International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 09 Issue: 07 | July 2022
p-ISSN: 2395-0072
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Analysis of Impact by SAP in ERP Ayush Kumar1, Vanishree K2 1UG
Student, RV College of Engineering, Bengaluru, Karnataka, India Dept of Information Science and Engineering, RV College of Engineering, Bengaluru, Karnataka, India ---------------------------------------------------------------------***--------------------------------------------------------------------2Professor,
Abstract
- Organizations requires information management to collect, organize and analyze information for the benefit of an enterprise. These informations are related to customer relations, accounting, finances, supply chain, inventory management etc. These interrelated information require sharing of data from one entity to another. Proper understanding of these data helps in better planning and utilization of resources thus helps saving time and money. Use of ERP softwares streamlines the flow of information and the processes are end to end connected. It provides single view of customers and organizations can better serve them. Teams can efficiently work by getting the information then need when required. Modern ERP software are flexible, secure, cloud based and supports large variety of business processes.
like accounts receivables, accounts payables, cash flows, foreign currency transactions, and forex, etc. also provides with timely, accurate assistance as needed.
2.2 Purchase and Sales Processing By streamlining the order management process from orderto invoice to cash, ERP software increases process efficiency. Additionally, ERP software makes stock and other supply purchases simpler because to its comprehensive tracking capabilities. Any firm needs to process purchases and sales, thus ERP software flexibility is essential. This is due to the fact that order processing varies amongst businesses. At different periods, for various items and parties, or during a different cycle for purchases and sales, the same organization may occasionally follow a different approach.
Key Words: Budget planning, finance, management, ERP 1. INTRODUCTION Budget planning is the process of analysing the income and expenditure of a person and making a plan for the future. Budget planning process involves constructing the budget and its utilization in order to control the operational activities of a business. [1] Budget planning’s primary goal is to reduce the likelihood that an organization’s financial results would be less favorable than anticipated. Making a budget is the initial step in budgetary planning. The subsequent actions are taken to achieve this. Spending plan arranging is the method involved with fostering a financial plan for an association, office, group, program, venture or drive. Financial plans are an arrangement to burn through cash to accomplish goals. It is absolutely impossible to isolate the cash from the goals. In that capacity, spending plans and system are arranged together. Big organization and enterprise use dedicated team and softwares to keep track of their income and expense. Some of the major software used in this process are SAP, Infor, Oracle NetSuite, etc.[2]
There are ERP or accounting software programs that are made to be flexible and allows to handle the sales and buy processes however one see fit without having to alter how to run business.
2.3 Inventory Management Any business must manage its inventory well to succeed. The results of the firm will improve as its management improves. Similar to cash flow, it has the power to create or ruin the company. Here are some reasons why ERP software is essential.
2. FEATURES OF ERP
ERP software assists in managing ideal inventory levels by automating the inventory management process. With its integrated reporting system, one may anticipate stock movements and get knowledge of stock patterns, gaps, lowyielding products, etc. Here, ERP software should be one that delivers timely, accurate, and usable data that is essential for making decisions.
2.1 Accounting and Finance Management
2.4 Cost Control and Analysis
One of the core functions of ERP software is the management of accounting and finances. ERP software enables to effectively manage accounting and financial needs thanks to its robust capabilities and built in automation. It’s simple to manage activities from billing to crucial accounting processes
Even the smallest expenses, when added up, have the ability to negatively affect the organization in a number of ways. With the use of ERP software, organisation can keep tabs on the expenses incurred by various projects, units, departments, etc. organisation can also set a budget and monitor discrepancies with it. The knowledge gained from
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