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What’s an ERP? A guide for businesses
Learn about ERP and how integrating ERP software with the World Account can revolutionise your business’s efficiency and global financial management.
Ever wondered how large companies manage everything from inventory and accounting to human resources and customer relations so smoothly? Chances are, they’re using an enterprise resource planning (ERP) software system. The ERP is like the central command centre of a business, integrating various functions into one comprehensive, streamlined process or platform.
There are different ERP systems, such as Xero or NetSuite, which cater to different business needs and types. Understanding an ERP and its potential, especially when combined with platforms like WorldFirst, can significantly boost your business’s efficiency, no matter its size.
What’s ERP?
Think of enterprise resource planning (ERP) not as a single piece of software but a linked group of software designed to manage different aspects of your business. For example, a product-based company might use an ERP system that includes apps or solutions for accounting, inventory and order management, customer relationship management (CRM) and warehouse management. On the other hand, a service-based business would focus on project management, human resource management and accounting.
There are even solutions specific to e-commerce, like NetSuite’s SuiteCommerce, which can be linked with marketing automation and order management to allow online sellers to manage their operations.
Businesses can pick and and choose which aspects they’d like to integrate into one single system, eliminating the need for multiple spreadsheets, databases and logins. This makes ERP systems incredibly versatile.
Benefits of using an ERP
The reason that more and more businesses are adopting an ERP is that they simply make processes smoother. Here are some ways it can transform your business:
Improved efficiency
With an ERP, you’re not juggling multiple systems or manually bridging gaps between separate data sources. Instead, everything from inventory management to customer relations is connected under one system.
Better decision making
You’ll get a clear overview of your business operations with all your data integrated and easily accessible. This lets you make informed decisions quickly, without having to wait for updates from different departments or sifting through different reports.
Time saving
One of the greatest benefits of using an ERP is the amount of time it saves. You’re no longer spending hours collecting data from various sources, downloading data sets, or manually updating your financial records. Instead, the ERP automates and streamlines everything, leaving you more time to focus on strategic decisions rather than administrative tasks.
Up-to-date financial data
ERP systems operate in real time so you can see your company’ financial health at any moment. No more waiting for end-of-day reports or manual updates – you can respond quickly to any changes in your business landscape.
- Open up to 20 local currency accounts, with local sort codes, account numbers and IBANs
- Collect secure payments from 130+ marketplaces, overseas buyers and payment processing gateways
- Pay suppliers, partners and staff in 40 currencies without hidden fees
- Pay and get paid easily with local bank details on your invoices
- Lock in conversion rates to manage your currency risk
Benefits of connecting your ERP with your World Account
At WorldFirst, we’ve teamed up with renowned ERP software Xero and NetSuite to offer you a smooth integration process. If you’re using your own bespoke system or another software, you can still connect with us through an API. Our API works like a go-between, allowing the two platforms to communicate and work together efficiently.
By integrating your ERP with WorldFirst, you’ll open up a world of efficiencies tailored for global business operations.
Automated financial operations
Reduce the manual workload associated with currency management. Transactions in different currencies can be automatically converted and reconciled within your ERP, saving time and reducing mistakes.
Accurate data
With no manual data entry, you eliminate the chances of human error.
Better bookkeeping
You get fast and accurate records of international transactions for tax and budgeting and can easily share the information with your accountant or bookkeeper.
How the World Account can help your business
In today’s fast-paced business world, where accuracy, speed and efficiency are key, an ERP system can be a game-changer. It streamlines your processes, lays out your financial information clearly and ultimately helps you make better decisions.
By integrating your ERP with a World Account, you’ll not only simplify your operations but also open doors to new markets with ease. Imagine the advantage of real-time multi-currency financial insights combined with the time savings from accurate, automated feeds.
The World Account lets you open 10+ local currency accounts and pay in 40+ currencies at competitive rates. So you can get paid by customers in their local currency and access suppliers around the world.
Open a World Account today and experience the difference in your international trade and financial management.
What’s an ERP? A guide for businesses
Discover how ERP software like Xero and NetSuite can revolutionise your business’s efficiency, whether you’re a global enterprise, e-commerce store or SME.
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