6 Ways Cloud ERP can save you Time and Money

Cloud ERP Saving Money

In a global market experiencing rising cost pressures due to inflation, it’s important to look at how your organisation’s infrastructure is built from the ground up, in an effort to cut costs, and still manage to keep your company profitable in the long term by switching to a Cloud ERP solution.

If you have already subscribed to a legacy ERP system that only offers on premise, it might be time to change. With cloud technology kicking off for the past 5 years, it has become more secure, more reliable and furthermore much less expensive for businesses of all shapes and sizes to adapt. 

Switching to a Cloud ERP system is much more cost effective and efficient compared to having on premise systems, here are some key areas where you will be able to save compared to on premise system:


Licensing Fees

Licensing Fees Meeting for Cloud ERP

With a cloud solution you can operate an ERP solution almost immediately without investing in upfront operational costs at the start especially when purchasing the software. Cloud solutions help with cash flow planning and management for small businesses much easier at a lower costs.

Hardware & Servers Costs

Hardware and Server Upgrades for Cloud ERP

With a cloud ERP solution, spending money on manually hosting your solution through your own servers and on top of that, having an IT team to maintain the hardware and software, is really a thing of the past. As a cloud solution is already hosted and taken care of by a team of specialists, your operational costs are much lower. Not to mention upgrades are almost instant and since it’s covered by your Cloud ERP solution this forgoes any additional upgrade costs.

System Maintenance and Upgrades

Cloud ERP

With on premise solutions, upgrades can be quite costly and furthermore can get complicated as on premise solutions usually require an IT team to implement the software as well as maintaining the solution on a daily basis. Switching to a Cloud solution means the providers of the service are solely responsible for the maintenance and upkeep of the system (including upgrades), this cuts costs financially but also time-wise as updates are quicker and automatic.                                                                                                                                                                                                                                 

Customisation

Tailoring your Cloud ERP solution for your business

Any growing business needs a degree of flexibility with their ERP solution as they take on more complex business processes. While an on premise solution can be modified to an extent, they are still linked to existing software code that can get wiped when the system is upgraded, then you have the IT costs to re-implement the customisations one more time. Cloud ERP solutions offer you more flexibility as when software upgrades it does not affect your base code. Similar to Triumph Cloud, you can add and remove modules as you see fit for your business. 

Scalability

Measuring in terms of services for Cloud ERP

Scaling your business means scaling your ERP solution aswell, as processes get more complex your ERP system is going to need more hardware and infrastructure to run, this can be costly especially with On Premise solutions. Whereas a Cloud ERP solution can be scaled up or down depending on your business, giving you the option to only pay for the functionality you require for your business, saving you costly infrastructure costs that are covered by your Cloud ERP provider.


Let’s Sum It Up

Cloud ERP solutions offer your business consistent regular updates, upgrades, lower upfront and operating costs, improved usability, and importantly disaster recovery (as the data is stored outside the business). A Cloud ERP solution is super beneficial for a growing business without being anchored by a costly On Premise solution. Overheads such as infrastructure, hardware and installation costs are all dramatically reduced for companies using cloud-based ERP systems.

Implementing a cloud-based ERP such as Triumph Cloud, has many financial advantages. Your ERP system changes from a capital cost into an ongoing operating cost, preventing the need for large-scale capital upfront.

While a cloud ERP may include initial setup costs and training, you can achieve economies of scale much faster compared to on-site infrastructure. Cost-effectiveness is one of the major reasons businesses are choosing to move to a cloud ERP, rather than stick with an on-site system.

Conclusion

Cloud ERP solutions offer companies some powerful benefits such as agility, better security, lower costs, and flexibility. They remove the difficulty of maintaining and updating systems, enabling companies to make a move and invest their time, money, and resources into fulfilling their fundamental business strategies rather than focusing on the maintenance of IT infrastructure.

How to Solve Supply Chain Disruptions

Supply Chain Disruptions

Even with borders open, businesses are still reeling from the harsh reality of supply chain disruptions during lock downs and stringent border control, this not only led to a shortage of computer chips but also importantly commodities. It can take an event like that for businesses to realise the time is now to take the next step into digital transformation, and forge a new more secure and data driven path for their business.

Before we dive deeper into how SCM (Supply Chain Management) can help you not only run efficiently but also save you costs on inventory and production, let us first understand what an ERP solution is and why its key for many businesses who want to take the next step into what is called a Digital Transformation.


An ERP solution can help you track business performance

Business Performance

An ERP Solution integrates multiple parts of your business, this can range from finances and inventory, to even managing your website as an online retailer. The benefit of implementing an ERP solution is by integrating digital technology into all areas within your company, you are not only able to considerably improve or forgo traditional business processes and practices, but you are also able to streamline all this information into an accessible dashboard that you as a business holder or key stakeholder has access to at all times

It is an essential component, as tracking the performance of your business can help you better evaluate and implement improvements to business processes much faster. By simplifying your business processes an ERP system gives you a considerable competitive advantage as you have access to information on clients, vendors and partners in relation to your business. Helping you again improve by simply having accurate information to make informed decisions.

Inventory Management

Every link in your company’s supply chain is visible with the help of an ERP-based inventory management solution. An ERP enables firms to keep track of inventory levels and schedule shipments effectively by giving access to your complete network of suppliers, clients, and distributors.

This is quite essential if you are looking to improve and survive such supply chain disruptions.


Accessing Real Time Information to Mediate and Optimise Supply Chain issues immediately

An ERP solution gives you and key stakeholders within your organization access to live/real-time information on Procurement, Manufacturing processes, Warehousing, Inventory, Transport and Logistics. Having access to real time information on hand is incredible for businesses during supply chain disruptions as it enables you to be agile

Triumph ERP Stock Item Enquiry Screen shot
Keep track of stock location, availability, costs and much more using Triumph ERP

With the right ERP solution you as a business owner can identity and solve issues immediately, for example an ERP solution can track if an item needs to be restocked in the warehousing process in real time. Having inventory tracking is essential for businesses, as soon as item is missing and you aren’t able to have real time information on the item, than you will enter into a supply chain disruption. Optimising your inventory will help not just to keep your business flowing smoothly but also help manage customer expectations in the case the item is not available as well.


Choosing an ERP solution that can communicate across different software

Steel Vendor

If you are within the manufacturing industry, relying on 3rd party providers is essential but can also be challenging when they do not have the integration you have within your own business, this makes it harder for you to make informed decisions as it will not be real time. But having an ERP solution that works well with other 3rd party providers and the software they utilize, means you now have the ability to analyse key data as inventory movement and warehouse activities as it also available through your ERP solution.  

By streamlining all aspects of procurement an ERP solution like Triumph, can help empower your staff with more time to work on valuable projects to bolster productivity as time spent on those manual processes are now automated, with that giving your business the chance to innovate even during a supply chain disruption that is negatively effecting your competition

The Most Important aspect on how an ERP system will solve supply chain disruptions, is its ability to integrate all your business processes. By integrating these processes and having them talk to each other you are able to have a more streamlined and accurate real time information, this can be something such as invoicing, as ERP solutions will automate invoices for sales and also has the ability to process and send payments.

To Conclude

An ERP solution is highly beneficial for you as a business owner, it has the ability to give you an overview of not just the supply chain but also your whole business, streamlining various facets of your business into a visualized dashboard that empowers you to make decisions on the fly or make decisions that can have a positive impact on your company’s growth, accompanied by taking the next step into digital transformation

If you are looking to take the next step and looking to streamline and simplify complicated business processes try our demo here.

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.

Successful Digital Transformation through ERP: Part 2

business man and woman high fiving each other
Welcome to Part 2 of the Successful Digital Transformation series, our comprehensive step by step guide, on how to start you digital transformation journey through the implementation of an ERP system.

These next few steps are vital towards successfully implementing change and transforming your organization into a fully capable and integrated business, accessible anytime by you with your chosen ERP system.  


4. Consider Your Budget

ERP
Image by stellrweb

With an ERP solution consider not just software license and implementation costs but also other potential costs. To make it simpler here is a brief overview of the costs that your ERP budget should cover.

1. Technical Costs

ERP

Technical costs include the costs of

  • Hardware
  • Maintenance & Support
  • Applications software
  • Chosen Operating System
  • Network communications

The technical costs should generally encompass all hardware, software and implementation costs as part of your ERP budget.

2. People Costs

ERP

These costs are usually during the planning and implementation stage and include:

  • Education
  • Training
  • Change management (a collective approach in making organisational change)
  • External Consultant support

Often most people related costs are considered when preparing a budget, but planning these costs is crucial to having a smooth transition during the implementation of an ERP software.

3. Data Migration Costs

ERP

When migrating data from legacy systems to be replaced by newer applications such as an ERP these costs usually include:

  • Entry into a new system,
  • Cleansing and accuracy of data migration
  • Extracting the data from a legacy system

Once these costs are known, your next step is to get estimates for these, which can be done by compiling and sending out an RFI to potential vendors as explained in Step 3. The estimates as provided by the vendor can be analyzed along with all other costs to build a realistic budget that would fit with the ERP strategy for the organisation.


5. Evaluating Different Systems

Based on your requirements and budget you should be able to identify a few systems that might be primary candidates. On closer analysis of their features, you should be able to narrow this down to two or three packages. You should then have a detailed demonstration of these two or three systems. Provide the software companies with a list of your requirements upfront so they can tailor the demonstration to your needs, and ask to see critical areas.

If you are part of a growing organisation an important factor to take in as part of your overall decision process is to ask yourself is the ERP solution modular? The reason why it is highly advantageous to have a modular ERP solution is primarily to help you get only what you need and no extras, thus shaving of costs and also give the primary stakeholders within your organisation time to learn and use the software one module at a time if needed.

Here are the 3 steps you can take if you believe you have outgrown the essential modules and want to expand furthermore

  1. Specifically, which additional modules you’ll need in your new system
  2. What functionality do you currently rely on?
  3. Boosting employee productivity by additional functionality within the system

Most ERP companies will offer On Premise deployment, however having a cloud-based system is also highly beneficial to daily users of the system, you can also have a combination of both as a way of transitioning to the cloud at your own pace based on your organisational business strategy, resources and your customer needs.

If the decision rests with your CIO, ensure there is an understanding with your chosen vendor about business continuity and disaster recovery plans, service level agreements and which data centers they utilize (for cybersecurity reasons). Additionally, many platforms can have limitations such as geographic and also feature disparity between cloud and on premise software.

By 2025 it is projected half of large enterprises will implement as SaaS (Software as a Service) strategy and run their core ERP systems through the cloud. 
Hybrid Cloud ERP (Blog Part 2)

This is mainly due to scalability, reliability, agility and cost savings.

Having a cloud-based system in today’s environment is advantageous as users can access the system remotely, moreover cloud based ERP solutions are cost efficient, strong safeguards in terms of cybersecurity and offer a platform for deployment of regular updates as the software can be continually updated remotely without the need of sending a support team.

Phasing the deployment can help reduce not just disruption but also costs, often ERP systems like Triumph is implemented by individual modules, which are updated when the business requires more functions as it grows. Incremental adoption also helps internal stakeholders to learn and apply lessons learned from each module to further simplify business processes.


6. Ensure you are comfortable with the product/training staff

ERP
Image by Kaleidco

The phrase “user-friendly” is over-used in the IT industry and it is important that you feel that (with training) you can utilize the functions you require. Are screen layouts clear and concise? Is online help available? Is data entry straight forward? Having a test drive of the system might be a good way to get a feel of it. Ask to talk to some reference sites. This is one of the best ways to get comfortable with the product. Get some feedback from real users who have been using the product for a period of time.

With the change in and adoption of new technology there is bound to be a learning curve. A critical step towards the successful adoption of your chosen ERP solution is implementing an organisational change management strategy to help the primary internal stakeholders within your organisation or the end users of the solution learn.

Here are 4  steps you can take as part of your change management strategy:

  1. Articulate the case for change
    • Clearly articulate the case/reason for change and define actions taken to support the change
    • Communicate and talk about the schedule for implementation, rollout strategy and your wider scope of the ERP system within the organisation
    • Empower key stakeholders who will be end users for the software by giving them authority to make decisions.
  2. Managing opportunity and risk
    • Address the corporate cultural changes the implementation will create (meaning the increase in organisational performance due to ERP solutions providing the ability to contribute, support and improve operations and financial goals as well due to being a collaborative tool)
    • Identifying key stakeholders within your organisation and communicating best way to implement for adoption of the chosen solution
  3. Supporting the workforce
    • Evaluate and assess your current workforce this can be in relation to skills, abilities, experiences and capabilities (As it can have an impact during the transition phase without proper training of staff)
    • Impact your new digital strategy will have on staff, to further close learning gaps it is highly recommended to implement training strategies
  4. Stakeholder communications
    • Ensure before your ERP solution goes live, that all stakeholders (internal and external) are properly informed and understand how their business processes and work will be impacted
Examine the organisation that you are buying the software from

Most software products are not sold and supported directly by the manufacturer; this is normally done through financial software specialists or consultants. Ask yourself “What size is the organisation”, “how much experience do they have”, “how many consultants do they have?” Software consultants are the vital link between you and the software application. They are the key to a seamless and successful installation.


Let’s wrap it up!

Hopefully this has given a greater understanding and a blueprint to help your organisation achieve a successful digital transformation by updating or installing an ERP system, a vital piece of software technology that goes beyond today’s collaborations and remote working but also helps you keep up in today’s increasingly evolving and fast paced business environment.

With an ERP system as the foundation of your digital transformation you now have a profound level of knowledge and access to your business through data and analytics, ensuring your company is competitive and sustainable not in a year’s time but a decade.

If you would like to review Part 1 of this article again click here!

Successful Digital Transformation through ERP: Part 1

business man and woman high fiving each other

The arrival of a world-wide pandemic has forced major changes on companies through out the world, for a growing business finding new ways to transform their business is no longer a bullet point on a forgotten bucket list but a primary goal. In order to achieve this goal, and keep growing, it often means taking the first step towards Digital Transformation with an Enterprise Resource Planning (ERP) system at the forefront of operations, to boost productivity, efficiency and utilising your company data to gain real insights on the performance of your business.

What is digital transformation and The Impact of digital transformation

The term Digital Transformation is used quite often as a buzzword with no clarity on what it is or the steps you can take to implement it, as part of your overall digital strategy. In layman’s terms, Digital Transformation is the integration of digital technology into all areas of your company, to streamline and improve traditional business processes, a transformative step that changes how your company operates and delivers value to your customers.

Knowing where, when and how to start can be stressful and often confusing, not just for you but also the internal stakeholders who are the forefront of operations in your company.

Ensure, internal stakeholders understand why your business requires such a transformation, how it would help the future of your company and your customers needs.

Remember that planning a Digital Transformation with an ERP implementation requires you to look at not where the business will be in a year, but in a decade’s time. This requires you to pick an innovative ERP system that not only offers integration but is also scalable in the future as your business grows

What is an ERP

ERP also known as, Enterprise Resource Planning, refers to an all-in-one software that manages your day-to-day business operations, finances and accounting. It enables the proper management of your daily operations, streamlining procedures and coordinating activities which helps you focus on the big-picture.

The Major Competitive Advantage of an ERP system

The implementation of an ERP system, provides you and your stakeholders within your business the opportunity to innovate, by bridging the gap between existing technology and business challenges led by improved financial controls and operational efficiency to better understand your data to achieve a transformative outcome.

The saying goes that ‘time is money’ and nothing is more true

– Benjamin Franklin

The advantages of an ERP system doesn’t just stop at tracking transactional data it is also a method of increasing efficiency, productivity and simplifying the way your company does business.

One of the major competitive advantages that an ERP system offers is being a one stop shop for information you need on your clients, vendors, and partners, this leads to an improvement in employee and customer satisfaction, quick responses and increased information accuracy. As a result, costs tend to decrease as your company begins to operate more efficiently.

96% of Emerging businesses that excel in their industry rely on some form of an ERP Solution

– Aberdeen Group, 2015

If you are a growing small business and still wondering why you need to implement an ERP system as part of your digital strategy, data shows that 96% of emerging businesses that excel in their respective industry rely on some form of an ERP Solution, as it standardizes back office operations by 77%, minimises operations expenses by 11% and provides real time data and insights by 48% (Aberdeen Group, 2015)

Advantage of cloud-based ERP systems in today’s world

Cloud integration is a highly beneficial feature for an ERP system that is at the forefront of your company’s digital transformation journey.

41% of Australians work from home

– Australian Bureau of Statistics, 2020

Moreover, Cloud ERP systems are highly scalable with ease as your company can adjust its needs as it grows as it based on a pay as you go model, compared to having an ERP system on premise, as this can add another layer of complexity and maintenance costs for the long term. 


The Implementation of an ERP

OK, now that you know who an ERP system is for and why an ERP system is part of a successful digital transformation strategy, here is how you can deploy it successfully across your organisation and get the most out of your investment. 


1. Aligning your chosen ERP with your company’s digital strategy

digital transformation,successful digital transformation
Image by Charles Deluvio

Aligning your chosen ERP system as part of a digital strategy with your business processes and objectives is essential to serve as the foundational basis for your company’s digital transformation. It is important to note that an ERP system might be a foreign concept for many internal stakeholders, and also its functionality will vary across departments within your organisation. Providing education and establishing a cross departmental team to select the right vendor and ERP is necessary.

digital transformation,successful digital transformation

If your IT department favours one system and your HR department favours another for its features, it is essential to make sure there are assurances written within your contract that these features will be developed later, thus bridging the gap and pushing you forward across your journey towards digital transformation

With the right information you can get started immediately, and be on your way to a successful software upgrade with your chosen business management software.


2. Involving the right people

digital transformation,successful digital transformation
Image by Taylor Gote

If the implementation involves every area of your business, you need to get people from those areas involved in the evaluation process. Ask them what features they are looking for and consider everyone’s requirements. That way everyone affected by the change can feel they were a part of the decision-making process. This may also mean involving your external accountant.

You need to have an understanding of your system in order to assess and analyze whether the features of the business software you choose meet your specific needs. A good place to start is by analyzing what is lacking in your current system. Not all systems provide the same business functions, and each product will have different levels of functionality within different areas of the software. This means it is important to have a detailed list of what you need the software to do in order to assess which system can best meet those requirements.

Break your list in items that are mandatory and items that are nice to have. There is no such thing as the perfect match, however your system should meet 90% or more of your business’ needs.

This is where it is recommended to choose the right implementation partner who is accredited with the chosen ERP software. Who offers training and understands our software along with all its features, knowledge that internal stakeholders within your company usually wouldn’t possess when you first start implementing an ERP system.


3. Hiring a consultant

digital transformation,successful digital transformation
Image by Adeolu Eletu

Consultants can provide guidance, helping you look for new ways to expand your business while avoiding complications. When choosing your ERP consultant, their expertise in the field means they can evaluate your business and recommend the most suitable systems, and then help you evaluate these.

To ensure a smooth process during the implementation, your chosen consultant should be able to help you rewrite the right business processes, this can be for example automating manual processes across multiple functions to make quick and effective low-level decisions, moreover by redefining and streamlining your business processes you can streamline operations and automate tasks like processing invoices for accounts payable.

Now is the time to rethink, redefine and streamline your business processes by combining with the right digital tools such as an ERP system and really transform your organisation.
Rethink, Redefine and Streamline your business
Rethink, Redefine and Streamline your business

If there is a knowledge gap in terms of estimating costs for your chosen ERP software, this gap can be rectified by sending a RFI (Request For Information) to prospective ERP vendors. With an RFI you can also ask questions focused on your implementation strategy such as:

  • The time frame for implementation for a company of your size
  • How are you different compared to other ERP providers in the market?
  • The experience working with businesses within your specific industry

These responses will not only get you your RFI but also will help demonstrate your chosen vendors expertise and help you learn about the upcoming steps in this implementation process.

Once you have moved past these questions you can now submit an RFP (Request For Proposal)

Request for Proposal
Request For Proposal

RFP is much more specific and targeted that an RFI, an RFP should show your chosen vendor your specific needs in line with your digital strategy and a custom proposal to meet the needs you have expressed. Be specific about your requirements and the timeline for implementation asking questions such as:

  • Features and functions that need to be included
  • How will the system be deployed? (Cloud or On-Premise ERP)
  • As a business what Business Intelligence (BI) capabilities are you looking for
  • Ongoing maintenance support, costs, frequency of updates and training for users of the system

The primary purpose of submitting an RFP is for the vendor to show you exactly what they can do, how they can do it, value gained and how much this investment will cost you.


It doesn’t end here…

We’ve gotten this far with explaining the first 3 transformative steps you will take as business to implement an ERP solution that will define the future of not just your organization but also work. I understand this is a lot to read at first, but an ERP solution isn’t just a simple piece of technology or software, having a deeper understanding of an ERP solution means having a better understanding of your business.

An ERP solution offers not just visibility but also agility within your industry. 

Click here for Part 2 which will take you through the next vital implementation steps such as your budget, comparing different ERP solutions, and implementing a change management strategy.

5 Signs your business is ready for an ERP system

5 signs your business is ready for an ERP system

It’s late at night, and you’re still stuck in the office, trying to reconcile the day-to-day work processes. You’re having a difficult time keeping up with the order volume and customer satisfaction has been dropping. Your sales forecast has been based on guesswork, rather than precise evidence, and it’s been a long time since you knew the correct quantity of stock which was in your warehouse.

Unfortunately, this scenario can occur when business experience a growth and the former processes are not able to keep up. If you find that your business is experiencing more than a few of these signs, maybe it’s time to invest in an enterprise resource planning (ERP) system. To help stay on top of your business and stay ahead of your competitors, it is important for business owners to seek out the right tools for their market, and investing in an ERP system is no different.

An integrated management system which focuses on the main business processes often in real time, an ERP system collects, stores, manages, and interprets data from all aspects of your business.

Investing in ERP software can help businesses improve their performance and assist with the automation of certain processes within the organisation, making them a worthwhile investment.

Although there is no such thing as a perfect set of rules to identify if your business is ready for an ERP implementation, identifying any issues you are experiencing could be evidence it is time to invest in an ERP system.

1.    You currently have a lot of different software managing different processes

How do your employees record, track, and process information within your company? Do your accounting staff use a system for payables and receivables, and the sales team use another to enter customer orders? Have you found the process of taking the orders and getting them fulfilled and through to accounting a tedious manual process? What about your warehouse team, are they also using a completely different solution to track shipping and receiving?

The problem is, when various front and back end systems are running separately, it can cause major problems on the processes that are meant to ensure your company is running smoothly. Problems can start to occur, such as inaccurate data from sales which can affect inventory management, or not having the latest information from accounting can cause a ripple effect on other aspects of your business, from General Ledger to Job Quoting.

It is with ERP software that these systems are integrated, so that every aspect of a business functionality operates within a single database. This one source of information contains accurate, real-time data, allowing for ERP to break up information confusion, help staff make better decisions quickly, freeing up their time to work on more high-value projects which can help your business grow even faster.

2.    You don’t have easy access to the data and information related to your business

If someone asked you what your average sales margin is, how long would it take you to find out? What about other key performance metrics, like orders per day or sales to date? Companies relying on separate systems and spreadsheets will find that they constantly require updating and need to be reconciled manually.

When your business experiences growth, you will instantly notice the speed of operating becomes faster than it ever was before, which means your employees need immediate access to key data at all times. Through the use of an ERP system, your staff can get the information they need to do their jobs more effectively, such as the business owners getting a holistic view of the business operations at any time, or your sales representatives being able to view a customer’s full transaction history to assist with improving renewal rates while increasing upsell and cross-sell opportunities.  An accurate, fast, and reliable data exchange between departments will assist with the reduction of time spent on duplicate processes and information consolidation, and with an ERP system producing accurate and real-time data, this enables a seamless flow of information across all required departments.

3.    You’re having difficulty and spending too much time with your accounting

One of the first noticeable signs that your company is in need of an ERP system will initially come from your accounting department. Many businesses rely on paper-based invoices and sales orders, causing many hours to be spent every week manually entering the information into different accounting and sales systems. How much time are you actually spending on such tedious tasks that an ERP system can complete in an instant?

The same can be said for financial reporting. If you are finding yourself spending hours consolidating or reconciling financial information across a number of systems and through countless spreadsheets, an ERP system could be what you need to make a significant impact and save you some valuable time. Implementing an ERP system means having all of your financials within a single database, meaning time will not have to be spent cross-posting information, re-keying numbers, or reconciling data manually. This will allow yourself and your accounting team to deliver critical reports without delays and frustration, and offer time for more important tasks.

4.    Your sales and customer experience are suffering

As your business grows, you may find that inventory management starts to become a challenge. Ensuring that the subsequent amount of stock is in the right place at the right time is a vital part of business operations, and inevitably, business success.

When sales, inventory, and customer data are maintained separately, it can produce severe problems across your business. What if you run out of a popular product? This can cause sales to drop until the next shipment arrives. What if a customer calls to inquire about an order, but the employees can’t seem to track the item to see if it is in stock? Customers regularly seek out businesses which can give them the right information quickly, and expect to get their hands on their purchases straight away, therefore, if your company can’t offer the right information upfront, your business can start to develop a poor reputation for reliability and service rather quickly if you can’t keep up with the demand.

Implementing an ERP system into your business will allow for your staff in every department to have access to the same information in real-time, allowing for customer-facing reps to be able to answer customer inquiries without having to hang up the phone or put them on hold to check with another department, meanwhile the warehouse manager can see that stock is getting low and can reorder the stock before it runs out.

5.    Your IT is too complex, time-consuming, and costly

One of the biggest downsides to having multiple systems across your business is that the IT management can not only be a nightmare to handle, but will burn a hole in your pocket in the long term. It can be difficult for businesses to customise these systems, integrating them and maintaining them with patches and upgrades can be complex, costly, and can sap critical time and resources. Rather than adding additional software- and complexity- to an already ineffective, and most likely outdated system, adopting an ERP system can give you the capability to respond to changing business and IT needs rapidly, especially though the use of a cloud-based ERP system.

Using a cloud-based ERP software can increase efficiency and flexibility within your business, allow you to respond to change more effectively, and can slash IT costs. Whether your goal is to optimise your operations, employ leading edge business tools, or maximise your operational efficiency, you can gain the flexibility to manage and grow your business using fewer internal resources and without the installation and hardware investments associated with traditional software packages.

If you are experiencing issues within your business which is causing headaches and frustration, then it may be time to consider implementing an ERP system for yourself. With Triumph ERP, you will be able to manage your information in an efficient and organised manner, gain complete visibility across your organisation and have the assistance to make quick, educated decisions essential to the success of your business. As your business grows, so does its complexity. Triumph ERP has been developed in modules to ensure that we can deliver you a solution that will fit perfectly with your needs today, but also have the ability to adapt to your needs tomorrow.

For more information about how Triumph ERP can help improve your business, click here.

Triumph ERP supports thriving WA business despite troubled economy

Kirby Marine, boat upside down and welders smiling

Western Australian owned and operated business, Kirby Marine, is traversing the challenging economic climate and is currently experiencing a boom, contrary to many other businesses in WA.

Kirby Marine has been operating since 1988, and has been building New Zealand-designed Naiad rigid-hull inflatable boats under license since 2001 for both private and government organisations for purposes such as rescue, patrol, fisheries, marine safety, recreational use and more.

“We definitely played a bit part in bringing the rigid inflatable boat to WA,” says Mrs Kirby. “In the early days you never saw them but now they’re everywhere and we really pride ourselves on being a part of that.”

“We basically started the business in an oversized garage, and we now have over 2000sqm of production, so we’ve come a long way.”

“We’ve always had our ups and downs but contrary to a lot of other businesses we are doing quite well at the moment.”

Supporting Kirby Marine through those ups and downs is Triumph ERP. The business had outgrown its entry-level software when they decided to upgrade to Triumph ERP, according to Mrs Kirby. “It had become a nightmare as far as the jobs section went; our old system just didn’t have the detail or complexity that we needed in our business,” she said.

Mrs Kirby looked for new accounting software for three years, but found that some were too intricate and expensive, or they didn’t have the level of functionality and detail of information that the business needed.

“We’ve been using Triumph since July 2013 and it’s fantastic; it’s got great complexity while still being affordable and easy to use,” said Mrs Kirby.

“What I really like about it is the ability to track exactly how much a job costs. The Job Costing module was the main reason we chose Triumph.”

Triumph ERP allowed Kirby Marine to move away from their inefficient paper-based purchase ordering system to an integrated solution that eliminated double-handling of data and saved the business both time and money.

“Another great feature of Triumph is the job reporting; it’s user friendly and there is so much information that the system collects, we can report on basically everything,” says Mrs Kirby.

“What Triumph has been able to do is give us a better snapshot of where we’re at with a boat and what it’s actually cost. Unlike our old system, Triumph has the detail of information so we can actually drill down and see exactly what has affected the costs or what has gone right or wrong. Now we can really pinpoint where we need to be leaner and which areas are saving us money, whereas we couldn’t do that before.”

See the full Client Profile on Kirby Marine or visit Kirby Marine’s website https://kirbymarine.com to discover more.

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Triumph,Kirby,business

The finished product!

What is Job Costing, and what does it mean for your business?

job costing

So, what is it?

Job costing means different things to different businesses. However, in general terms, job costing is the allocation of expenses, time, and materials to an individual project, job, item or event. It allows businesses to collect and report revenue and expenses associated with these jobs. Essentially, Job costing can help your business paint an accurate picture of the operational costs.

Job costing is considered to be the most efficient accounting methodology available today.

With a job costing module, your business will be able to view, analyse and track the expenses of the project against the budget. With the ability to draw upon real data in real time, you will be able to make fast and well-informed decisions. Overall, the module will help to improve your businesses operational management.

Who does it work for?

Job costing is mainly used by businesses who have a high dollar value per customer with a relatively low number of customers. Building contractors, subcontractors, architects and consultants often use job costing. If the industry involves undertaking individual projects, jobs, items or events, job costing may be applicable.

How can it help?

Job costing provides the ability to manage business processes and answer questions like:

  • Did we make money on project XYZ?
  • What was our profit on a particular type or group of jobs?
  • How much have we spent on this job to-date, and are we on budget?
  • What resources do we need to complete these jobs successfully?

 

Why should you invest?

Job costing is an important step to ensure that your business stays profitable through individual projects. Other benefits from job costings include:

  1. Better Control

While businesses may be making money, sometimes problems can be hidden in the background. Getting better control of jobs is good for businesses during both upturns and downturns of the economy.

  1. Better Platform for Growth

A good job costing system is the foundation on which businesses can succeed and grow. Not only can it provide a competitive edge, but it also provides a structured framework to expand.

  1. Improved Profitability

By capturing and dissecting all the real costs associated with a job or project, businesses can easily analyse what works and what doesn’t, encouraging a healthy bottom line.

  1. Systemised Approach

A good job costing system should have all the procedures and systems in place to operate a business on a day to day basis. It allows a business to work more like a synchronised machine. Not only does this add value to a company, but the business owner or manager can take a step back from operations. They can now focus on working on the business, instead of working in the business.

Features of Triumph ERP Job Cost Module

  • Comprehensive job costing and management for a wide range of environments
  • Define a hierarchy of cost centres within jobs, jobs within parent jobs, and job groupings at top level
  • Job Quoting creates jobs, budgets, purchase orders/requisitions and inventory requirement lists
  • Job worksheets, customer quotes, supplier requests for quotes, and customer invoices
  • Full Work in Progress recording and reporting, with WIP allocated down to transaction level
  • Capture of expenses for labour, materials, subcontractors, purchases and overheads
  • Optional warnings in job budgets when expenditure is too high, optionally record income in advance
  • Set “cost plus” margin rules on each job centre or cost centre
  • View comprehensive statistics on the job including WIP and purchase commitments

 

If you would like more information on Triumph ERP’s Job costing module and the benefits it can have on your business, contact the Triumph Business Systems office on 1800 653 545, or send an email at info@triumph.com.au.

Power your purchasing and ordering needs with Triumph POS

retail shopping

Gone are the days when the point of sale technology revolved around the simple cash register.  Today, Triumph ERP offers a fully-integrated, multi-function, Point of Sale module that assists you in all your purchasing and ordering needs.

The Triumph POS module provides a suite of tools designed to make total retail, and even wholesale, operations more efficient, easier to manage, and more profitable. Most accounting systems lack integrated functionality to process high volume retail sales and orders. Triumph POS, on the other hand, has increase capacities in integrated retail accounting software systems.

In addition to working in with our fully integrated web shop, here are five things that make Triumph POS standout are:

  1. Comprehensive Functionality – With a fast, interactive touchscreen design and features including barcode scanning and integrated EFTPOS, Triumph POS can complete a wide range of sales tasks. Some of these tasks include Gift vouches, quotes, laybys, damaged goods return, and comprehensive sales reports.
  2. Flexible Designs – Triumph’s POS flexible design allows you to customize the layout and design of the POS screen to suit your business’s operations. Customize buttons, panels or screens for different departments, functions, and even security levels.
  3. Fully Integrated – Like all Triumph modules, Triumph POS is fully integrated with all your business operations, offering full back office functionality. Triumph POS includes comprehensive stock control and debtor management, while supporting most modern POS hardware, printers, cash drawers, pole displays, and scanners.
  4. Mobile Order Taking – Triumph POS functionality is second to none with the ability to operate remotely on an iPad, or tablet. This allows sales people to access the system and generate orders in real time, anywhere, and still be fully integrated with back office software.
  5. Multiple Stores – With Triumph POS comprehensive functionality, you can run the software at multiple stores. By linking multiple stores, you will be able to reserve and transfer stock, detail top selling items by flexible time periods, and identify items sold by location and personnel.


What’s New in Triumph 6.1?

With the recent release of Triumph 6.1, have a look at some of the new features that are now available:

Gift Vouchers

  • You can now track the outstanding balance of the voucher and be repeatedly used until the balance is used up.
  • Gift vouchers can now have an optional expiry period, e.g. 12 months. After this period, they can no longer be used.

New Delivery Transaction

  • There is a new transaction and corresponding business form for orders that are partially delivered or picked up. When you recall an order, you can also easily enquire on all the previous deliveries/collections.

 Proof of Delivery/Signature Capture

  • In addition to being able to capture signatures in Sales Order Entry, you can also capture signatures in Point of Sale.
  • In the past proof of delivery generally meant printing an additional copy of the delivery document, getting the customer to physically sign it, then storing it away for a number of years, and hopefully being able to find it if needed. Triumph has changed this into a modern, paperless web application, that can capture a signature on any touchscreen device, including a mobile phone. The signature is then printed on the transaction document so there is no ambiguity.

Kitchen Orders

  • Point of Sale orders and sales can now be optionally split and printed internally for preparation. For example, an order in a club could be split into food and drinks. The food order could go to the kitchen, while the drinks order could go to the bar.

To learn how to transform the way your business processes orders and purchases, click the download button below for the Triumph Business Systems flyer on “Triumph Point Of Sale” or contact the Triumph Business Systems office on 1800 653 545 or by email on info@triumph.com.au.

Download the free “Triumph Point of Sale” flyer to learn more

 

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5 Tips to Get Clients to Pay on Time

woman at a laptop

From late payments to no-payments, getting clients to pay their bills can be a particular pain point for some businesses. Late payments can do more than just throw off your company’s accounting – they can cause major stability problems for your business.

By applying these five tips to your accounting process, your invoices are more likely to be handled on time, every time.

  1. Establish Exact Payment Terms

The number one cause of late payments is due to clients making the wrong assumption about the payment terms. They may think you operate on a net 30 basis or require payment on specific days, such as the 1st or 15th of the month.

When issuing invoices here’s a tip, include a contract section explaining payment methods, due dates, and other relevant details. This outlines your terms and saves any confusing in the future. You could also discuss with your clients the best format for invoices. They may have an inhouse system for submission or out-source to an accounting service, but by establishing the prefer format, invoices are less likely to go AWOL.

  1. Reward early and on-time payment

Give your clients a reason to pay close attention to your invoices by providing a discount for early or prompt payments. Here is a tip, by offering a financial incentive is an encouraging approach to what is often adverse situation. While you do want to put an interest rate in place for missed billing deadlines, place high emphasis on the reward first.

How you offer the financial incentive is up to you and your business. You could offer a set discount percentage, such as 5%, for any early payment. Another popular option is to use a sliding discount scale, which starts from a high discount and slowly decreases as the invoice due date approaches.

  1. Offer a Recurring Payment Option

Another tip is to offer an automatic payment option for clients is a simple step to reduce the worry surrounding billing dates and deadlines. If your business offers the same service each month at a set amount, setup will be straightforward.

However, if the payments vary for month to month, automatic payment can become trickier. Your client may still prefer automatic billing, but be sure to inform them of any changes or additional costs to the invoice.

  1. Automate Your Invoice Process

Missing, incomplete, or unclear invoices can result in late payment or sometimes no payment. Human error, such as forgetting to send the invoice after completing a job or shipping a product, is also common.

Installing an automatic system to send bills and invoices improves the accuracy and efficiency of your accounts. Another tip is, you can also schedule in payment reminder emails so you don’t have to chase around perpetually late-paying companies.

  1. Add Payment Links Directly in the Invoice

If your invoicing system supports it, integrate payment links or buttons directly into your invoices. Making invoices simple and easy to pay reduces the chance of clients becoming distracted or forgetting to pay the bill.

In a perfect world, clients would pay their invoices as soon as they received them. But in reality, we know this doesn’t happen.  By incorporating these strategies into your current payment procedure, you will strengthen client relationships while reducing your financial stress.