Accurate financial numbers are important to your long term success. Knowing what to charge for a product or service shouldn’t be a guessing game. You don’t want to leave money on the table, so knowing true costs and profit margins is important when estimating a proposal for a customer.
Where do you normally get your financial figures? You aren’t alone if you piecemeal data from general ledgers, elaborate spreadsheets, and meetings with managers. There is an easier way and a more accurate way to get the financial data you need to make the best decisions for your business – an enterprise resource planning (ERP) solution. An integrated ERP solution, such as NetSuite® ERP, offers a one-stop-shop for all of your critical business data, specifically all that is financially related. Your team can enter receivables, payables, expense and payroll data, inventory and supply chain data, and other important figures that can have an impact on your financials. Using an integrated ERP solution, instead of relying on disparate software and spreadsheets reduces the need for redundant data entry which not only saves time, but protects the integrity of your data. As a result, you have real-time data and a single version of that important data that you can use to create accurate proposals and budgets.
NetSuite also offers dashboards that put the information you need right at your fingertips. You can monitor real-time financial data and compare proposed versus actual budgets, track weekly or monthly expenses, and see how your forecasting stacks up to actual bookings, billings, or inventory usage. Monitoring data and identifying various financial trends will help you determine how close your customer proposals match actual project expenses, as well as what your true expenses were on a project. You can further fine-tune your quotes, make more accurate forecasts or predictions, and find ways to expand your profit margins without just increasing your prices.
The right ERP solution can get you closer to real-time, accurate financial data which you can leverage to your advantage. You don’t need to estimate or guess at what to charge for products or services when you have true costs in your ERP solution. Contact Kraft Enterprise Systems, LLC for more information about an ERP solution that can help you create cost-effective proposals that catch the attention of your customers, but also meet your financial goals.
By Kraft Enterprise Systems, LLC, a NetSuite Solution Provider out of Tennessee