How to maximize profit margins with a back-office software solution
Wouldn’t it be fantastic if your teams could maximize time spent on revenue-boosting projects? Unfortunately, most businesses suffer from being buried under administrative work, and petroleum distribution businesses are no different. For example, teams within a fuel delivery business are likely spending valuable time mapping out delivery routes, re-entering invoices, and manually reconciling transactions.
By implementing a back-office software solution, such as an Enterprise Resource Planning platform (ERP) for your company, you will realize the following 5 changes in the day to-day work of your teams:
1. Accuracy and Speed. ERP solutions work off a single database of information. This ‘one true record’ structure with well-defined connections eliminates duplicate records that can create confusion for billing, research, and reporting. With a strong solution, it is simple to trace every transaction from start to finish.
2. Reporting. Using a fully implemented platform for all aspects of your business means information flows freely from one module to the next, enabling detailed analysis and smart decision-making. The ERP’s reporting allows users to easily view relevant metrics in real time, including margins and cost of sales which are then immediately filtered down to the P & L statement.
3. Standardized and Simplified Processes. Whether your ERP is programmed to lead users through a series of screens to perform a task or automatically does most of the legwork behind the scenes without human intervention, a platform that works across functional areas makes the work easier and reduces the potential for mistakes.
4. Reduced Technical Support. In a cloud-based software setup, software and database are sitting on a server at a third-party location and employees access the system by using a device connected to the internet. The software provider manages the system daily, allowing for huge efficiencies and time savings for your IT team, and empowering them to focus on other profit-generating priorities.
5. Ability to Go Paperless. The investment most companies put in paper pushing is enormous. Additionally, the margin for errors in this environment is great. A good ERP system can either greatly reduce or eliminate paper, thereby streamlining payment processes, reducing office real estate needs, and enabling flexibility for your teams.
iRely is an innovative software partner serving the petroleum industry for over 30 years. Our software solutions help petroleum distributors and C-stores manage core business processes within a single, easy-to-use system, customized to meet your needs. Check out our guide that demonstrates how the right ERP solution provides a wide range of information at your fingertips, allowing you to make faster and smarter decisions.