4 Reasons to upgrade your Basic Accounting software to an ERP Solution

4 Reason to upgrade to an erp solution cover image

Well, here at Triumph, we could give you 36 reasons why you should upgrade your accounting software to an ERP solution. But for today let’s stick to 4 Major ones that can have a tremendous impact on your business within the next decade.

Imagine you have an incredible car you put your time, effort, and sweat into building, but it runs on an older engine that guzzles fuel and after a while, it starts to concern you, the solution is an up-gradable engine that powers your creation efficiently making it in the long term, a cost-effective investment.

ERP Solution and very clean car engine

It is the same with your business. Spending years of hard work and trying to pursue ideas that made you start your business in the first place should always be your primary focus. We know it can be a messy challenge dealing with various arduous business processes, this can be especially the case with basic accounting software where basic transactions and data is captured. If you are a small business this would be perfect as it meets your basic requirements.

ERP Solution can help with inventory and delivery

But if you are experiencing growth and wish to expand your business in the coming decade, basic accounting software will not only make your life a confusing mess, but it will also cost you heavily in the long run. The time spent on managing information within a system that isn’t automated like an ERP solution can be spent furthering your vision and company instead.


Ok then, what sort of signs should I be looking for to upgrade to an ERP solution?

There are some clear benefits for you to upgrade to a platform that grows with you, but here are some very clear signs that should alert you to upgrade from basic accounting software to a fully-fledged advanced solution, which ironically is much more user-friendly.  

Sign #1 Multiple trading entities

ERP Solution can help with companies having multiple businesses

If your business is experiencing and you are looking to expand not just locally, you are looking at a state-wide maybe even a global expansion for your business. This would mean you will have to look at creating multiple businesses that are operated across different regions, and for an SME like yours, this can be especially challenging.

On the left, you have the time-consuming and cumbersome process of integrating 3rd party applications with your existing accounting software, and on the other hand, you are running lap after lap meeting different accounting standards, and tax regulations and managing differing exchange rates across your businesses as you expand on a global scale.

This is where an ERP solution like triumph comes in, the solution is not just implemented to aggregate all this data into something comprehensible and easy to follow, an ERP solution automates currency conversion, regulations, and reporting for different subsidiaries across various regions or countries, all this in real-time. Helping you make quick and informed key decisions during key moments for your business.


Sign #2 Incomprehensible Data 

How is it that Google and Facebook can target you with relevant ads so well? That you often make purchasing decisions based on them.

Facebook icon in macro shot

This is only possible because as you used these platforms more, the amount of data given to these platforms by you has grown as well, helping identify and helping you become aware of products and services you would use or have an interest in.

It is the same with your business data, it grows as you grow. 
ERP solution, coding

What you do with data will forever change the way you operate and run your business, it is a gold mine of information on how your business works internally and externally, in today’s market, data is currency as it directly correlates with increasing business performance and improving customer satisfaction.

However, with basic accounting software, important key data can be spread sparsely across various areas, especially with a business that is expanding like yours. This means keeping track of this data over your various subsidiaries or even departments through 3rd party applications and confusing spreadsheets that are incomprehensible as the data hasn’t been processed in real time for insightful reporting that can help you make informed decisions.

An ERP solution like Triumph provides you with a one-stop shop for your business data, and it isn’t built into a spreadsheet but designed to give you access to your data in a visual manner that is easy to understand and even easier to act on, in real time.

What’s great about an ERP solution like Triumph is that having real-time data accessible simply through a dashboard, gives you greater transparency surrounding not just how your business truly operates but also how customers interact with your business. This helps you essentially spot critical deficiencies across your business and gives you the ability to not just identify them but make actionable changes that will help you further become a major competitor in a busy market.


Sign #3 Micromanaging Inventory in Multiple Locations

Ship with containers, Track with an ERP solution

It is quite common for businesses to adopt an omnichannel strategy when looking at expansion, especially in a post-internet world where orders can come from various locations, making the supply chain for your products a complex system. This is why businesses usually implement a multi-location system to carry stock, this not only cuts down on delivery time increasing customer satisfaction but also saves money on shipping and handling across various locations to reach one destination.

Relying on basic accounting software which can only handle total stock across various locations, will not only be a huge task of guesstimating but also incredibly unreliable if you want to make key decisions in real-time based on available stock. This can often lead to ensuring extra stock is kept if there is stock-out at any one location, costing you more and in the long term affecting the value of your stock as it depreciates.

Accounting Software

If you are looking to expand your business in order to fulfill your vision without any costly hiccups across your supply chain, then it is best to start thinking about implementing an ERP solution like Triumph, Triumph ERP is a heavily modular system that grows with you, but importantly Triumph includes the Multi-Location stock module, helping you allocate each location/store to have its very own price, quantity, and items which can by synchronised across all of your locations.

Having the ability to accurately forecast and plan for stock can be a challenging prospect without an ERP solution, this can lead to poor customer satisfaction and retention in the long term as well. Moreover, the Multi-Location stock module is so advanced it also gives you automated sales, inventory, profit, and loss reports from each location. To learn more, click here.


Sign #4 Waning Supply Chain Management

Birds eye view of shipping dock

If your software doesn’t give you a complete picture of your supply chain, including taking into account, accounting regulations, tariffs, and regulatory requirements on a global scale, this can impact product delivery and potentially cause financial and reputational damage.

If you are looking at expansion you will come across such a challenge, instead of relying on spreadsheets to keep track of your supply chain or installing additional plugins to keep up, general accounting software will not cut it.

Basic accounting software usese Excel sheets, which are very time consuming compared to an ERP solution

Not only does it put you at a greater competitive disadvantage, but general accounting software also cannot act as a central hub for all business data, this would include tracking orders through 3PL partners. Moreover, while you have the convenience of a 3PL partner fulfilling orders, accounting software will not be able to report on inventory, orders, vendors, and customers through a unified perspective, this is where an ERP solution shines.

ERP solutions like Triumph have the transformative ability of unifying your supply chain under one system, a central hub for key stakeholders within your business to easily access through an easy to read but detailed dashboard. Furthermore, unlocking the full extent of your supply chain with Triumph not only helps give you real-time information on the supply chain, but you can build backup plans, and quickly adapt to a constantly evolving market.

To find out more, try Triumph for free or better yet get in touch with us!

How to email contacts with a single click?

tips and tricks 1

Maintaining contacts is Triumph ERP provides a quick and easy way to communicate with customers and suppliers alike.  With a click your email client is automatically launched with the email address inserted and ready for you to type.


Contacts can be mailed via any of the following options:

  • Bank Account Maintenance (G-B-F-A)
  • Debtor Account Maintenance (D-F-A)
  • Creditor Account Maintenance (C-F-A)
  • Insurance Maintenance (F-F-I)
  • Finance Maintenance (F-F-F)
  • Job Maintenance (J-F-J)
  • Global Delivery Address Maintenance (C-P-F-D)

And via the Contacts button on the application’s toolbar.

  • Contact Maintenance (S-F-F-O)
email
email

How do I action a supplier charge back using automatic payments?

tips and tricks

Triumph ERP supports charge backs where by a supplier’s invoices can be journaled to a parent, or clearing supplier, without a payment being made immediately.  To set this up you require the following to be in place.


Creditor Control S-S-C

  • Parents/Children,
  • Charge Back Parent A/c, and
  • Automatic Payments checked.
Charge back

Creditor Account Maintenance C-F-A

  • Corporate Structure Tab set
    • An account as a parent with its child accounts reported combined and the charge back flag checked.
    • Link one or more child accounts back to the parent account
charge back,creditor

Charge backs are processed through the Creditor’s automatic payment options. These options allow you to define, edit and commit, or cancel, a charge back run.  The process is similar to any other payment run type such as cheque or EFT.  There are some differences and these include:

  • Accounts not ready for processing may be placed on hold.
  • Committing a charge back run processes the selected accounts by journaling between the child and parent accounts
  • Unlike other payment run e.g. EFT or cheque no journal against a bank account is posted.
  • If accounts are still on hold the charge back run is not removed once the commit finishes.
  • A charge back run remains until either all accounts on hold are released or dropped from the run.

Create a Payment List (C-S-A-I)

Use this option to create a charge back run.

charge back,creditor

Edit Payment List (C-S-A-E)

Changes to the individual accounts / transactions can be made inlcuding palce an account on hold.

charge back,creditor

Commit or Cancel Payment List (C-S-A-C)

Instead of nominating a bank account charge back require an invoice no.  This is then used to identify the journals between accounts.

charge back,creditor

Creditor Account Maintenance (C-F-A)

The images below show a comparison between the journal posted to the child and parent accounts respectively.

  • Child Account
charge back,creditor
  • Parent Account
charge back,creditor

How do I add supporting documents when entering a transaction?

How do I add supporting Documents when Entering a Transaction?

All the major transaction options in Triumph ERP such as creditor invoices, purchase orders and sales orders etc, allow you to add documents. These can be supporting documents such as safety instructions, or a PDF copy of a technical drawing, or, when entering a supplier’s invoice, the original source document. You can even copy and attach a whole email.

Any transaction option that accepts documents has a separate tab page. Select, or navigate to, the tab page, then locate a document and copy and paste or drag-n-drop it onto the page

Debtor Invoice Entry

In the image below we have added a couple of documents.

Debtor Invoice Entry

After items have been added they can be view (open), removed (delete) or copied and pasted.  When the transaction is saved and the docket is to be emailed, checking the email next the document ensures it is added as an attachment.


Email Tax Invoice

Documents stored on a transaction can be viewed via the appropriate transaction enquiry option.  An icon visually identifies if one or more document is associated with the transaction.  These can be edit and additional documents added.

Debtor Transactions Enquiry

Save the environment and do away with printed copies of documents. Store them electronically.

ERPs during the pandemic: facing challenges head-on with your business

Triumph eMarketer-retail-eCommerce-pandemic

ERPs during the pandemic: facing the challenges head-on

COVID-19 has certainly taken its toll on the business world with restrictions and isolation requirements causing disruption to Australian businesses nation-wide. We have all faced challenging times, with businesses of all sizes still finding it difficult to navigate through the continued uncertainty of the pandemic.

No matter what industry you are in, chances are your business has been affected by COVID-19. Although many Australian businesses are returning to normal, there are still many businesses who are continuing to find themselves needing to adapt and change their behaviors for a new way of operating.

Some of the hardest hit industries are retail, manufacturing, and wholesale and distribution, which have had to make some tough decisions and radical changes to business operations over the past several months. Your reliance on the analysis of your operational data is now more important than ever, and the ability to be more flexible with operational capabilities for you and your staff can be the difference between success and failure.

So, let’s turn this negative impact on the Australian businesses into something positive.

If you have ever considered upgrading your sales, CRM, inventory and finance systems to improve the efficiency of your business and automate those manual processes which you are seemingly over-reliant on, then now is the perfect time to improve your business procedures, and enhance your capabilities to allow for growth and success through these challenging times, and through into the new year.

How Triumph ERP can help your business

Chances are, you have heard about ERP systems before. Perhaps you’ve heard it mentioned by other businesses, or you’ve seen it advertised online, but what exactly is it?

An ERP system, or an Enterprise Resource Management system is a process used by businesses of all sizes and industries to manage and integrate the important parts of their business. ERP systems are important to companies because they offer an integration of all the processes needed to run the company within a single system, such as planning, purchasing, inventory, sales, marketing, finance, and more. A whole enterprise approach.

Triumph ERP software is built upon a modular design, allowing the software to be customised and scaled to suit each individual business’ needs and supports business growth. This unparalleled ability to add on modules and users makes Triumph ERP the most capable and affordable entry level ERP software on the market today.

Challenges in Retail

The COVID-19 pandemic saw the forced closure of stores nationwide, and although many states are slowly relaxing some of the restrictions, other states are still on alert. The closure of the standard brick and mortar store during this time has now produced a new baseline for online retail sales within Australia. Australia Post even reports eight months into the pandemic, online shopping purchase has grown 72.9% from last year.

With customers now strongly focused on shopping online, it is important that your business is equipped with the right tools to stay strong during the pandemic.

With advanced mobile, web and cloud technologies, e-commerce and real-time inventory information at your fingertips, Triumph ERP can help your business build and maintain a strong online presence and allow your customers to place orders, perform their own quotes, check the status of their pending orders, reprint invoices and statements, and even pay their accounts, all from the restricted access of their own home.

Wholesale and Distribution Disruption

Although there are states in Australia that are taking steps towards returning to how things were before the pandemic, other states are still working through the challenges of restriction requirements which are still in place.

One of the many industries who have come across these challenges is wholesale and distribution. The industry, like many others, have seen the restriction of staff each day to assist with social distancing, among other requirements to maintain COVID safe practices, in addition to the inability to travel between various states for distribution.

Although certain challenges still remain, the implementation of Triumph ERP into your wholesale and distribution business can assist you in managing your transactions remotely thanks to Triumph Cloud, assisting you with maintaining social distancing, with real-time business analytics whenever you need them to enable you to better monitor and track your inventory costs and stock holdings.

Manufacturing Mayhem     

The COVID-19 pandemic has shaken the manufacturing industries profoundly. With the supply and demand shocked with shutdowns has led to deep slumps. Although various sectors will experience different problems during COVID-19, it is important for companies to review their previous guidelines and begin to look critically at their structures to avoid massive profit decline.

Implementing Triumph ERP into your manufacturing business will assist in managing all aspects of the manufacturing process, and to have complete visibility of all of your resources including assets, inventory, materials, labour, and finances, all within the one integrated system.

Even outsourced manufacturing processes are controlled and monitored as easily as if they were your own processes.

Conclusion

Maintaining an efficient operation while your business changes and adapts to the current situation can be a major challenge. Thankfully, ERP systems such as Triumph ERP can offer your business the ability to thrive with customisation to suit any infrastructure needs. Strengthen your business and get through the challenges of the pandemic by implementing an ERP system, allowing you access to all your business data from anywhere, at any time.

 

Triumph 6.2 Release: Nine amazing new features to help your business thrive

Are you ready for a new release

If you’re a business owner or manager, you’ll know all about the benefits of maintaining technology. It is imperative for businesses keep up with enhancements, because the reality is, that if your company is dealing with outdated systems, you may may be missing out on business opportunities. This is why Triumph Business Systems has been working hard at improving Triumph ERP, and after nearly two years of hard work, we wish to introduce to you the latest version of our software.

Triumph 6.2!

This latest version of our Enterprise Resource Planning (ERP) software will offer you newfound abilities, and introduce you to newly requested business modules which can make managing your small or medium-size business so much easier and will encourage your business to thrive in 2020.

This update is by far the most comprehensive and powerful version released to date and we are excited for you to try it.

To help you learn more about what is available with the latest update, we have listed our top nine features of Triumph 6.2, and show you how this software is beneficial to your business.


Pro Tip: Already got Triumph 6.2 and want to master its capabilities? Check out our What’s New Document and take control of your business.

1.  Take steps to becoming a paperless office with Documents on Transactions

paperless for 6.2

Triumph ERP now has the ability to attach documents to various transactions and optionally email them with the business form, thus removing the need to keep a paper copy. This ability allows you to link documents to transactions and is a fantastic new feature that will assist you in becoming a paperless office. Transactions which now have the ability to attach documents include:

  • Debtor Invoice
  • Debtor Batch Invoice
  • Sales Orders and Quotes
  • Creditor Invoice
  • Purchase Order Invoice
  • Purchase Order Progress Invoice
  • Purchase Order Combined Invoice
  • Request Managed Stock
  • Receipt Managed Stock
  • Bank Reconciliation.

2.  Save yourself time by making your system work while you rest with Background Task Scheduler

background task for 6.2

To help you save time with your reporting, it’s background task scheduler to the rescue. Background Task Scheduler is the new option where you specify all the things you want to run in the background. By using the background task scheduler, you can instantly gain the ability to run key reports overnight and have them automatically emailed to you and your team ready to review each morning, or at the start of the week.

3.  Keep track of your supplier purchase order invoices by parking them until the goods have arrived

online payment for 6.2

In many environments, you often receive the invoice separately from the goods, and often before you’ve actually received the goods. Think of a head office with multiple branches. You can check to see if the goods have been receipted first, and if not, put the invoice in a pile to be dealt with later. Then at some point someone has to go through the pile of invoices and see if they can now be invoiced. This becomes very time consuming and inefficient. We now allow you to enter these invoices, and park them until the goods have been received. You can then release them as required. A parked invoice does not create an invoice against the creditor or post any General Ledger journals. This does not happen until it’s released.

4.  Expand your payment processing options by taking Online Credit Card Payments, i.e. no EFTPOS reader required

credit card payment for 6.2

We now have the ability to process credit card payment in Triumph without using an EFTPOS reader. This is extremely handy when taking orders over the phone, or a customer is paying their account over the phone by credit card. The same technology is used in both the main Triumph program, as well as in eCommerce, where customers can also pay their accounts online.

5.  Improve and broaden your online eCommerce store presence and connect with your end consumer market

6.2,triumph,feature,payment

The eCommerce module is one of the key areas that has had significant changes. Firstly, as well as our web shop supporting Business to Business (B2B), we now also support a Business to Consumer (B2C) interface. This means that you can optionally sell direct to the public, with the purchaser not requiring a debtor account with you. This will allow anyone to visit your online web shop, place orders, and pay for them, i.e. they do not need an account or to log in. Again, this requires a suitable Online Merchant Account.

6.  Notify your customers via SMS and email when their goods are ready for collection with Pickup Notifications

6.2,triumph,feature,payment

Keep in touch with your customers during every step of their purchase and automatically notify customers by email or SMS when goods are ready for collection. If you would prefer to contact your customers in person, then fear not, the system can also create a phone list if you prefer to talk to them in person.

7.  Conquer all your freight management needs with a seamless, automated integration to Starshipit

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Triumph ERP 6.2 now has a seamless integration with Starshipit, a leading Australian cloud-based freight management and tracking software. Based on your preferred carriers and rules, Starshipit will give you a live postage rate, book the courier pickup, and print delivery labels, manifests and any required customs documentation. It also updates your Triumph sales order documents with the carrier and consignment note number. Consignment note numbers and carries can be automatically update in Triumph’s latest version 6.2.

8.  Manage your supplier credit requests with the new Request for Credit half module

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Requests for Credit is a new half module exclusive to our new version of Triumph ERP 6.2. This half-module allows you to keep track of supplier credit requests. Staffs have the ability to raise Pending Requests, which can be then processed into Requests for Credit, or alternatively Requests for Credit can be entered directly. Credit Responses, when received from the supplier, can then be entered against the Credit Requests. Anything outstanding can be easily reported on.

Some of the features include:

  • raising a pending request for credit from Point Of Sale Return and Debtor Credit Notes
  • combine multiple pending requests into individual supplier Requests For Credit
  • supplier invoice look up will return invoice number, date and price
  • keeps track of what quantity has already been returned on an invoice
  • enter a return reason for each line
  • email supplier for a return authorisation number (RMA)
  • return to stock or write off stock, if the credit is not provided by the supplier
  • deduct other charges such as freight or restocking fees etc.
  • keep track and preview what credits have been provided so far on an individual request.

9.  Send new job details directly to your service technician’s phones and allocate work priorities, with Job Mobile

6.2,triumph,feature,payment

As part of the new Job Scheduling module, users can now allocate a job or part of a job to service technicians. This then appears on their phone so they know exactly where they have to go and what they have to do. As well as recording time and materials, they can also take before and after photos, get the customers’ sign off and email it to them as they walk out the door.

Are you ready to upgrade to Triumph 6.2?

If you are already a Triumph member and want to know how to upgrade to Triumph ERP’s fantastic new features, there are two ways to get in touch:

Phone: 1800 653 545

Email: info@triumph.com.au

What is ERP (Enterprise Resource Planning)?

what is ERP

When your business is growing, it can become difficult to keep everything running smoothly (or profitably!), and can feel as though you are just chasing your own tail as you jump between various programs just to try and keep everything on track.

Through the use of an ERP system however, you can bring all your business processes together, and gain the ability for data to move easily throughout the system. With the ability to collect your organisation’s shared data form a variety of sources, ERP systems can eliminate data duplication and provide data integrity with a single source of certainty. With this ability, you are no longer making staff maintain separate databases and spreadsheets that have to be manually merged to generate reports, and can help streamline the process and improve data visibility when it comes to financing and business management.

So, in a world where we continue to rely on technology being connected everywhere we go, and the internet of things (IoT) becoming the norm, companies have found a necessity of having a cohesive location for their business information, eliminating the need to transfer data between programs or departments.

But what exactly is an ERP system, and how can its capabilities benefit your business?

 

What is ERP?

 An ERP (Enterprise Resource Planning) system, is a solution that helps businesses manage their entire backend processes. This includes everything from the finance and accounting side, to procurement, inventory, and supply chains- just to name a few. Simply put, ERP is a centralised program from which all the essential functions of a business can be run.

Many ERP systems come in all shapes and sizes, with some like Triumph ERP offering customisable options tailored to suit your business needs, so regardless of what industry your business is in, there will be an ERP system to help you manage your business.

 

What does an ERP system do exactly?

ERP systems offer a number of uses for all kinds of businesses, but essentially, the ERP system is used to keep all of the crucial data and information from your business in one place, ensuring that everything you need to run your business smoothly is safe, organised, easily accessible, and fully intergrated. When you set up an ERP system for your business, you will only need the single program to keep track of all the moving parts within your organisation- no more misplaced spreadsheets! -and gives you a complete picture of the who, what, where, when, why, and how of the day-to-day operations of your business.

 

How can an ERP system benefit my business?

 Not only can an effective ERP system help you improve business efficiency, but it can also help you make better business decisions for the future.

For a business to improve, transparency within the operations of the business is important. With the capabilities of an ERP system, you can shine a clear light on all aspects of your operations and gain a clear overview of your business, and understand how you could be doing things more efficiently. This will also assist you in making informed, financially sound decisions- which can be difficult when you don’t have the full picture.

Here are just some of the ways ERP can benefit your business:

  • Track your business resources: Gain a better understanding of cash spending, raw materials, personnel, production and more.
  • Understand consumer behaviour: ERP systems can collect the required data so you can analyse behaviourisms, allowing you to see what is effective, what may not be working so well, or even how you can improve product movements.
  • Manage the flow of information: Centralise your data to one main location for easy access for yourself and your staff.
  • Control the costs recorded against jobs and service functions within your business.
  • Estimate, charge-out and bill time and material costs which are raised by a particular job or client.
  • Know the progress of each job: quickly and easily know what has been completed, what materials are being shipped, and more in the one convenient location.

 

Do I need an ERP system?

Not every business may find ERP systems suitable, however, if you have recently had growth within your business, or plan on growing it soon, or perhaps you just want to find a way to organise and improve your workflow, then perhaps and ERP system could be the answer.

Perhaps you don’t need an ERP system at the moment, but have future plans to increase and improve your business model, it’s important to know that it’s much easier to put the necessary infrastructure in place now, rather than try to implement an ERP system when you’re struggling to keep up with demand. ERP systems such as Triumph ERP for example, are not only scalable, but also customisable, so you can be confident about the system expanding when you need it to.

If you already have software in place such as Xero or MYOB and you feel that it does the job you need it to do well, then perhaps you don’t need to transition to a ERP system yet, however it is important to address that there are a few key signs that may be telling you that your business may benefit from stepping up to an ERP system.

Firstly, you may find that your current software doesn’t seem to be keeping up with the growth of your business without additional plug-ins or updates. Although additional plug-ins to software can help you gain a new avenue for data collecting and reporting and hold off an upgrade for a while longer, it is important to understand that with the more plug-ins you add to software like Xero or MYOB, the more locations your data can be sent to, causing various information to be spread out over various locations, rather than formulated in one secure location.

Secondly, your business may have recently gone through a merger or acquisition process. This can cause a dramatic change to business operations, as well as a potential increase of consignments. With the new changes leading to increased data, the recording of information collected simultaneously can avoid confusion through the use of an ERP system.

If you still feel that there is still no room for improvement in the way you operate your business, then chances are you may not need to invest in an ERP system. However, with ERP becoming popular with businesses for their fully-integrated finance and business capabilities, the chances are that your competitor could already be using ERP software.

Sure, no one said that making the most of a fully integrated ERP system would make running a business a walk in the park, but what it will do is help you manage all levels of your business from one secure location, creating ease for your business management needs.