business management software

How Outdated Technology Can Hurt Your Business

Some business owners don’t believe there is a return when investing in technology. But the truth of the matter is that if you don’t keep up with newer technology, you could be sacrificing the success of your business for reduced productivity and slim profits.

Outdated technology, such as older computers, may be slowing down your business. Internal components progressively wear out, including hard drives and fans, leading to slower performance issues. These can be costly to repair, and will require time and money to service them. Depending on what needs to be fixed, it might be worthwhile to upgrade to a newer computer. As a result, you’ll notice an increase in computer performance that will help speed up administrative tasks.

If your business is using outdated computers, then you’re also probably running an older operating system. For example, Microsoft no longer supports their older operating systems, including Windows XP and Server 2003. If you continue to use older operating systems, your IT department may spend a lot of their time on maintenance and security patching to keep them running smoothly.

How old is the software you’re using? Outdated software might not run well on a newer operating system, or may not work at all. Software providers tend to not support their software on older computers or operating systems. This could leave you stuck, should you have any issues.

Using old technology can hurt your business. Instead of saving time and money, outdated technology can prevent your business from operating at its full potential. Investing in technology will allow your company to thrive and help you grow profits in the long run.

How Business Management Software Can Help with a Product Recall

Having the ability to properly track your products is an important aspect for any manufacturing or distribution business. You need to track each and every item coming in and out of your warehouse with a lot or serial number. In the event of a recall, your business management software can help ease the pain of tracking the recalled products. No matter what your reason is for the product recall, whether a faulty product or a spoiled food item, a good business management software with lot tracking capabilities will help you find your recalled products on warehouse shelves, as well as products already shipped out.

Lot traceability includes keeping an accurate record of which and when raw materials have been received. Using raw materials in your products will require you to trace their trail through your manufacturing facility so that you can pull any faulty materials immediately, as well as any finished goods that have been made. Accurate records will allow the suppliers to be accountable for any faulty raw materials they have shipped to you, and allow you to seek compensation for any finished goods that your company needs to discard.

Depending on what you manufacture, your customer’s safety could be at stake. Faulty car parts need to be removed from the market at once before causing accidents. Spoiled food must be removed from shelves. Not only do you not want anyone to be injured, but your business could be liable for lawsuits as well.

If you’ve shipped products that have been recalled, tracking down these products becomes a top priority as the reputation of your company could be at stake. You want to remain a company that consumers trust. When you ship a faulty product, it’ll not only create a lot of aggravation for stores, but your customers may start looking elsewhere for a more reliable supplier.

A fully integrated business management software can help trace which products were shipped to your customers. Keeping detailed records will enable you to quickly contact your customers so they can start pulling the products from their shelves and ship them back to you. Being transparent and keeping an open line of communication will help maintain customer relations.

A business management solution with an advanced inventory management and lot tracking system is essential for any distribution or manufacturing business. If your business is undergoing a recall, proper tracking of inventory items will help expedite this process and minimize any negative effects on your business.

Can Your Business Management Software Grow with Your Business?

A simple accounting package may be all that’s required when first launching a business, but as your company grows, you may find that your entry-level software is too limiting. Business management software doesn’t need to be complicated, nor should you need to hire a team of accountants to run it. Besides being able to manage all of your financial and operational tasks, your business management software should be flexible enough to scale with your business.

Here are three reasons why you may need to upgrade to a better system that can grow with your business.

Performance Issues

Has the performance of your software been slowing you down? As you add more entries, lists, transactions and inventory to your business management software, the greater the chances that all this data will start bogging down your system. Many software packages are designed for smaller businesses. A slower running system means that simple tasks can take longer to complete as it takes time for your system to respond.

New Users

Is there a limit on how many users you can add to your software? If you’re reached a cap on a certain number of concurrent users, then it’s a sign that you’ve outgrown your business management software. A scalable business management software solution will allow you to add more users to your system as new employees join your company.

More Functionality

Do you have options to add more functionality? Most business management software have add-ons that will extend the core functionality and help you get the most of your business management software. If your software has limited functionality and add-on options, then you’re stuck with a solution that doesn’t have the capabilities to grow with your business.

Your business management software should be able to grow and adapt with your business. Performance issues, limited users and functionality are all signs that you may need to start looking for a new solution that is flexible and scalable enough to meet your business needs.

5 Tips to Optimize Your Inventory

Using inventory management software will enable small business owners in the distribution and manufacturing industries to manage their parts, stock, and labor more efficiently.

Here are five tips to help optimize your inventory:

1. An Integrated Business Management Solution

One fully-featured business management system will save you money in the long run, rather than having multiple systems to handle your accounting and inventory. A good business management software will include an inventory module to help optimize stock levels. All your business processes will be integrated into one solution, saving you time and money.

The inventory module will store an accurate count of inventory items so you don’t have to tie up unnecessary cash in inventory that’s not selling fast enough. You’ll be better able to calculate how much stock to have on hand, while having enough cash to spend in other areas of your business. A good business management software will identify what stock is moving quickly out of the warehouse and what is still sitting on the pallets.

2. Do an Inventory Count

Even the best inventory control system won’t keep track of human errors. Sometimes, mistakes can happen. A worker can make mistakes on customer orders and sometimes, stock can go missing. That’s when a solid physical count of inventory comes in handy. Spend the time having a formal inventory count, so you can adjust your records in your inventory control software.

3. Apply the 80/20 Principle

In many industries, 80% of your sales will come from 20% of your stock. Once you’ve analyzed your sales patterns you can apply this to purchasing a greater percentage of inventory of your most popular items, while saving on shipping costs by ordering extra stock with one order.

4. Share Inventory Data with Vendors

Share your inventory data with your vendors, so they can assist you in replenishing your stock. An efficient means of communication should be established between you and your vendor, so that they can provide your inventory in a timely manner.

5. Analyze Inventory Reports

Analyze when your customers make orders. Do you have enough stock to ship immediately, or do you make your clients wait? You could be losing money, as you can’t invoice for goods not shipped yet. Unhappy customers will find someone who can meet their needs. Stock should be shipped out in a timely manner, particularly during the busiest times of the year.

Accurately predict how much stock you need to keep on hand for your customers using a business management solution with integrated accounting and inventory features. The software will help you to evaluate each customer’s needs, so you can plan in advance.

Optimizing your inventory will allow you to effectively manage your company’s finances, and have the time to make adjustments as needed. Your business management software will provide detailed inventory reports, so you can see where you need to make changes. An integrated system will be beneficial to your business, helping it to thrive, as you’ll get your inventory under control, and be able to more accurately predict how quickly inventory will flow in and out of your warehouse.

Comparing Sage 300 ERP, Sage BusinessVision, and Spire

Business accounting software is a must for all businesses today. Whether you are a small business or a large corporation, the need to lower costs and increase efficiency has never been more important than it is in today’s global market.

With many software vendors out there, it becomes a daunting task to find the right business management software for your needs. We compare Sage BusinessVision, Sage 300 ERP, and Spire to help you understand how each software can help your business.

Sage BusinessVision Software

For the past 5 to 6 years, there have been very few updates to Sage BusinessVision. The software relies on outdated technology such as Pervasive v10 and Crystal Reports v10. Both are no longer supported and there have been no updates to their database or reporting engine. The lack of new features makes it clear that Sage is no longer interested in making BusinessVision a modern business management software.

Sage 300 ERP (Sage ACCPAC)

Sage ACCPAC was renamed to Sage 300 ERP and has been one of the options for BusinessVision users looking for a replacement. Aside from being complex and expensive, Sage 300 is batch-based with no real-time processing. This means that all transactions and orders are processed at the end of the day and your updated data is only available the next day. Batch processing poses a major concern for businesses that carry inventory as you don’t have an accurate view of available stock.

Spire Business Software

Spire is an integrated business accounting software for small and mid-sized businesses with industry-specific needs. With Spire, you get a robust platform that is developed using the latest technologies that will scale as your business grows.

Here is a chart to show you how Spire compares with Sage BusinessVision and Sage 300 ERP.

spire sage 300 erp sage businessvision

 

Need More than Basic Accounting Software?

Having basic accounting software is fine for a new business startup, but you’ll need a complete solution as your business grows. Expanding businesses require software that can handle a flood of invoicing, and a large payroll. As taxes become increasingly complicated, management needs more detailed reports in order to create a budget for the upcoming year. A complete accounting software package is needed to ensure the successful running of your company.

Generally, accounting software will include modules that smaller businesses need, such as general ledger, accounts payable, accounts receivable, and payroll tools. The software should also be able to produce standard reports and income statements. There may be options to filter and track custom data fields as well. While this software is great for the new business start-up, something more advanced may be required for an established business.

The best accounting software should have more advanced features. Reporting and analytics are important for a larger firm. Some programs include preconfigured reports. These can easily be altered with custom data fields. Customized reports can be produced as required. With good accounting software, detailed analytics can be made so that your business can be taken to the next level. Management will be able to assess which ventures to focus on. Accounting software should be able to quickly generate reports and statements, sorting through data to find pertinent information.

Most accounting systems will manage the payroll, whether an employee is hourly, salary, or commission-based. An accounting system will accurately calculate the taxes due and keep track of them for each employee. More advanced systems can handle either cheques or direct deposits, as well as providing yearly tax forms. The more employees you have, the more likely you will need a complete accounting software solution, rather than trying to work around your basic accounting program, which can lead to frustration on the part of your accountant.

If you have a large online store, or brick and mortar shop, chances are that at some point, you’ll need advanced business accounting software tools. Every aspect of your inventory can be electronically managed. It can manage purchase orders, including receiving POs, track all shipping, and recommend reordering stock. Intricate details can be managed such as history, bill of materials, serial numbers, and even bar coding.

Good accounting software will be adaptable to your business’s needs. Basic accounting software will only be able to handle the payroll for a limited number of employees. Good software should not be obsolete when you have 200 more employees. It should scale up to your requirements. Software may be available for your specific industry, organization, school or government branch.

It’s also important that accounting software allow for multiple users. More than one employee should be able to use the accounting software. Nothing is more frustrating than having one employee enter data, while someone waits over their shoulder for them to finish. Productivity and time can be lost while one employee waits for another one to complete a task. Search for software that allows several users to access it at any given time.

Look for accounting software that provides a variety of add-on modules, as well as working with other third-party software systems. Document managers, time-clock software, expense tracking and other solutions may be warranted. Credit card processing, as well as data backup management of accounting data may be required. When you have all your software working together in one package it’ll increase productivity. If you’re currently using multiple software packages you may you’re wasting a lot of time importing data from one software to another. A good accounting software package will streamline your data all into one accessible location.

A comprehensive accounting system should handle more than the basic tasks. You need a complete accounting program solution that includes reporting, payroll, and inventory control. Also look for packages that are adaptable as your business grows, whether through additional modules, or unlimited usage. A good accounting software package will grow with your business, helping you to maximize business profits.

Using Software to Track Your Inventory

If you run a business that requires a lot of inventory, then you know that managing inventory can be one of those aspects that is costly and very time-consuming for you and your staff.  Your time is important and you need to find the best inventory control software that will help reduce the amount of time you are spending on fixing errors.

An integrated accounting and inventory management solution will increase your productivity, improve efficiency and streamline processes. This will give you more time to focus on growing your business.

Human error can account for a wide range of mistakes on your inventory balance sheets. Mistakes can be made while totaling, and no matter how many people may check the totals again, your employees may just be tired at the end of the day. Mistakes will slip through. This can cost you money in taxes at the end of the year. With reliable inventory software, products are scanned in, so entering data is eliminated. Totals are calculated automatically and fewer mistakes will be made. This will provide a more accurate inventory report so you can efficiently predict how much inventory you need to order, or figure out what isn’t selling and focus on pushing that product out the door.

It can be extremely time-consuming for your staff to manually enter inventory statistics onto their clipboard. You will no longer need someone to continually count inventory, as the correct number will be available from the software, day in and out. When inventory is sold, the number will automatically be adjusted in your inventory control software. You’re likely running around with your head cut off as staff aren’t keeping track properly. Customers may be getting angry when they place an order, but you have to inform them you’re waiting for new inventory to come in. Customers remember this and may look elsewhere next time. If you have an accurate inventory tracking software, a lot of time will be saved, which translates into saving money for the business as well.

There’s a wide range of inventory control software products on the market. Some are free, some involve a monthly fee, and some cost a one-time fee. Each has their own unique set of features, so it’s important to carefully consider which package is right for your business. Whether you occasionally sell online, or you have a large store where keeping track of inventory is important, you can benefit from an inventory control system.

Inventory control software will allow you to manage all aspects of your business, from purchasing new items, tracking inventory levels, and producing sales and inventory reports. An integrated accounting and inventory management system will be beneficial to your business by saving valuable time spending on repetitive tasks.

Finding the best inventory software will save your company time and money, allowing you to spend more time effectively managing more important aspects of your business.

Finding the Right Business Management Software

As a business owner, the days are filled with projects, managing staff, and finding ways to increase profits. There’s not a lot of time to spend on each task, so you’re always looking for a better way to manage your business. Sometimes hiring extra staff can be a costly venture, particularly when you don’t have the time or money to train someone. Implementing a business management software can help your business become more efficient and productive.

An ERP software system can be the best solution for managing all facets of your business. Enterprise resourcing planning systems are business management solutions that comes with built-in accounting, payroll, budgeting, distribution, and inventory control. If you’re using several different software tools right now, it may be time to reevaluate their productivity. It can be time-consuming to switch back and forth between software, entering the same data in multiple systems. By having all your tools in one program will save you time and money right here. ERP software is an all-in-one business management tool that helps you save you time and money in the long run.

It can be difficult to find the best business management software for your needs. Some software will focus on only one aspect of your business such as accounting, while other packages offer a variety of software management tools for your business. You will need to carefully consider your software needs before moving forward with a specific software vendor.

Business management software will store all your files electronically, so you won’t need to keep filing cabinets full of information. This will give you more space in the office. It’s also not productive having filing cabinets that you don’t use very often. Storing information on the computer is a safer and more efficient way of keeping confidential information.

If you have a storefront or a distribution company, then you’d benefit from a robust inventory control software. Right now your inventory control program may be fairly basic. Inventory control can be built-in to your business management software, better streamlining your processes. As well, it should allow you to analyze sales and produce detailed reports, so you have up-to-date information. You should be able access this information easily to see how your business is doing. This will enable you to focus on items that aren’t selling as well as others, or finding trends that you can cash in on.

Many business management software vendors will offer a free trial period, where you can try out their software and decide if it meets your needs. Nothing is worse than paying good money for a software program, only to find it doesn’t fit your needs, and you have to purchase a second program to make up for the shortfall. Make sure that your new business management software system works for all aspects of your business.

Start making notes on what you’re looking for in a good business management software. Be sure to consult with the management team, and all other departments who will be using their program. Your IT department will need to be involved in order to understand the technical aspects of the project.

You will need an implementation plan for your new business management software. The software vendor will assign a project manager to ensure that the software is up and running in a timely manner. An internal point of contact should keep all departments in the loop about progress made with the software implementation and training schedule.

A constantly growing and changing business means that you need software that is adaptable to the changes of your business. You don’t want to alter your business processes to suit your software. A good business management software system will easily adapt to all changes quickly and easily. It can be costly buying new software for every aspect of your business. One complete business management system can fulfill all of your business needs.

Finding the right business management software will help you to streamline your business, allowing you more time to focus on growing your business.

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