Below are some of the fundamental reasons why service industries need ERP software.
Bills and invoicing
Whether you are offering pure services or are into a service section that requires you to direct inventory, invoicing or billing is a pivotal feature of the business. You can easily record, track, and manage the invoices, using ERP software solutions for the service industry. The software resolutions that are set up for small and medium service businesses come with different sorts of invoice configurations and formations that help you customise the way it works for your business.
The invoices that are yet to be paid by your customers are bills receivable. Bills receivables are the major source of cash influx and contribute eminently towards the working capital needs of the business. The longer an invoice sits as accounts receivable, prevents less cash flow and the lesser the accessibility of cash to meet your business requirements. Using ERP software for services business assists you to keep a clean track of receivables, from how long they are unresolved and help you follow up with your client.
Track and manage inventory
This is exceedingly critical for businesses that not just provide services, but deal with inventory as well. The complications here are that some service businesses use their inventories like automobile service businesses rendering repairs and maintenance service use their spare parts as part of concluding the service. On the other side of it, you have businesses offering services and use the constituents or inventories provided by their client like for instance job work.
To make it even more composite, you might have to come across circumferences, where you have to manage your stock as well as the stock provided by your client apace with providing the needed service. apart from being built with features to manage your books, ERP software also includes the attributes of inventory management software that helps you simply deal with such situations.
Project costing and tracking
It’s ordinarily a usual scenario that service businesses control the delivery by projects. Here, all the cost, material utilisation and revenue assigned to the project to track the revenue. Using ERP software you will be able to create several projects, track costs, including material consumption until issuing an invoice.
Determined by the tax compliance, such as GST in India, VAT in UAE, and so forth, businesses need to be compliant right from initiating the tax compliance invoice to managing the books of accounts to filing returns. Coming with built-in solutions to manage tax requirements of business effortlessly, ERP software solution is perfect for your service business.
Advantages of using ERP software
Beneath are a few benefits of using (name of company)ERP software for service industry or business
- Record and register invoice in company with inventories that are used in service accomplishment.
-Manage bills receivables and frequency of payables in a methodical manner.
-Stock and track inventories that are used in providing services
-Simply manage employee payouts and associated records.
-Project-wise cost and revenue tracking
-Integrated books of accounts over all functions
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