All Business entities, whether Multi-National Firms, Large Corporations, Medium sized Organisations or MSMEs, are now engaged in a Digital World. They have invested in some kind of Software which enables them to measure, control and communicate their business performance at various levels, at least for accounting function. Since Government systems for compliance and taxations have also moved to digital setups, it is now an accepted fact to maintain and keep your records in digital format.

We have all dealt with basic accounting softwares like Tally, Zoho and Quickbooks etc. These software allow us to maintain and record all financial transactions including Invoices, Receipts, AP, AR, taxes etc. In most of these software, you can also integrate your Employee Attendance, Payroll, Inventory etc.

Though basic accounting softwares are a good start, growing companies always find themselves struggling to manage other functions as shown in figure :

Enterprise Resource Planning (also referred to as ERP) is a software system which enables integration of all the processes that any business enterprise has to carry out. An ERP system can be called as digital simulation of business functions and provides seamlessly integrated business information and control system to all the required stakeholders based on their roles and responsibilities.

In present scenario, there are plethora of ERP software available in the market which cater to different market segments and organisations. SAP is one of the world leaders and has over 4.4 Lakhs customers in over 180 countries. Oracle, Intuit, FIS Global and FIServ also have large customer base and following.

In conclusion, it is imperative for all organisations (small, medium or large) with progressive mindsets to evaluate, select, and implement ERP systems for their functions for realising the benefits like streamlining business processes, cost efficiency, prevent data duplicity and ensure data integrity, increased customer satisfaction level, optimising operational cost and making available the right information to required stakeholders and facilitating best possible decision making.

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