How ERP software improves payments for apparel stores
ERP software: Accounting and financial management benefits for apparel stores
Accounting is a crucial business function for any apparel store. You have daily customer transactions to account for. You even have to make payments to suppliers for the clothing products. Then there are expenses towards utilities, which need accounting and management.
With so many accounting transactions, you must have an effective ERP system to handle them all. The ERP software solution must manage all your accounting and financial requirements. It must be capable of dealing with the following activities:
Accept and make payments
Your ERP software enables you to accept payments from your customers. You can account for every bill under different categories and track it. The ERP software can send alerts when an invoice is generated, and payment is due.
The ERP solution helps apparel stores to facilitate payments to their suppliers. You can create separate accounts for each supplier and add the amount to each. You can even create alerts for the due dates of payments.
Thus, the ERP software automates the reconciliation of your customer sales and vendor payments. You can also integrate the ERP system with many digital payment platforms and mobile wallets. Such integrations give several payment options to customers, adding to their ease and comfort.
Control the cash flow
Continuous cash flow is a must in any business. If it is not possible, businesses face obstacles to getting the work done, affecting productivity. You cannot let your growth suffer because of improper or inaccurate cash flow management.
With ERP software, you can ensure efficient cash management. Since the ERP has integrated payment gateways, your customers enjoy smooth payment process. Even you can clear your suppliers’ payments conveniently and on time.
Thus, the ERP software solution accurately records all your payments and receipts. You can track them and know your monthly cash inflows and outflows. It helps you manage and control your cash flow and know about your account balance.
Manage budgeting and cost allocation
The ERP software solutions enable you to develop your monthly or yearly budgets. You can estimate your requirements and categorize them under different expenses. The solution also enables the allocation of budget to different costs. You can estimate the costs of labor, utilities, transportation, procurement, etc.
With accurate estimates and budgets, you can manage the inflow and outflow of cash. You have an accurate idea of where you are going over the budget and where you have saved money. It allows you to cut costs where required and allocate more to critical areas.
Smooth data management
Your POS software enters customer data along with payment details. The accounting and finance department makes data entries for every financial transaction. The ERP software makes the data available to all departments with accessibility permissions.
Thus, the accounting and finance department can manage the data well and generate insights. The software keeps the data secure. You can make changes in it, update, and manage it to control the financial information of your processes.
Automated accounting operations help you focus on your core processes, leading to growth. Also, the automated accounting operations ensure proper, accurate, and timely money management. You can even analyze data, generate insights, and create reports.
With accurate and timely accounting information on your ERP software, you are aware of your company’s financial situation. It also allows you to stay compliant with necessary financial regulations.
Role of Websys
Websys’ ERP software has all these features and functionalities for you. It lets you have complete visibility of your finances to make quick, accurate decisions. While Websys’ ERP software manages your accounting operations, you can focus on your primary business. Thus, it helps you achieve efficiencies and higher productivity.
Create a win-win situation for your business operations and accounting processes with Websys ERP.