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CORE ERP MODULES LIST

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CORE ERP MODULES LIST

Core ERP modules components of any Enterprise resource planning tool consist of various functionalities that makes a good business software. These Apps are tightly integrated with each other so that smooth workflows and processes can be achieved in the working of different departments.

Each and every ERP Module defines certain functions and features for every department in an company. The basic reason organization implements Business software is to ensure all these subsystems / Apps are tightly integrated with other modules in such a way that smooth workflows and processes can be maintained and work can be checked easily at the top level to bottom level or vice versa.

ERP modules consist of some core modules that are needed by almost every organization be it Trading, Manufacturing, Services, and specific industry vertical.  These Core ERP components help to provide a proper understanding of Main business functions to the top-level as well as bottom level of management

What is ERP Modules | Components | Functionalities :

ERP Software Modules are the list of application that is completely integrated with each other. Therefore when a function or command is sent by a user, the interlinking of the functionalities helps in achieving a proper workflow and business processes.

main erp module and its components with functionalities

For Example: If a salesperson closes a deal with a client based in USA. The initiation of workflow in ERP modules start 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. (here the task of Sales team completed – Now other department will maintain the customer)

Once the customer is created the Sales management module will be linked to other related departments such as Invoicing – for Payments terms, 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. 

So if you 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 subsystem sets 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 because in any organization be it Manufacturing or trading or service they all requires financial management module to manage its financial activities. The Finance and Accounting department is considered to be the most important department who manages the Money and helps to record everyday transactions like payments to vendors, cash entries, journals and so on. . .

That is why a strong Accounting capabilities and functionalities is important for any Enterprise resource planning system to take care of. Although Financial module create the last entry in any transaction of a business.

Example Lead will be follow up (Sales) – Sales will happen (Sales) – Invoice will be raised (invoicing department) – part payments will be done (Accounting) – Purchase will procure the stock (purchase team) – Inventory will start delivering (Warehouse) –  etc. – and finally the payments will be reconcile with Journals to ledgers to balance sheet. (Accounting)

This module of an ERP 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.

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. 

Finance & Accounting module features

  1. Accounting dashboards
  2. Invoices management
  3. Follow up reporting
  4. Vendor management
  5. Billings
  6. Refunds
  7. Payments
  8. Generic statements
  9. Profit & Loss / Balance sheet
  10. Cashflow statements
  11. Aged Payable
  12. Aged Receivable
  13. Chart of Accounts
  14. Audit reports
  15. Ledger / Trial balance
  16. Tax reports
  17. Intrastat Reporting
  18. Payment Refactoring and many more….

The above list of features with accounting functionality 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 ERP Sales & Marketing Management module 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.

Core module of a sales process starts with CRM – Customer Relationship Management & Sales handling 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

ERP purchase order processing help you to handle everything from procurement perspective for the 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.

Example – Trading business is mainly about handling your external suppliers and purchase of products to sell at a profitable pricing to the customer. You can be a distributor or a wholesaler or a super-stockish.

For manufacturing : Purchase management is important to handle the bill of materials if it is not produce and purchased from suppliers.

ERP Purchase module helps you to streamline procurement, Raw material management, supplier management, and further you can negotiate well; if you have different quotes. Purchase management module is completed integrated with inventory management & Accounting.

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.

Benefits of Purchase functions

  1. Powerful Purchase system helps in quick decision making since all the purchase history and the suppliers list are already available into the ERP system.
  2. You can easily manage all your RFQ and purchase order within the  ERP.
  3. As an organization you may be purchasing a plethora of products and service either to consume in manufacturing or reselling to consumer, therefore purchases is considered as one of the important app for any ERP software.
  4. Major advantage 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.
  5. Integration with inventory management helps you update inventory without multiple entries.

Warehouse & Inventory Management Module

basic order management and inventory workflow in an ERP software

Warehouse and inventory management as an ERP module 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.

  1. Enhances your inventory and warehouse efficiency
  2. Powerful stock management
  3. Advance routing
  4. Complete traceability
  5. Real time Inventory reporting

Inventory and order management 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:

  1. Easy hiring process
  2. Management of hiring procedures
  3. Job tracking
  4. Employee management
  5. Leave management
  6. Documents management
  7. Time Tracking
  8. Evaluation
  9. 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.

Three most common core ERP components

Manufacturing

The reason to take manufacturing module as the last key ERP module is that not many organization follow manufacturing, This particular 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 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 development & 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 organization flows.

Reporting Functionalities

Although reporting is something which is not considered to be as a module – but as the most important component of the system as – Without reporting it becomes impossible for business to grow and handle the future planning of the organization. ensure that all reporting that is needed is available in the system.

Reporting can be divided into two basic categories: Standard and Custom.

Standard reports are pre-built reports that are included with the ERP system. They typically cover common business functions such as sales, purchasing, inventory, and financials.

Custom reports, on the other hand, are designed specifically for the needs of the business and can be created using report writing tools or custom programming.

One of the benefits of using an ERP system for reporting is that it provides real-time data. This means that reports are generated based on the most up-to-date information available in the system. This can help businesses make more informed decisions and react quickly to changes in the market.

Another benefit of ERP reporting is that it allows users to drill down into data to get more detailed information. For example, a sales report might show total sales for the month, but users can drill down to see sales by product, customer, or salesperson.

Choosing Right ERP Modules for Your Business

Whenever you are selecting any ERP software – Ensure you have understanding and knowledge about all the list of available components and subsystems. This will help you to take better decision making for the software. It is better to first understand the availability and then compare it with your organizational requirements.

You can also check how much customization is needed with the ERP software and what percentage of vanilla implementation will suffice your business. This will reduce the cost of development of the whole project.

At Globalteckz 

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

 Sales | Purchase | Invoicing | Point of Sales | Expenses | Skills Management| Holidays | Attendances | Warehouse ManagementShipping Management | Manufacturing | Quality & Repairs | Products and pricelists | Accounting | Analytic Accounting | Budgets | Payments Management | Asset Management | Bank interfaces | Customer Relationship Management | Lead Management/ Opportunity Tracking | Mail Gateways |  Direct Marketing | Phone Calls | Calendars | Operational Management | Financial Management |  Timesheets | JIT

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 – sales@globalteckz.com 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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