing money due to the decreased efficiency in your business, Individuals find it stressful to keep up with all their liabilities.
Once you automate your accounts payable workflow process, you will never mistakenly pay an invoice twice, overpay an invoice, or make late payments incurring interest charges or fees because someone on staff dropped the ball and overlooked a due date on an invoice. Averiware’s system will alert you to duplicates, overpayments, and remind you all of pending due dates.
Personalization Issues: Once you realize you need a system to keep track of your business, you go out and buy a subscription to an expensive, outdated and complex ERP system. Once you realize it does not fit your business, you immediately regret making this financial mistake.
With Averiware, using an invoice system that you can customize the accounts payable workflow process to suit your company’s needs, will make your life a lot easier. Customize your ERP system to your liking and preference! Don’t settle for expensive systems that do not work. Using Averiware as your number one solution is the best decision you can make. These videos will show you a basic understanding on how simple Averiware’s module is to use.
As a business owner or manager, you know it’s important to tack your inventory. You need to know what inventory you have on hand and if you have enough to sell to your customers and supply existing or future orders. Tracking inventory also allows you to track any shrinkage due to loss, damage, theft.
Maybe the most important reasons for tracking inventory is that to calculate your actual profit or loss you need to know the value of your inventory. It is important to make sure you strike the right balance of inventory and not have too much inventory on hand. Too much inventory can affects your cash flow and your ability to fund your operations. There are several method to value your inventory and you should talk to your accountant to make sure you are using the right inventory valuation method for your business and industry. Unused inventory costs money, just as not having enough inventory to meet customer demand is a problem.
Over the years I have seen many companies use Excel to manage their inventory. Excel is relatively easy, convenient, and cost effective in the beginning. As an entrepreneur with an accounting back ground I really like Excel. Excel is a great tool to analyze consolidate, update and manage information. However, as your business grows, you will quickly leave those benefits behind.
Here are some problems with using Excel for Inventory Management:
When tracking large quantities of items in Excel the likelihood of data entry errors,especially if your inventory moves frequently from location to location.
A single Excel workbook limits user access. If your team is has multiple individuals touching inventory, only one person can edit your workbook at a time, this increases the probability of errors.
Excel lacks real-time inventory data. At any time, your Excel workbook could be out-of-sync with your actual inventory count.
Excel also limits your ability to quickly analyze historical data many business that track inventory on Excel limit the information you are collecting, without keeping all the associated data, who ordered the items, which vendor you purchased it from, how long it stayed in inventory, which customer purchased.
There are many alternatives. One alternative is our solutions Averiware our Cloud based SaaS ERP and small and midsize businesses.
Using one system to allow you to add inventory as part of the business process makes things much easier. Managing inventory becomes part of your business operation and process rather than an afterthought and an extra task.
Here are some examples:
S.O. (Sales Orders):
When Sales Orders are placed the team can see the inventory on hand, quantity on back order. You can also use this information to create a Purchase Order or Purchase requisition.
You can also select items on a Sales Order that can be easily added to a P.O. or P.R. (Purchase Requisition)
Material Receipt:
When items are received into the business / warehouse / the inventory will be updates when the PO is received, this will also be the case for RMA (Return Merchandise Authorization)
There are numerous benefits to look at moving to an integrated inventory management system. You will be able to manage:
Reorder Levels
Minimum Order Quantity
Serial Number
Kits
BOM ( Bill of Materials)
Packing Slips
Receiving
Multiple locations
Preferred Vendors
Costing
If you are managing your inventory on excel sheets or do not currently manage your inventory you should take a look at what is available. You will find solutions like Averiware can help you break out of the Cells in Excel to manage your Inventory and improve efficiencies in you organization.
There were days when ERP solutions were meant only for fortune 500 companies. But those days are gone long back. Now, there is a stiff competition among the ERP solution providers to offer tailored solutions, especially to this niche sector of small and medium business enterprises.
This is the perfect time for the small and businesses to take the advantage of the Enterprise Resource Planning Solutions, to grow and strengthen their enterprises.
However, as there is heavy competition in the ERP market, the chances of getting carried away or being misled are more. Hence it is necessary for the small and medium enterprises to get well educated, before considering their options for ERP solutions, which can really meet their business needs.
Right from knowing how Small Business ERP differs from traditional ERP and what are the varied features and advantages offered by small business ERP, the SMBs must know all the details to make informed and right decision.
Small business ERP is the term used for describing lightweight business management software solution, which is designed and developed to meet the needs of small businesses.
Generally Small Business ERP is offered as a SaaS (Software as a Service), and includes all the vital modules of business, like Accounting, Sales, Purchases, Finances, Orders, Leads, Contacts, Employees etc. With the latest developments in the cloud technology, the Cloud ERP Solutions for SMBs are also quickly gaining popularity.
The small and medium sized companies looking towards updating their financial, sales, human resources, customer relationship management, and procurement applications can now find all the solutions that they are looking for, in Small Business ERP offerings.
Averiware Inc., an innovative software development company, possesses years of experience and expertise in offering smart ERP solutions, especially designed and developed for SMBs. The Averiware solution helps the small and medium size enterprises to achieve optimal productivity and efficiency at an affordable cost.
It offers a bunch of niche solutions like SaaS accounting software, SaaS for distribution tools or SaaS for order management to meet the individual and unique needs of every organization. The company also offers Cloud ERP, which is both affordable and technologically advanced. All these solutions can also be customized as per the individual needs.
The best part of Averiware is that, one would not have to struggle with server issues or other technical aspects. One can manage his small business SaaS ERP or Cloud ERP from anywhere in the world, as he would just need an Internet connection to log on. It’s as simple as that.
An ERP is a system that makes it easy for an organization to integrate its processes and automate all the back office functions related to human resource, services and technology.
An ERP solution helps a business integrate and manage its inventory, manufacturing, planning, finance, human resource and other important management functions.
With an ERP all processes and functions are real time and transparent. Many companies are quickly embracing ERP solutions to make business functions easier, efficient and transparent.
Small and Midsize Business ERP Solutions, why this is a good alternative.
Integrated functions – With an ERP solution, all business solutions and processes are interconnected and integrated. Functions are automated and connected. You can integrate finance, auditing, supply chain and other functions together for a broad view of the business and better and faster decision making.
Scalability – ERP makes it easier to extend and add new functionalities as the business expands. This means easier management of departments, functions and processes within the organization
Improved reporting – ERP makes it easier to analyze, make and customize reports. Anyone using the system can make reports without needing expertise from IT. Staff can respond to large data requests easily, in addition to running to making reports from anywhere in the world.
High data quality – With automated processes and reporting, there are lesser errors and redundancies. This leads to high quality data compared to manually entering and processing the data.
Improved access to information – ERP solutions make it easier and faster to access information compared to looking for the information manually for example on spreadsheet. Cloud based ERP solutions are in addition accessible from anywhere in the world, making it possible to access and work on the system anytime anywhere.
Easier business workflow – Integrating and automating all the business processes makes it easier for the information to flow. This leads to smooth and easier running of the business
Reduced operating costs – An ERP introduces an efficient and faster way to process and manage organizational resources. This eliminates delays and errors, leading to reduced cost. For example the fact that a cloud ERP system offers mobility makes it possible to work from anywhere, which is crucial in reducing costs
Want quality and reliable cloud ERP solutions. We provide comprehensive Business Management Solutions for small and mid-sized businesses across with operations in more than 7 countries including USA, India, Australia, Canada and Europe.
When you buy an Enterprise resource planning (ERP) application for your small business, the very first consideration that you have to make is whether you want this on your premise or hosted on a cloud.
Typically, on premise ERP solutions are implemented on the servers and computers in-house using a license model whereas in the cloud-based implementation a provider hosts the application in his servers externally.
ERP is usually offered as an application suite containing various business modules including accounting, marketing, sales, inventory, and service delivery. Providing a wholesome business solution, it requires a huge amount of computing power to run with maximum efficiency. When you opt for the traditional model, you have to invest in appropriate hardware and other infrastructure and ensure their maintenance. With hosted solutions, you only require a good internet connection. The provider takes care of the resources and infrastructure and makes sure that the ERP performs effectively for your business.
Freedom from operating cost worries
Selecting the in-house solution will force you to recruit new hires and form a team to maintain the hardware and infrastructure. In addition, you have to pay for the licenses and ensure security and privacy of your data. All this involves cost and has a direct bearing on your IT budget. With the hosted option, you have to pay only a flat rate monthly fee which means that the total cost of your implementation will be lower. You get the best of both the worlds enjoying the benefits of the solution without paying a huge amount from your pocket.
Freedom from access worries
You only need a steady internet connection to access your data from anywhere. While this may seem like a potential problem, at first, it is not so. With proper access controls and security measures put in place by the provider, you can mitigate this risk and convert it into an opportunity by allowing access to business information from outside the office. With the hosted model you can overcome the threats that are usually associated with access to sensitive information and increase your business operations to a great extent.
If your company is in the distribution business, the distribution software functionality of an ERP will be of great interest to you. While this is a standard functionality for ERPs, you can find that it is not robust enough especially if your distribution practice is complex.
Choosing the right application can help you solve all your problems and introduce greater efficiency in the business. Let us see about the major problems and solutions for distribution firms.
Aligning with demand
As a distributor, the main challenge that you face is aligning all your business resources towards the demand that you have. You need great agility in your company to scale your operations up to meet the increasing demand or scale down at times when there is a lull in the market.
This nimbleness is possible only when all your supply chain partners and managers are empowered when the latest and complete information is available to them at all times. A web based ERP solution allows access to this information from anywhere and at any time. This instant availability of information improves business performance to a great level.
Inventory visibility
Inventory is the backbone of your distribution business and also the toughest to manage. If you are not aware of your inventory status, you cannot make informed purchasing decisions and run a proactive sales operation.
When you have multiple store locations it becomes tougher to maintain this visibility over a period of time.
Selecting an ERP application that has automated inventory management features with support for multiple inventory locations will help you manage your inventory better.
Such an automated environment will be a boon to you if you assemble your products before distributing them as the kitting process is faster and accurate without any material issues. A software product with barcode support functionality through handheld devices improves inventory accuracy greatly.
Stakeholder satisfaction
Your success in the distribution industry depends heavily on your stakeholders. While you strive to satisfy your customers, you should also ensure that your suppliers are happy.
It is not always possible to gratify all their needs at the same time, especially with you being in the middle as a distributor.
But with an efficient ERP system you can break this jinx. Advanced invoice settlement features ensure better cash flow while an efficient order processing system makes sure that you handle a higher volume of orders with greater efficiency.
Flexibility for growth
Growth is inevitable for any business. It is also a double edged sword. It can break your business if you are not ready for it.
When you opt for a system that offers robust accounting, flexible financial management and completely integrated supply chain management among other features you can rest assured that your growth will not impact the business in any way.
By selecting the perfect hosted ERP software you can enhance your operational efficiencies and thrive in an otherwise challenging business environment.
There are several challenges that are standard to both large and small businesses. However, there are problems that are only unique to small businesses, and these must be prepared for and countered with a proper solution. Some of the common SMB problems include:
1. Getting The Right Talent: Bigger businesses with bigger brand names always go for the best talent on the market leaving small business owners with no option but to hire from the secondary market.
Because small business owners are unable to pay certain benefits offered by well-established firms, the business may end up with low-quality products that contribute to high failure rates.
2. Outsourcing Standard Functions: Managing standard functions or outsourcing them could be a challenge when the company is still small. Businesses that do not have enough to outsource can use web applications to manage certain functions like time management, sales force management and accounting.
Various online software applications, such as Averiware, are available to enable businesses to integrate all their business processes in one system. These applications enable businesses to manage all activities in one place including sales, accounting, inventory, customers and suppliers.
3. Lack of Capital: This most critical challenge arises from poor planning rather than economic conditions. Without proper cash flow management, the business may be constrained by capital as it grows, or even fail.
It is important for businesses to understand that they cannot make an instant profit at the start of a business and thus may need to prepare for the little funds available by minimizing operating cycles and making advance plans for cash needs. This can be achieved through a sound inventory and accounting software.
4. Poor Marketing: A marketing plan is important for the business because it defines the target market and competition. Although small businesses often bear close relationships with their customers, it is always a challenge to find new customers.
SMB’s must thus use a variety of techniques to reach a wider audience, including internet marketing which does not require a lot of financial input.
5. Access To Data: For small businesses, access to data may prove to be a disadvantage, especially when there is no centralized system in place. By using the Averiware’s small business ERP products, such businesses can utilize cloud computing features not only to consolidate their data in one place for easy access, but also ensure that the data is safely stored for recovery purposes.
At the bottom line, these are only challenges and the worst thing a business owner can do is to start a business without putting them into consideration.