Need of ERP software solution in service industries
- 1170 Views
- shahchiragg
- 11th October 2021
- Uncategorised
Being in the service industry creates extensive requirements for tasks like generating bills, managing receipts which can be considered a primary task but there are other secondary tasks like costs etc which need to be managed efficiently as well. The needs and the complexities of a business varies and increases multiple times as your business grows and in order to efficiently manage your primary and secondary tasks, ERP software like tally ERP 9 for mobile play a vital role in your business. Apart from this with tally in mobile , it has become extremely easy for the business owners to manage inventories and other tasks with just a click of a button in their mobile.
Why does a service industry needs an ERP software solution
ERP is a heart of the service industry and makes many primary and secondary tasks easy as the software itself efficiently manages all the tasks. Below are some of the key reasons why all service industries must have an ERP software solution.
- Solves all billing and invoicing needs
No matter which business related to the service industry you own, billing and invoicing are the two things that are an integral part of your business. By using ERP software like Tally, you can very well manage, track and record all the invoices, bills, inventories etc for your business which proves to be extremely helpful by eliminating extra time and efforts and also eliminating the involvement of additional manpower for these tasks. The software provides different types of invoice formats that helps you customize everything suitable for your business
- Keeps track of bills receivables
Bills receivables are the invoices that have not been paid by the customer yet and they are considered to be the major contributors to the working capital requirement of the business. They are also the major source of cash flow into the business and as long as the invoice sits as accounts receivable, the cash flow to your business is completely blocked and you are left with lesser cash which hampers your ability to fulfill your business needs. ERP software helps you to keep a track of each and everything related to bills receivables and manages it completely and never leave you with cash shortage
- Efficiently tracks and manages inventory
Managing and tracking inventories is one of the core tasks of any service industry and one of the toughest jobs as well. The complexity in managing inventories lies in the fact that some industries use their own inventories while others have rendering services where they provide inventories provided by their clients so it becomes extremely difficult to manage both these things simultaneously. ERP software efficiently manages your inventory books and ensures that you do not encounter any problems while dealing with these things
- Tracks and manages projects costing
Managing the delivery by projects is one of the most common things in service industries. Cost, the consumption of the material, revenue generated, raw materials left and many other factors decide the overall costing of the project which is why it becomes vital to keep track of all the costs. ERP software does this job efficiently for you.
- ERP software are tax compliant
Right from generating the invoices which are tax compliant to managing the account books which are required to file IT returns, keeping abreast with the tax compliance is not only difficult but also extremely important for any service industry in India and across the world. ERP software is a complete solution for this which effectively manages GST and other taxes in India and proves to be very helpful for the industries
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