As we all know that Enterprise Resource Planning software consists of various ERP modules. Each and every module defines certain functions for certain departments in an organization. The basic reason organization implements ERP software is to ensure all these ERP Modules/ Apps are tight integrated with other modules in such a way that smooth business processes can be maintained and work can be checked easily at the top level. ERP modules consist of some core modules that are needed by almost every organization be it Trading, Manufacturing, Services, and specific industries. These Core ERP modules help to provide a proper understanding of Core business functions to the top-level management.
What is ERP Modules:
ERP Software Modules are the list of application that is tightly integrated with each other. Therefore when a function or command is sent by a user, the interlinking of the module helps in achieving a proper workflow and business processes. For Example: If a salesperson closes a deal with a client based in USA. The initiation of workflow in ERP modules happen from creating a Lead by the salesman then converting it into an opportunity and gradually after multiple follow up with the client the lead is converted into a customer, Once the customer is created the Sales management module will be linked to other related departments such as Invoicing, Warehouse for delivery of products, Accounting for financial transaction and within Accounting the ERP will manage the journal entries, ledger, trial balance and the final balance sheet.
If we see the above process the command of creating a customer given by the salesperson and all other processes are automated within the ERP software. This is because of the ERP modules which has been implemented for handling various department workflows. Imagine the same flow without an ERP ?
“Yes! it will be silos.”
Apart from these core ERP modules, there are other special modules also which are specific to industry verticals which are sometimes available out of the box or organization customizes it as per their business requirements. In this post we will cover some of the Features of Core modules of ERP that are a must for most of the organization.
Finance & Accounting Module
The reason to cover financial and accounting as the first ERP module is that any organization be it Manufacturing or trading requires financial management module to manage its financial activities. The Finance and Accounting module helps to record everyday transactions like payments to vendors, cash entries, journals and so on. . . This is important as financial and accounting management needs to be taken care of. The financial and Accounting management module of an ERP solution integrates with the rest of all other departments including warehouse and sales most importantly. Further Financial management also integrates across all geographic areas handling multiple locations, multiple branches, multi-currencies etc.
Some Misconceptions about Accounting Module – There are many times organizations don’t implement accounting modules in an ERP. Since they are already using an Existing Accounting app for managing journals, ledgers, and financial entries. Although other modules are integrated but bypassing the accounting module may not allow optimum use of ERP software. Further multiple software may create a hoax of duplicate entries. Therefore it is important to ensure you migrate the whole users to one single ERP before selecting any software.
An Accounting Module in an ERP software offers you with the following list of functions and features
- Accounting dashboards
- Invoices management
- Follow up reporting
- Vendor management
- Generic statements
- Profit & Loss / Balance sheet
- Cashflow statements
- Aged Payable
- Aged Receivable
- Chart of Accounts
- Audit reports
- Ledger / Trial balance
- Tax reports
- Intrastat Reporting
- Payment Refactoring and many more….
The above list of features with accounting module is limited – Although there are ERP software which covers vast areas of accounting module with Rich & Detailed Financial reporting which help you manage your business more effectively. Further functions allows you with Powerful automation For example, you can streamline accounts receivable and accounts payable management and cash management. Easy tracking of financial transactions more quickly and freedom from duplicate entries.
Sales and Marketing Module
The Sales & Marketing Management module in an ERP system is another important core module that every organization require in their business. Sales is the only department from where the organization generates the revenue to run its business. Management of Customer, Sales Order, Quotation, Marketing Campaign is necessary to enhance growth and achieve more customers.
CRM & Sales within an ERP helps businesses to manage their customer effectively and efficiently further it also helps the sales management team to understand the targets that need to be achieved. A typical sales management module of ERP consists of Customer Relationship Management, Lead management, quotation management, Sales order and so on . . . whereas with the Marketing Management module you can manage your marketing campaigns and test the effectiveness easily.
It is also inter-linked with different modules such as you can send the invoice directly from the system, henceforth manual entries reduce the time With sales management module you can even trigger the goods delivery as per the timing with setting up the invoice timing ensuring sales force management.
The sales module helps you to create leads in the system, convert them into opportunities, understand the list of clients in the quotation stage creating targets for your sales team, managing targets and commissions, Quick communication with customers directly for closing the project. Upselling & Cross-selling, contract management and better client interaction. ERP software marketing module helps you with creating various marketing campaigns, newsletters, email marketing that helps you to upsell the products to your existing and new customer.
Purchase Module in an ERP helps you to handle everything you purchase for your organization. Specifically, it is a backbone module for trading industries. Purchasing is an important area as it is needed in Core trading and manufacturing verticals. ERP Purchase module helps you to streamline procurement, Raw material management, supplier management, and further you can negotiate well once you have different quotes. Purchase management module is completed integrated with inventory management.
Purchase System or Purchase management is an important Application for any ERP system, specifically designed considering the ease of use to the user. This module helps you to track all your suppliers information, order you did for purchases, Inventory management, pricing for suppliers and so on . .Purchase management provides you with a complete end to end purchasing solution from Request for Quotation till payments.
Powerful Purchase system helps in quick decision making since all the purchase history and the suppliers list are already available into the ERP system. You can easily manage all your RFQ and purchase order within the ERP. Your organization may be purchasing a plethora of products and service either to convene the business or organizational day to day requests, therefore purchases is considered as one of the important app for any ERP software.
Major benefit of Purchase Management Module is that it is integrated with other related modules. That means when you are purchasing a product for your organizational needs you have to pay the pricing of the goods you got, in other words Accounting entries are done automatically once the purchase is done so forth the payments. Also, integration with inventory management helps you update inventory without multiple entries.
Warehouse & Inventory Management Module
Warehouse and inventory management ERP module is to make sure that you record the inventory data properly further it manages the warehouse department in a streamline way. Some of the major activities in the warehouse and inventory management module of an ERP solution consist of receipt of goods, Materials management, stock management, classification of raw material, acceptance and rejections of raw materials, Scrape management and many more. This information available in hand makes sure smooth working in the sales, manufacturing and purchase department.
- Inventory & warehouse management module helps you with the following
- nhances your inventory and warehouse efficiency
- Powerful stock management
- Advance routing
- Complete traceablity
- Real time Inventory reporting
Warehouse & inventory Module helps you to increase your sales and manage your deliveries in more streamline way. Both the modules are sometime created individually by ERP companies or as a single module based on the complexities and functions. Inventory management module is linked with warehouse and also with manufacturing so that you can manage your bill of materials while producing any product.
Human Resource module
Another important module in an ERP system is the HR or Human resource module as it impacts on the most important aspect of the business which is the employees. Further the HR module is divided into different sub modules such as Attendance management, Expenses management, Payroll, employee leave, Recruitment and many more other features. The HR module in an erp solution helps the HR manager to collect the information such as the detailing of the attendance, performance, KPI, contact information, documentations and so on . . .
Human resource management module allows user or HR with following functions:
- Easy hiring process
- Management of hiring procedures
- Job tracking
- Employee management
- Leave management
- Documents management
- Time Tracking
- Expenses handling and many more…
HR Module helps you to manage your employees, talent, and increase productivity. There are many HR software available in the market today which helps you to keep your employee information in orderly manner, Assisting you with managing people and automating manual tasks but HR module integrated within the ERP system is core of a business.
The reason to take manufacturing module as the last key ERP module is that not many organization follow manufacturing, but when they follow the manufacturing vertical then ERP becomes a necessity as ERP software with manufacturing module helps to record the work orders, work in progress, Bill of materials and many more. Manufacturing is further classified into simple manufacturing of products and Advance manufacturing which is little complex in nature based on the products and bill or materials involve to manufacture a finish product. Manufacturing module is tightly integrated with almost all the above modules which we covered. Therefore Many times ERP implementation for manufacturing industry becomes complex if proper knowledge not there with the vendors.
Apart from the above there are many other key ERP modules which become a necessity when implemented for a particular vertical say for example implementing an ERP solution for educational institute – base modules such as sales, purchase, and finance needs to be there including special modules such as Class management, student management, fees management etc.
Or to take another example is an ERP implementation for insurance agency – which will include special modules such as calendar integration for renewal of policies, service management etc.
With the core ERP modules and special module vendors who offer ERP implementation make sure that every aspect of the department is covered very well with these modules so that no other software is needed to manage the Enterprise.
We at Globalteckz offers you with one of the leading Open source ERP software – OpenERP (Odoo) considered as one of the best software that can be customized as per your business requirements at an effective pricing. Odoo is a web based business suite that include variety of modules including sales, CRM, warehouse, Accounting and if you fall into specific vertical or industry you can implement specific modules that can be chosen online from the community.
Odoo is one of the best Open source ERP software that have been used by Small as well as by Big Organizations – You can check out the list of Odoo modules from the below links
Odoo ERP (OpenERP) Enterprise Modules
Odoo ERP (OpenERP) Human Resources Management (HRM) Apps
Odoo ERP (OpenERP) Logistics Management
Odoo ERP (OpenERP) Accounting & Finance Modules
Odoo ERP (OpenERP) CRM Modules
Odoo ERP (OpenERP) Project Management
There are many other modules which we have not yet covered but incase you need any information on special modules for your industry specific you can contact our sales team for more information on Odoo development – firstname.lastname@example.org We also ensure if the module is not available in standard features globalteckz team can build from scratch or customize it as per your business need
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