Managing a business to maintain profitability, increase sales and improve
growth potential becomes an everyday challenge. From all sectors of the
professional world including engineering and computer science to marketing and
sales, having effective business tools will make any project more manageable.
Normally a business faces continual challenges with financial planning tasks,
coordinating and evaluating resources and time management issues. These
problems may change quickly driving the need for quick action in order to
remain competitive.

For example, a business that keeps manual records or piles of individual
spreadsheets may find that as they grow and increase sales, maintaining a true
picture of their financial outlook becomes difficult. Another company that
relies on outdated bookkeeping practices may be overwhelmed with unnecessary
paperwork that requires manual labor hours to interpret. Managing cash flow
often becomes a critical problem if customer accounts are unpaid and an
alternative system is not in place. By installing an integrated system that
fully manages a business project, a company maintains control over each phase
of the transaction and keeps a clear focus on the end result.

The best way to overcome the pitfalls of managing a business is through the
utilization of an Enterprise Resource Planning (ERP) System. Many successful
companies have eliminated manual processes that slow down their progress via project accounting software.
This five step business plan enables any size operation to improve the way they
handle daily project management.

1. Incorporate a Unified Platform

Every business office that works under the same umbrella should adopt a unified
platform that integrates multiple technologies. Knowing that all of the
software necessary to run the business works together will reduce the risk of
security conflicts and improve transaction speed. An effective information
technology environment is created that functions smoothly. Employees familiar
with Microsoft Office programs will easily adapt to the Microsoft ERP System
like Microsoft
dynamics GP.

2. Reduce the Cost of Administrative Tasks

By incorporating an ERP system that tracks project status from start to finish,
the need for expensive administration help is greatly reduced. If a manager
needs access to project status reports, financial records or budgetary information,
the system provides fully integrated reports that may be quickly accessed.
Rather than calling several administrators to retrieve the information, a
single authorized user can review the information and continue working on a
project. With many businesses looking for ways to reduce expenses to stay
afloat, not having to hire additional workers to handle administrative tasks
may make the difference between a profitable year and one that threatens the
enterprise.

3. Access Real Time Data from Various Sources

One of the most convenient benefits of an EFP system involves the ability to
retrieve data in real time from virtually any source. As a project evolves,
progress may be measured at any time by checking work completion records and
spending reports or monitoring customer complaints. If adjustments are
necessary, immediate action can be initiated without waiting to collect data
from manual reports or various software outputs. In addition, errors are
reduced because data input occurs only once and is manipulated through the
integrated system.

4. Distribute Information from a Central Database

With a companywide computer software system that communicates through a local
area network, the same data may be shared and utilized by various departments.
For example, an engineer, project manager and sales director may need to access
financial planning reports to make an accurate work estimate on an upcoming
bid. With a central database, they all have access to the same file and
generate their work orders based on common data. Other departments such as
accounting and manufacturing can save time by using the same data files for
their specific needs. ERP solutions solve the central database problem and
greatly reduce the chance for miscommunication and data entry errors.

5. Utilize Compiled Data for all Project Related Tasks

A business manager’s job entails the ability to maintain full knowledge of all
aspects of a project and to make competent and quick decisions if a crisis
occurs. They may need to choose a path to follow that could affect the overall
financial health of the company. By having all of the relevant information at
hand and ready to access, their job becomes more manageable and may help them
choose the best options. In addition, an integrated ERP system becomes a useful
tool for planning purposes. Sales forecasts are more accurate if based on both
real time and historical data. Information extracted from a common database can
be used to project future business, evaluate the financial standings of the
company, review employee productivity and evaluate all aspects of daily
business operations. The system allows a user to review files, generate reports
or enter new data and can be customized depending on the unique requirements of
each department.

The value of choosing an ERP system that is designed for project management
task provides many benefits including:

Overall business efficiency improvement
More effective time management skills
Better use of personnel and allocated resources
Reduction in operating costs
Accurate revenue forecasting
Better communication between all departments
Real time data access at multiple locations