Enterprise Resource Planning is a centralized system that allows tight integration between different departments of an organization & enables them to work as one. ERP system tracks business resources such as cash, raw material, payroll, order, purchase & so on and facilitates the information sharing between different departments such as HR, Sales, Accounting, Purchase etc.
There are a number of ERP software programs efficiently designed to tackle the demanding everyday operational needs of a business. Among them, the one to reckon with is Praxis ERP.
Praxis ERP is designed specifically to cater to Hospitality & Retail. Developed with the best industry practices, it’s scalable to meet the evolving demands of the business. Here are the key benefits
1. Replaces Multiple Systems as One Scalable ERP Solution 2. Eradicates Interface Issues 3. Lower Vendor Maintanenace Fee & Server Storage Cost 4. Delivers Quick Return on Investment
1. Multiple Location Control 2. User-Friendly Interface 3. Modular Design 4. Universal Standard of Design & Coding 5. Highest Security 6. Fully Integrable with POS Solution
1. Integration With POS 2. Financial Management System 3. HR Management System 4. Fixed Assets 5. Employee Self Services 6. Financial Budgeting System 7. Manpower Budget
INTEGRATION WITH POS
This module is designed to integrate the Sales System of a POS with the Financial System. The Functions are as follows:
a. Import of Sales and Collection information from POS Software as per the defined schedules. b. Generation of extended reports related to sales and collection.
FINANCIAL MANAGEMENT SYSTEM
The Financial and Accounting System are tweakable to meet the needs of a customer. Following are the major modules here:
Chart of Account-It entails features to setup organization structure, company, subsidiary company, cost center, units and income expense groups. Further, the nominal accounts enable to maintain five levels of account details.
General Ledger-General Ledger allows a user to input Journal Vouchers in the system. A user can also read data from other integrated modules such as Payroll, Accrued EOS, Vacations and Food Cost. Then one can generate vouchers for Accrued Expense / Accrued Income or use Period Control to close financial month and year. Batch generation of monthly reports in pdf is also available which saves time.
Accounts Payable-Account payable offers functionality to maintain complete payable sub-ledgers information. It’s integrated with the Material Management System (MMS) to book the supplier invoices using material receiving from inventory and includes posing of all MMS transactions to financials
Accounts Receivable-Account Receivable is used to maintain complete receivable sub-ledgers information. Customer ledger, statements, aging, and other reports can be generated.
Cash Management-The module deals with Bank & Cash related transactions entailing customer receipts, cash receipts, daily sales receipts (integrated with POS sales system), supplier payments and GL to GL Payments.
Reporting-Comprehensive reporting is available to meet the business intelligence demands of users on different levels.
HUMAN RESOURCE MANAGEMENT SYSTEM
HRMS module is coded considering the local and customized requirements of Multiple Markets. Following modules are included in HRMS:
Employee Personal-Employee Personal system is for maintaining Employee Related Information including Employee Personal Information, Government Documents, Education/Experience, Dependents, Administrative and Employee Assets. A robust reporting module is available to generate admin and legal reports.
Leave Management-Employee leave Module provides facilitates maintenance of Employee Vacation Information including employee travel destination and ticket information.
Payroll- Payroll Module maintains employee salaries data with a full cycle of payroll generation. The major processes include earning entitlements, due deduction, loans GOSI module, monthly timesheets, and payroll generation.
The system offers a complete module with Asset Tracking System. It allows a company to maintain asset information and capacitates it to classify Asset-based different factors such as Asset Types, Categories, Physical Location, and Integration with GL Chart. The System can generate and post depreciation on an actual basis.
FINANCIAL BUDGETING SYSTEM
Budget System provides a forecast of revenues and expenditures i.e. enables the construction of a financial model depicting the business performance if certain strategies, events, and plans are carried out. It's efficient in the following ways: a. Ascertain the difference between the actual & the forecasted business trajectory by comparing actual financial operations against the forecast. b. Maintain monthly financial budget on multiple levels such as cost center, department/unit, and nominal account.
The payroll system has the capability to maintain manpower budget based on departments and positions. Here are a few pointers on the significance: 1. Manning Charts 2. Retention Support Scheme 3. Learning & Development 4. Downsizing 5. Succession Planning