Choosing the right ERP modules for a business

Table of Content

• ERP Software System Modules
• ERP Modules for Retail and Wholesale Businesses
• Travel Business
• Banking and Insurance Business
• Engineering or Production
• Construction
• Agriculture
• Educational Institutions

ERP Software System Modules

ERP software system offer different modules for different types of businesses and their requirements. However, several modules, such as payroll and also accounting, are utilized by a wide range of businesses. The general modules of ERP solutions are listed below.

1. POS software

This module is used at the Point of Sales for retail and wholesale outlets. It is used to enter the sales data and also stock entry at the point of sales. All data entry at the POS is entered using this module.  Furthermore, you can manage your store purchases as well as cash control and have real-time updates from anywhere at any time. You can also boost your retail business efficiency using a web-based POS System from HashMicro.

2. Inventory management system

This is the backbone of all retail, wholesale, production, manufacturing, and also construction ERPs. It manages the inventory or stock levels, although it may not be a substantial module in small organizations, the processing is handled by a separate module linked to the purchasing, storage as well as selling modules.

3. Supply chain management

The supply chain management module is relevant for distributors, manufacturers, and also wholesalers. This module primarily focuses on tracking the efficiency of the flow from raw material to the final sale.

4. Accounting software

Accounting is the basic requirement for all types of businesses. The accounting module is also an integral part of all ERPs. It is connected to the various modules of the businesses in different ways to make sure no accounting entry is omitted or repeated in the system. Accordingly, this helps in the proper auditing of the company.

5. CRM software

Customer Relation Management is also one of the basic requirements of most businesses. It may be less relevant for Educational Institutions, construction, and also agriculture industries since these businesses do not deal with the end consumer. Nevertheless, it is still beneficial since these industries have their suppliers as customers.

6. Warehouse management system for wholesale

Warehousing is an important module for wholesale, agriculture, construction, and also production ERPs. This module handles the data of the warehouse connected to the organization. If the stock is stored at a third-party warehouse, the module can be omitted.

7. Finance

The finance module gives options for budgeting as well as provides various financial statements including ratio analysis to the management. Senior accountants, as well as management, are the most common users.

8. Management information system (MIS)

This module may not be visible to any user other than the management. The MIS module provides all important alerts also comparison reports to the management. As a result, the management can view the consolidated reports on various modules and the integrated reports like accounting for production or accounting for warehousing etc. and also drill down to the record level data if required.

9. Payroll

This module handles the data relevant to the Human Resource department of an organization. It is more relevant in organizations that have more than a hundred employees working in multiple locations.

10. Portal

This module is relevant for retail and service-oriented businesses although wholesalers can also benefit from it. Every business seeks its identity and visibility on the world wide web or the internet and hence requires a portal. An ERP can provide a portal integrated with various other modules of the business.

ERP Modules for Retail and Wholesale Businesses

Retail, as well as wholesale businesses, deal directly with clients. Retail businesses have many customers who may or may not be repeated. Wholesale business, on the other hand, relies on few but repetitive customers. Both work similarly and also require similar modules in an ERP. You must get a system that can help you integrate your business process by getting a high-quality retail POS system. Therefore, the following modules are relevant for retail / wholesale businesses.

• POS software for retail and also wholesale
• Inventory Management System
• Accounting
• CRM Software (Wholesale)
• Warehouse Management system for wholesale
• Finance
• Portal
• Payroll (only if the retail chain has a large number of employees)

ERP Modules for Travel Business

Lately, the travel business is getting trendy online. Many people prefer to book their tours and travel online with reputed travel agents who have an easy-to-use portal for online travel booking. The Travel ERP should typically have:

• Booking / Ticketing
• CRM Software
• Accounting
• Portal
• Payroll (only if the travel chain has a large number of employees)

ERP Modules for Banking and Insurance Business

Banking and Insurance companies deal with a lot of money and also people. They also have many employees working across the nation. Thus, the modules relevant for ERP for banking or insurance companies are:

• CRM Software
• Banking / Insurance (This is a special module
• Accounting
• Finance
• Payroll

ERP Modules for Engineering or Production

Engineering and Production businesses are big units that require most of the common ERP modules like:

• Order processing can be done through the portal also.
• Supply Chain Management
• Purchasing
• Operations / Processing / Production (This module depends purely on the line of business)
• Inventory Management System
• Accounting
• Finance
• CRM Software
• Warehouse Management Software
• Payroll

ERP Modules for Construction

The construction industry is huge right now. Therefore, many construction industries use ERP construction software modules which also help the management in the smooth running of the business:

• Order Processing
• Purchasing
• Operations / Construction this module is specific to each business.
• Inventory Management System
• Accounting
• Finance
• Warehouse Management Software
• Payroll

ERP Modules for Agriculture

Big farms and also plantations are using Agri-ERPs.

• Purchasing
• Operations / Processing
• Inventory Management System
• Accounting
• Finance
• Warehouse Management Software
• Auction / Sales (This module is specific to Agri-ERPs only)
• Payroll

ERP Modules for Educational Institutions

Educational Institutions have special requirements and hence need some special modules in the ERP. Here the teachers are managers, the headmaster or headmistress is the senior manager and then the principal is a Director/CEO. The following modules apply to educational institutions.

• • Students / Parents data for login
  • Timetable business-specific module
  • Inventory Management System
  • Accounting
  • Finance
  • Payroll
  • Portal (This portal can report the relevant student details to the parents and teachers, it is integrated into the accounting module because the portal will also include the fee payment).

So depending on the type of business and the processes that it follows, the relevant ERP modules can be selected from the available ones or a new module can also be requested. Mobile and also cloud ERP software system are trending now in most industries. With many ERP solution providers outsourcing Mobile App development and getting a customized Mobile App for an organization that connects to their base, ERP has become easier and also faster. Additionally, connecting social media to ERP is also fast gaining popularity.

You can also make more accurate decisions with the support of the most advanced ERP software for your business. Moreover, you can also get a free software demo and consultation of your company’s needs with our business experts just by downloading HashMicro software pricing scheme, click here and don’t miss it!