We have spoken a lot in recent months about the importance of choosing the right ERP system for YOUR firm. But lets take a step back– what is ERP?
What does ERP stand for?
ERP stands for enterprise resource planning. Born out of the manufacturing age of the 1960’s, ERP systems are designed to integrate an organisation’s business information, including finance/accounting, customer relationship management, management accounting, procurement, human resources, budgeting, sales order entry, materials, and manufacturing.
Project ERP for Professional Service Firms
But as a professional services firm your primary money maker is your people, their skills, and the projects they deliver. Your work flows are not flat and linear; you operate in 3D with projects at the heart of all that you do, so you need a business or ERP system to reflect this. Out of the box and generic ERP as described above just doesn’t cut it for a project based business; it will cripple both your productivity and profitability. So why would you choose it?
How does Project ERP work?
With a true project-based ERP system, every single transaction is tied to an account, an organisation and a project. Linking these elements makes it possible to produce the accurate and timely deliverables that are crucial to any business; including financial reports, invoices, payroll, and project status reports. This gives you unparalleled visibility and control of your business, enabling you to make real-time decisions based on fact, not fiction.
For a deeper dive into the ‘who, what, where, why and how’s’ of choosing the best ERP for your professional services firm, we have launched a new ebook, Project-Based ERP for Dummies. Download your free copy today and look out for further blogs on this topic; in our next blog we take a look at the components of a project-based ERP system.