ERP : Enterprise Resource Planning (ERP) refers to an integrated software package that support all of a company's functional area. Thus, it can handle the transactional requirements of the accounting, customer service, manufacturing, sales, warehousing and other departments, using a single user interface. The system can manage and track everything.
Three modules of ERP system :
1. Sales Module : Sales process include sales queries and enquiry analysis and handling, quotation drafting, accepting sales orders, drafting sales invoices with proper taxation, dispatch/shipment of material or service, tracking pending sales order. CRM module can take help of Sale module for future opportunity creation and lead generation.
2. Purchase Module : Purchase module takes care of all the processes that are part of procurement of items or raw materials that are required for organization. Purchase module consists of functionalities like supplier/vendor listing, supplier and item linking, sending quotation request to vendors, receiving and recording quotations, analysis of quotations, preparing purchase orders, tracking the purchase items, preparing GRNs (Good Receipt Notes) and updating stocks & various reports.
3. Finance and Accounting Module : Whole inflow and outflow of money/ capital is managed by finance module. This module keeps track of all account related transactions like expenditures, Balance sheet, account ledgers, budgeting, bank statements, payment receipts, tax management etc. Financial reporting is easy task for this module of ERP. Any financial data that is required for running business is available on one click in Finance module.