Singapore is a young and fast-growing startup hub. However, most Singapore startups fail to manage their books, finances, and inventory. This leads to the failure of a large number of startups each year.
One way to mitigate this problem is through investing in enterprise resource planning (ERP). Your startup can utilize the most complete ERP app in Singapore to help you with data consolidation and financial management.
Using an ERP solution allows you to scale your business, even if you have limited resources. This allows you to grow your turnover quickly to achieve greater revenues and earnings.
When choosing the best Singapore ERP software for your business, it is important to go for one that meets your needs. You also want one that will be suitable for your industry and business type.
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Types of Singapore ERP App
Enterprise resource planning or ERP is management software with a centralized system that assists in automating and managing the operational process such as sales, inventory management, accounting, HR, supply chain, and many more.
Startups in Singapore should consider implementing ERP since the industry is highly competitive. It helps you to generate and provide accurate reports in order to make better business decisions. There are several types of common ERP applications that startups can make use of.
- Custom ERP: A custom ERP application can be customized based on your precise specifications and to match your business procedures.
- Cloud-based ERP: This means it is accessible online. The vendor will handle the system hence you won’t need to hire more workforce to maintain it.
- Generic ERP: For companies in various industries, generic ERP offers a broad variety of functions like accounting and financial management tools. However, they rarely provide many operational features.
- Industry-specific ERP: Which is designed for a certain industry, such as distribution or professional services. It has fundamental tools and modules in addition to characteristics specific to their sector.
Also read: How ERP Software Can Help Startups?
Why do Startups Need an ERP App?
Startups are starting with limited budgets and resources that they have to make full use of to achieve the initial goals. However, it may be challenging to work with limited resources.
Especially with the amount of startups in Singapore, you might want to have an advanced system to help in staying competitive. Therefore, consider implementing the best ERP system that has various features to assist in expanding your startup.
An ERP app allows you to cut down on time spent on repetitive manual tasks. Instead of manually entering and processing data, the ERP system will automatically do it with its centralized database system.
It also has a dashboard feature to make managing employees’ workloads easier by looking at what they need to do next in real time. To conclude, using an ERP app will enhance startups’ overall operational process hence you can achieve maximum profitability.
The Importance of Using Singapore ERP App for Startups
While it is true that a startup should focus on delivering their product or service as soon as possible, they must also pay attention to how they can manage the operational processes efficiently and how they can scale quickly if needed.
Startups need to be able to grow their turnover by increasing sales and marketing efforts while also reducing costs at the same time.
It is important for startups, especially in Singapore, to have better management systems such as ERP software. ERP can help you grow your turnover quickly to achieve greater revenues and earnings.
The best part about an ERP system is that it allows startups to scale their operations without having to hire more employees or invest heavily into infrastructure upgrades. This way, Singapore startups that use an ERP app will definitely be one step ahead of those who don’t.
It is due to the comprehensive features, that allow you to eliminate manual and time-consuming processes.
Essential ERP Modules for Startups
The management aspects in startup companies tend to be overlooked due to the limited sources of funds. Switching to the most complete ERP software is beneficial since it helps you in your management aspects while minimizing operational costs. The ERP application consists of modules for your business. Here are some of the essential modules for startups.
1. Accounting management
Startups mostly come across financial issues. They seek the most efficient way to manage their finances. Hence, startups need to have an accounting management module to assist in managing cash flow, budget planning, transactions, liabilities, as well as revenue recognition.
2. Customer relationship management (CRM)
Having great customer management is essential for startup’s growth. However, balancing many activities and maintaining customer interactions can be hard. With the CRM module, you will be able to keep on track with every customer and generate personalization content with its tools.
3. Project management
Managing projects needs to be done carefully to keep your startup’s credibility. The project management module helps you keep on track with your projects and make sure that everyone can access the progress reports. Using this module will increase overall productivity.
4. Sales management
The sales management module allows you to effectively manage your prospect and clients. Moreover, it can forecast sales based on data so you can maximize revenue and make greater business decisions.
5. Inventory management
While startups may deal with fewer stocks than larger companies, the inventory management module is essential to enhance stock management. The module will assist you in procurement, ordering, and even inventory forecasting.
Also read: Startup Tools to Hack Your Growth
Singapore’s Best ERP App from HashMicro
As a startup owner, switching to a digital solution may be the best option in order to grow your business. There are a few things to consider such as the competitive environment in Singapore’s startup scene as well as operational expenses in your startup.
You should choose carefully regarding the ERP vendor for your startup. Therefore, consider implementing HashMicro’s ERP application which offers comprehensive features and will help your startup in maximizing profitability while reducing operational expenses.
Singapore startups’ environment is constantly evolving. As one of the biggest ERP software providers in Singapore, HashMicro is always adapting to the current startup scene and can be customized according to your needs. The system will automate end-to-end operational processes in your startup seamlessly.
In addition, its system is centralized and cloud-based which can be easily accessed online. This way, your startup won’t need to hire more workforces or even more applications to help the management aspects.
Conclusion
Startups in Singapore are growing rapidly hence increasing the competitiveness. To enhance your startup quality, you should look for the most efficient and effective way to manage your business.
Therefore, switching to an automated system like the ERP app may be the best option. After knowing the importance of implementing the best Singapore ERP software for your startup, you may want to switch right away.
Utilizing an ERP application allows you to streamline the complex operational process, making it more efficient and increasing productivity. A complete ERP software provides you with various features such as customer relationship management, sales management, accounting, and more.
Moreover, since startups are starting with minimal costs, using ERP allows your startups to reduce operational costs. In conclusion, no doubt implementing an ERP app has many advantages for your startups. So, wait no more and try the free demo today!
