Articles

Credit Control | Credit Policy | Credit Control Policy

Credit Control | Credit Policy | Credit Control Policy
Credit Control | Credit Policy | Credit Control Policy Credit Control which is also referred to as Credit Policy; is a business strategy adopted by companies to encourage the sale of goods or services by providing better payment terms and extending credit to customers. Simultaneously, companies set up well defined guidelines for the terms and conditions of extending credit, and course of action in terms of late payments, to safeguard their own interests. What are the advantages of extending credit? What are the important points to focus on while extending credit? To whom should companies e...
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Goods Received Note | Goods Receipt Note | GRN Format

Goods Received Note | Goods Receipt Note | GRN Format
Goods Received Note | Goods Receipt Note | GRN Format Every company receives as well as supplies goods; whether it is in the form of raw materials, consumable items, or finished goods. Hence, Goods Received Note / Goods Receipt Note / GRN is an essential document for every purchasing company. It is a vital record maintained by the purchaser. Goods Received Note serves as the internal document for the basis of clearing invoices against goods received and making payments thereof. Let us now understand every minute detail of what is a Goods Received Note / Goods Receipt Note. What is the impo...
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What is a Purchase Indent? | Purchase Indent Format

What is a Purchase Indent? | Purchase Indent Format
Purchase Indent | Purchase Indent Format Purchase Indent presents a formal requisition for the purchase of items/materials needed by an organization. Creating a Purchase Indent & setting up a workflow for its approval are crucial elements in defining the purchase process of an organization. What is the purchase process like in your organization? Do you have a defined workflow for purchase requisition? Do you create a Purchase Indent and approve it before creating a Purchase Order? In this article, we will cover the following topics : What is a purchase Indent? Why the need for...
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Benefits of ERP | Benefits of ERP System | Benefits of ERP Software

Benefits of ERP | Benefits of ERP System | Benefits of ERP Software
Benefits of ERP | Benefits of ERP System | Benefits of ERP Software Implementation We observe that companies are tentative to embark on a journey for ERP Implementation. primarily, because ERP implementation involves a long-term commitment as well as a considerable amount of time, money, and efforts to achieve digital transformation of the organization. Will ERP help improve our business operations? What improvement can we expect to achieve? What are the Benefits of ERP Implementation? These are some frequently asked questions, by companies contemplating ERP implementation. This article is ou...
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e-Invoicing | e-Invoicing under GST | ERP & e-Invoicing

e-Invoicing | e-Invoicing under GST | ERP & e-Invoicing
e-Invoicing | e-Invoice under GST | ERP & e-Invoicing e-Invoicing is a major reform towards Digital India. e-Invoicing is the digitalization of the Invoices for goods and services provided by companies. The Economic Times has reported that "The Central Board of Indirect Taxes and Customs (CBIC) Wednesday notified that e-invoicing will be mandatory for the business to business (B2B) transactions for taxpayers having turnover of over Rs. 100 crore from January 1, 2021". In this article, we are going to discuss in-depth about e-Invoicing initiative in India, objectives, benefits, procedures,...
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What is Inventory Valuation | Inventory Valuation Methods

What is Inventory Valuation | Inventory Valuation Methods
What is Inventory Valuation | Inventory Valuation Methods Inventory is the most significant asset of every manufacturing company as it directly impacts the Productivity & Profitability of the organization. Every manufacturing company maintains some amount of inventory. Therefore, companies must be vigilant about how much inventory they have on hand; as well as the financial value of the Inventory on hand. Because "Inventory is money sitting around in another form". Let us now discuss What is Inventory Valuation? What are the Inventory Valuation Methods? and Importance of Inventory Valuat...
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Getting Ready for ERP Implementation

Getting Ready for ERP Implementation
Getting Ready for ERP Implementation By nature, ERP implementation is a very complex process, because, it involves establishing a single system that integrates all the important processes such as planning, purchasing inventory, sales, marketing, finance, human resources, and more. ERP Software Implementation is a long term activity and investment that impacts all areas of the business. It involves a considerable amount of time, effort, and cost. Therefore it is extremely essential to have the right preparation for ERP implementation. The objective of this article, to educate manufacturing com...
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ERP Contract: What Points should be covered?

ERP Contract: What Points should be covered?
ERP Contract: What Points should be covered? Companies usually decide to implement ERP Software to achieve a transformation in their business, to create a digital backbone, to streamline processes, improve efficiencies, and to scale & grow business. ERP Implementation is the first step of a long journey being undertaken by your Company and the ERP Vendor. Therefore it is very important to start this relationship on the right note, where both parties have a clear understanding of the objectives and expectations right from the beginning. An ERP Contract is a formal agreement that covers and...
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Importance of ERP Project Team in ERP Implementation Success

Importance of ERP Project Team in ERP Implementation Success
Importance of ERP Project Team "If Everyone is Moving Forward Together, Then Success Takes Care of Itself" - Henry Ford ERP Implementation is a big task and impacts every business function of the organization. It involves a lot of time, energy, and efforts, from everyone in the organization. Considering implementing ERP in your organization? Start forming your ERP Project Team now. Wondering who should be part of the ERP Project Team? What should be the ERP Project Team Structure? What are the roles and responsibilities of the ERP project team members? Let us now learn more about all thes...
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ERP 2 | What is ERP 2.0 | Important Features & Benefits

ERP 2 | What is ERP 2.0 | Important Features & Benefits
ERP 2 | What is ERP 2.0 | Important Features & Benefits A good ERP is more than a good software. It connects people, processes, and resources.    ERP Software or ERP 2.0 as we know and see it now, is extremely evolved and has improved by leaps and bounds. It has far more advanced functionalities and capabilities as compared to its earlier versions. Let us now look at how ERP software transformed over the years, what are the important features and benefits of  ERP 2.0, and more. How ERP evolved to ERP 2.0? MRP 1.0: Material Requirement Planning The roots of the development of ERP can...
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