“What budget management software should I use?”
A question most likely on the minds of most small and medium-sized business Finance managers, in relation to its budget.
Troubling facts regarding budget management software
Small and medium-sized businesses rely heavily on a budget management software. In fact, management systems related to financial control and budget are those that Canadian SMEs use the most.1
In contrast, SMEs seem to pay little attention to strategic tools related to forecasting. However, if they are to survive in an increasingly competitive global market, small and medium enterprises (especially those in the manufacturing sector) must continually forecast resources and make a much more comprehensive analysis of their performance.
Unable to meet these many challenges, a significant number of small businesses are forced to close down before they have the opportunity to grow into a medium-sized enterprise. Those are the businesses, with the fewest employees, that are much more reluctant to buy financial tools such as a budget management software, with the capability to forecast stocks and resources in order to address any unpredictable event when it comes to budget. One main reason for their reluctance is due to the fact that these companies’ turnover does not allow them to pay for expensive systems designed more towards the needs and budget of a larger corporation.
Benefits of budget management software
In many cases, SMEs do not have forecasting tools that can provide accurate budget data on issues as basic as stockouts.
With a stock forecasting module in an ERP system like erpwizard, companies can:
- Forecast the budget depending on the precise moment when orders should be delivered
- Identify in advance the weeks where they will be out of stock (depending on current stock levels, stock at suppliers’ locations and stock in transit)
- Place stock purchase orders beforehand
- Have an exact idea of the inputs and outputs of funds needed to pay for upcoming stocks
- Manage the financial budget and forecast the effects on working capital related to impending stocks, in coordination with the Finance Department .
In short, it is in a company’s best interest to rely on a budget management and forecasting software, that avoids surprises and allows a business to be proactive instead of reactive, especially when delays in deliveries are anticipated.
A FULLY Integrated System
Namtek’s erpwizard is a comprehensive Enterprise Resource Planning system that helps SMEs:
– Streamline the management of their budget
– Improve their efficiency
– Increase their profitability
– Access a wide range of budget and finance-related documents
– Make forecasts in terms of stocks
With erpwizard, you will be free of the worries and the high costs stemming from IT infrastructure, initial investment costs associated with software licenses as well as an in-house IT department in charge of system updates.
Offered as a software as a service and deployed in the cloud2, this integrated management solution ensures access to all business data.
According to the means and the characteristics of the SME’s business model, erpwizard modules can also be deployed (in whole or in part) within the company.
If you were ever interested in an Enterprise Resource Planning software with budget forecasting capabilities but weren’t able to acquire one due to limited resources, consider erpwizard.
This is an affordable, fully integrated system developed according to your specific needs and offering a performance equal to that of large companies’ more expensive systems.
Access to erpwizard will be provided to your company for an initial fee. Thereafter, you will pay a monthly subscription and be billed only for the number of system users.
No hidden fees, no surprises.
For more information on the amazing features of this affordable ERP software, download our free brochure today.
1 VALLERANT, Johann, BERTHELOT, Sylvie and MORRILL, Janet. Positionnement de la PME manufacturière canadienne face aux outils de gestion enseignés dans les programmes de formation universitaires en administration. Montréal, École des Hautes études commerciales, 2008. P. 7
2 It is hosted on our private server in a certified data warehouse, for more safety.