ERP refers to ‘Enterprise Resource Planning’ software which integrates various functions of a business into a single unified system. With a single unified database and by integrating different functions, ERP system helps you get a complete picture of the business.

Just like there are different functions in a business, ERP systems too consist of different modules. Each ERP module is designed to manage the specific function of a business. For example, the inventory management module helps you manage all that is required to manage your stock. Likewise, different types of ERP modules are available to meet specific business needs.

Types of ERP modules

• Finance management module

Finance management module of ERP system helps in recording and tracking financial information and making it available in the form of financial statements. The key function of the finance module is record keeping, managing accounts receivables, payables, cash management, and on-time generation of financial reports such balance sheet, profit & loss account, cash flow statements etc.

• Inventory management module

This is one of the key modules of ERP systems. The inventory management module is responsible for optimum management of inventories that ensures uninterrupted production, sales, high customer satisfaction, reduced inventory handling cost and so on. The key function of an inventory management module is storage, track movement of stock, go down management, and insights in the form of reports such as re-order level, movement analysis, stock profitability and so on for optimum inventory management

• Production management module

Product management module of ERP systems helps in planning and optimizing manufacturing processes such as manufacturing capacity, parts, components, and material resources etc. using the past consumption pattern and the demand. The function of this ERP module is to automate the manufacturing process using the features such as bill of materials (BoM), cost estimations, track additional costs etc. It also includes managing job-work process as well.

• Purchase management module

The key function of the purchase management module is to streamline the procurement process right from receiving purchase requirements till the goods are received. It includes sending purchase orders, receipt of goods, invoicing, rejections etc.

• Sales management module

Sales management module helps in improving the process efficiency by streamlining the order management system right from order-to-Invoice-to-cash. This module of ERP system helps you manage all sales-related functions such as sending quotation, order processing, stock delivery and invoicing, and real-time reports.

• Payroll management

Payroll management module of ERP system helps you manage the pay-outs of your employees. It includes managing attendance, salary advance, production tracking, salary processing, payment remittance etc. This also helps you keep a complete database of employees and auto-generated reports provide you complete insights on employee’s pay-outs.

There are different types of ERP modules such as CRM, supply chain management etc. designed to manage the specific function of the business. Basis the business requirements, different modules can be integrated with ERP systems.

Similar to ERP system, there are also integrated business management software, specially designed for small and medium business, providing a complete solution within a single software. The best part of integrated business software is that you need not look for a different software or modules to manage different functions of the business. Instead, the same software comes with all the features that are required to manage your growing needs.

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