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June 17, 2020 | 6 Min Read

3rd Party Applications that will Help Your Business Succeed

Posted By
Cat Cook
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3rd Party Applications that will Help Your Business Succeed

Enterprise resource planning (ERP) software helps your company connect disparate parts of the organization. With the right ERP solution, your business can drive improved efficiency, reduce operating costs, enhance collaboration, and establish a single source of data truth.

Your ERP solution is critical to your company's results. To get the most out of your ERP software, you may want to consider adding third-party applications. These enhancements, developed by companies specializing in enhancing business software, can add functionality not offered by the manufacturer. In many cases, these third-party apps help your business address industry or business-specific needs not including in general ERP versions.

Why Use Third-Party ERP Applications?

Your ERP was built to serve a broad customer base. It comes embedded with business functions designed to assist the broadest possible audience, with functionality typically for accounting, production, supply chain, HR, and customer relationship management. However, the reality is that no ERP can be all things to all customers.

That's why third-party ERP applications are so critical. They enrich and enhance your ERP capabilities. You want a solution with maximum functionality, ensuring that your investment lasts for years. You need a solution that can scale with your organization and meet emerging business needs.

Third-party applications reduce the need to purchase additional software packages, integrate functionality and data, and add more employee training sessions. Third-party apps let you get what you need out of your ERP investment.

In some cases, ERP makers take a passive approach to third parties, allowing them to develop and sell enhancements independently. In other cases, ERP software companies develop strategic partnerships with other software developers, allowing for enhancements, customizations, and improvements that add to the original platform's functionality.

Third-party applications should enhance your ERP's capabilities. Choosing the right add-ons can save you the time, money, and headaches that come with jerry-rigged "solutions" that don't deliver the desired results.

Top ERP Third-Party Applications

For NetSuite ERP users, there are many third-party apps to add to the software's already powerful functionality. Here is a look at some of the top options.

Accounting Management

Closing out the month is a major task for most accounting departments. Third-party apps can help accelerate the closing process and generate faster, more accurate results. Use these apps to automate processes such as matching transactions, trial balance tie-outs, and roll-forwards. These tools let you track the progress of close-out tasks for each member of your finance team, create audit trails, and reduce errors from manual processes. Automating these tasks can shave hours or days off of your month-end work.

ERP-CRM Integrations

Your ERP and customer relationship management (CRM) tools are powerful ways to manage parts of your business. Synchronizing data about customers, orders, billing, service requests, contacts, and marketing campaigns is essential. By connecting these two systems, your business can build a complete picture of your customers and prospects, with a clear view of buying patterns, order histories, account status, preferences, and needs. Your sales, marketing, accounting, and customer service teams can work from the same information to serve customers better and close more business.

E-Commerce

If your business relies on e-commerce, it makes sense to connect the systems that drive your business operations and your web-based retail. Eliminate duplication and re-entry of data by having one source of information about your customers and their purchases. Look for a third-party app that works with your e-commerce tools and integrates easily with your ERP's sales, inventory, and customer service capabilities. You'll gain insights into your online sales, stock levels, and customer orders. As a result, your business will deliver better online shopping experiences

Email Marketing

Email marketing is likely an essential part of your business, a way to communicate with customers and potential customers alike, as well as retain customers, attract new and repeat business, and connect with those interested in your company's products and services.

Effective email marketing means more productive sales and promotions. Integrating your ERP and email marketing lets you learn quickly about the impact of marketing campaigns, build ideal customer profiles, and create and manage campaigns from within your ERP.

Expense Management

Managing employee expenses is a major headache for many accounting departments. Third-party apps allow your employees to track expenses while working out of the office while tracking submissions and payments. Look for a solution that lets employees take photos of receipt, transcribe them automatically, simplify credit-card reconciliation, and manage multi-level approvals.

Project Management

Professional services firms and other businesses need to manage projects on many levels. With a third-party extension, your ERP can manage projects centrally, including project accounting, employee and asset scheduling, billing, timelines, milestones, time tracking, expenses, resource management, invoices, payments, and deliverables. Optimize your resources, answer client questions quickly, get real-time insights into revenue and progress, identify and resolve bottlenecks quickly, and manage multiple currencies and tax jurisdictions.

Tax Compliance

ERP add-ons can automate the creation of tax forms and filing the required paperwork. Save time and improve the accuracy of your tax calculations with tools that manage sales taxes, VAT calculations, and communications while establishing auditable statements. Look for a solution that can handle multiple jurisdictions across the United States, Canada, and other countries in real time. You'll simplify your processes and ensure compliance with all applicable tax requirements and payments.

 

ManoByte helps B2B companies grow their businesses. Learn more about NetSuite ERP solutions and how to get the most out of your business software by contacting us today.

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Topics: Enterprise Resource Planning

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