One of the milestone components of ERP software is the fact that it brings efficiency and streamlines work process in the manufacturing industry. But what exactly does that mean? What kinds of problems are solved ERP for manufacturing companies, and how to go about making the slimmest and most competitive? In this article you will learn the different characteristics of ERP software enable companies to operate more efficiently and effectively.

Best in Class organizations look to improve efficiency

Companies wishing to operate in a “best in class” are always searching for ways to improve the efficiency of their operations. To operate more efficiently, companies have the opportunity to reduce operating costs while enhancing profitability. They are also able to reallocate existing resources of the manual tasks are time consuming, administrative decision-making and strategic planning.

To achieve greater competency and efficiency, “best in class” companies are turning to enterprise resource (ERP) software solutions. According to Aberdeen, 70% of “best in class” companies have a standard ERP implementation.

In contrast, average or laggard companies are more likely to use independent (not integrated) applications to manage operations such as accounting and finance, customer relations, payroll, inventory, manufacturing and distribution, and use spreadsheets for performance and financial planning. The use of these disparate applications is tasking and takes time for employees throughout the organization to get the information and data you need in a format you can use. Personnel have to contend with data redundancy, entering data at multiple points in multiple systems just to create reports and analyze business information for key business decisions.

Widespread Manufacturing Drawbacks

Each company faces its own challenges. But at some point in their development, most manufacturing companies to share some or all of the following limitations:

• Slow down design and production cycles

• Inefficient scheduling of manpower, machinery and equipment

• Poor inventory management and control

• Inefficient procurement procedures and materials management

• Redundant data entry

• Important data are not available in one central location

• High overhead costs (especially in the Admin)

• Poor time delivery rates

• “After the fact” financial monitoring and measurement systems

Any problems that may hinder the growth of the company and adversely affect the bottom line. However, when the experience of several companies at the same time, it becomes almost impossible to compete in today’s global environment.

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Marketing is more of making your business product or service known, and if you start realizing positive response of your wares and reputation then you got a list of prospective clients and you’re are that much closer to making a sale.

Ongoing marketing isn’t tied to price tags, but by always putting the right message in front to the right person at the right time. You must always identify who your target is and more important if you touch their needs and wants individually or as a group.

• How well do you recognize you’re Customers? Just like you and me, Customers respond to being recognized they want to fell special, especially when is comes to having the rush-rush, or get-the-lowest-price promotion. To get you thinking how would it feel for you if you received a piece of cake or a card on your birthday from your insurer? It basically shows your insurer always has you in their mind.

• Create good looking business cards. Making are your business cards more appealing will increase your contact list of prospects. Avoiding having your cards tossed, create one that recipients actually will use to contact you and not to trash immediately keep them wanting to know more about your business.

• Stop Marketing to Unprofitable customers. Create more time and resources for customers who actually grow your business other than focusing on break-even customers and risk increasing sales and failing to boost your profits. Its simple rule if a customer does not add value to your business, it means they are non productive and you would not want t keep that kind of a client.

• Develop an electronic mailing list. Every time you e-mail a customer it would be for the best of your interest and to always keep your customers updated on what’s new in your company or what you have to offer for the season. Just like many business entities once in a while send some e-newsletters make sure the newsletter delivers something new to a customer make it relevant and to the point.

• Hold trade shows and conferences. Don’t thinks big, rather start small. The thought of organizing an event sounds really crazy and big in your mind, it doesn’t have to be really a big event as long as you are able to connect with your target prospects and make contacts. Attend events and leave behind postcards with your contact information, product news or inserts. This is a sure way of making some great contacts and growing your profile.
• Participate in Corporate Society Responsibility (CSR). CSR is basically giving back to the community through participating in charity and social activities. Spearhead for a cause you care about and think is worth. That puts you in the position of getting to know lots of people, and shows off your small business leadership skills.

• Become a Consultant. By becoming an online expert you are joining several other experts and knowledgeable individuals in posting expert advice to solve problems or answer questions. You may need to keep this up for a bit. But the rewards come back in paying clients and referrals. Be resourceful and a solution to a problem. Be a source of happiness and piece of mind.

• Participate in active local media Campaign. When dealing with the media it’s usually worthwhile to hire an experienced publicist to position the stories, target appropriate media representative and write and send press releases. It’s not easy to be in the media lime light.  To get coverage you need to court the media always have a fresh, timely story.

• Finally, create a strong customer retention policy. Always make it your duty to keep your customer satisfied and making them stay. Everybody needs that client and if you are not working your way to keep them then you have no point acquiring a new one. If you haven’t heard from a customer in a while, try and keep in-touch by maybe a follow-up call or sending a personalized email inquiring whether all is well. Every customer wants t hear that you care and being kind to them is the smartest low-cost marketing you can do.

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By changing the potential speed of online accounting services provision from weeks to hours and reducing the cost of investment through on-demand self-service, cloud computing promises to transform the competitive advantage a business can have. Companies large and small may be able to quickly jump-start new initiatives and enter new markets because cloud computing offers reductions in time and a low cost of entry, thus allowing them to leapfrog the competition.

Here are many advantages your business can experience hiring accounting services for small company.

1) It permits you to take sound financial decisions at any given time.
2) You can measure and monitor performance on all financial aspects.
3) You will also be able to assess productivity and solvency of your enterprise.
4) They will help offer you with all your financial transactions and reports when you require them most.
5) They will also assist supply you with crucial data regarding all price efficient procedures required to improve productivity.

The largest advantage of cloud computing so far has been the increase in speed to market and new services and in lowering the investment and access barriers to these services for both buyers and consumers, as well as for vendors and system integrators.

Online accounting services can offer you the following services (but not limited to):

• Payroll management
• Cash flow statements
• Bank statements reconciliation
• Inventory Management
• Tax services
• Customer Relations
• Account reconciliation
• Reporting
• Financial analysis
• Strategic business planning

The businessmen of the present time have reached a conclusion that they want to spend more time towards the core functions of a company rather then spending time on the non core ones for make in the business more profitable.

Once a company has chosen to work with an accounting service they don’t have to spend some extra bucks on hiring house staff or rent/buy office promises.

One thing for sure is that the accounting services in the market have more experienced and qualified staff to deal with financial problems faced by companies. On the other hand they offer cost effective solutions.

Not only do they have experts to take care of your financial solutions but they also have latest techniques and technologies to take care of books of accounts and other financial matters, as compared to in-house accounting department that end up with several other costs such as:

• Increase hiring cost
• Increase training cost.
• Increase other operation cost

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1. Don’t panic. Many of these letters can be dealt with simply and painlessly.
2. There are a number of reasons why the IRS might send you a notice. Notices may request payment of taxes, notify you of changes to your account, or request additional information. The notice you receive normally covers a very specific issue about your account or tax return.
3. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
4. If you receive a correction notice, you should review the correspondence and compare it with the information on your return.
5. If you agree with the correction to your account, then usually no reply is necessary unless a payment is due or the notice directs otherwise.
6. If you do not agree with the correction the IRS made, it is important that you respond as requested. You should send a written explanation of why you disagree and include any documents and information you want the IRS to consider, along with the bottom tear-off portion of the notice. Mail the information to the IRS address shown in the upper left-hand corner of the notice. Allow at least 30 days for a response.
7. Most correspondence can be handled without calling or visiting an IRS office. However, if you have questions, call the telephone number in the upper right-hand corner of the notice. Have a copy of your tax return and the correspondence available when you call to help us respond to your inquiry.
8. It’s important that you keep copies of any correspondence with your records.

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Inventory management ERP handles everything from ordering, physical inventory count, scheduling, shipping, receiving, purchasing, and supply chain planning. Changes in inventory are automatically updated. It no longer takes hours before the changes are recorded. This helps inventory management employees to be able to see if an item is currently in stock. Faster service means better customer service.

Efficient inventory management should be able to rapidly respond to customer requirements; at the same time should be flexible enough to undertake any corrections when required, and do so without adversely affecting operational efficiencies. The eresource ERP Inventory Management module offers effective features to minimize warehousing costs and to optimize storage needs in line with the requirements at hand.

The high level of integration found within the eresource ERP system provides end-users with the highest level of visibility into materials transactions within their enterprise, and assures the accuracy of the data relating to the inventory within the warehouse. ERP management systems can improve costs, productivity, reduce time lag, reduce waste, and improve overall efficiency.

Inventory management software requirements vary by industry, although critical inventory control features will quickly differentiate stronger ERP software packages from their weaker counterparts. Process manufacturing environments will typically need more control and a lot of property tracking, complete backward and forward traceability of numbers, expiration date management, and multiple units of measure per product ID or SKU.

ERP Inventory Management has many advantages. The main advantage for a company is that the ERP system is company-wide and involves only one Web based ERP system. Companies that do not use ERP management will sometimes have several different software applications that are not compatible with one another.

Some other advantages include:

• Proper communication between different areas.
• Tracking of orders from the time the order was received to its delivery.
• Keeping up with the revenue cycle from when the invoice is issued through when the payment is received.
• Flexible enough to undertake any corrections

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When it comes to filing tax return – or not filing one, the IRS can assess a penalty if you fail to file, fail to pay or both.

Here are eight important points the IRS wants you to know about the two different penalties you may face if you do not file or pay timely .

1. If you do not file by the deadline, you might face a failure-to-file penalty. If you do not pay by the due date, you could face a failure-to-pay penalty.
2. The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and explore other payment options in the meantime. The IRS will work with you.
3. The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.
4. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.
5. If you do not pay your taxes by the due date, you will generally have to pay a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes for each month or part of a month after the due date that the taxes are not paid. This penalty can be as much as 25 percent of your unpaid taxes.
6. If you timely filed a request for an extension of time to file and you paid at least 90 percent of your actual tax liability by the original due date, you will not be faced with a failure-to-pay penalty if the remaining balance is paid by the extended due date.
7. If both the failure-to-file penalty and the failure-to-pay penalty apply in any month, the 5 percent failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100% of the unpaid tax.
8. You will not have to pay a failure-to-file or failure-to-pay penalty if you can show that you failed to file or pay on time because of reasonable cause and not because of willful neglect.

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Here are nine points the IRS wants you to know about amending your federal income tax return: 

1. Use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return.
2. Use Form 1040X to correct previously filed Forms 1040, 1040A or 1040EZ. An amended return cannot be filed electronically, thus you must file it by paper.
3. Generally, you do not need to file an amended return due to math errors. The IRS will automatically make that correction. Also, do not file an amended return because you forgot to attach tax forms such as W-2s or schedules. The IRS normally will send a request asking for those.
4. Be sure to enter the year of the return you are amending at the top of Form 1040X. Generally, you must file Form 1040X within three years from the date you filed your original return or within two years from the date you paid the tax, whichever is later.
5. If you are amending more than one tax return, prepare a 1040X for each return and mail them in separate envelopes to the appropriate IRS campus. The 1040X instructions list the addresses for the campuses.
6. If the changes involve another schedule or form, you must attach that schedule or form to the amended return.
7. If you are filing to claim an additional refund, wait until you have received your original refund before filing Form 1040X. You may cash that check while waiting for any additional refund.
8. If you owe additional 2010 tax, file Form 1040X and pay the tax before the due date to limit interest and penalty charges that could accrue on your account. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions.
9. Your state tax liability may be affected by a change made on your federal return. For information on how to correct your state tax return, contact your state tax agency.

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

1. File Electronically IRS e-file: It’s safe. It’s easy. It’s time. IRS e-file is now the norm; not the exception. The number of e-filed Form 1040 tax returns is approaching 1 billion after 20 years of safe, secure service. In 2010, 99 million people – 70 percent of all individual taxpayers – used IRS e-file to electronically transmit their tax returns to the IRS.
2. Check the Identification Numbers Carefully check identification numbers — usually Social Security numbers — for each person listed. This includes you, your spouse, dependents and persons listed in relation to claims for the Child and Dependent Care Credit or Earned Income Tax Credit. Missing, incorrect or illegible Social Security numbers can delay or reduce a tax refund.
3. Double-Check Your Figures If you are filing a paper return, you should double-check that you have correctly figured the refund or balance due.
4. Check the Tax Tables If you are filing using the Free File Fillable Forms or a paper return, double-check that you have used the right figure from the tax table.
5. Sign Your Form You must sign and date your return. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
6. Mailing Your Return If you are mailing a return, find the correct mailing address at http://www.irs.gov. Click the Individuals tab and the “Where to File” link under IRS Resources on the left side.
   

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7. Mailing a Payment People sending a payment should make the check payable to “United States Treasury” and should enclose it with, but not attach it to, the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the Social Security number of the person listed first on the return, daytime phone number, the tax year and the type of form filed.
8. Electronic Payments Electronic payment options are convenient, safe and secure methods for paying taxes. You can authorize an electronic funds withdrawal, or use a credit or a debit card. For more information on electronic payment options, visithttp://www.irs.gov.
9. Extension to File By the April 18th due date, you should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
10. IRS.gov Forms, publications and helpful information on a variety of tax subjects are available at http://www.irs.gov.

1.      Additional Time to Pay Based on your circumstances, you may be granted a short additional time to pay your tax in full. A brief additional amount of time to pay can be requested through the Online Payment Agreement application at http:www.IRS.gov or by calling 800-829-1040. Taxpayers who request and are granted an additional 60 to 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time.

2.      Installment Agreement you can apply for an IRS installment agreement using the Web-based Online Payment Agreement application on IRS.gov. This Web-based application allows taxpayers who owe $25,000 or less in combined tax, penalties and interest to self-qualify, apply for, and receive immediate notification of approval. You can also request an installment agreement before your current tax liabilities are actually assessed by using OPA. The OPA option provides you with a simple and convenient way to establish an installment agreement and eliminates the need for personal interaction with IRS and reduces paper processing. You may also complete and submit a Form 9465, Installment Agreement Request, make your request in writing, or call 1-800-829-1040 to make your request. For balances over $25,000, you are required to complete a financial statement to determine the monthly payment amount for an installment plan. For more complete information see Tax Topic 202, Tax Payment Options on http.www.IRS.gov.

3.      Pay by Credit Card or Debit Card You can charge your taxes on your American Express, MasterCard, Visa or Discover credit cards. Additionally, you can pay by using your debit card. However, the debit card must be a Visa Debit Card, or a NYCE, Pulse or Star Debit Card. To pay by credit card or debit card, contact one of the service providers at its telephone number or Web site listed below and follow the instructions. There is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee. If you are paying by credit card, the service providers charge a convenience fee based on the amount you are paying. If you are paying by debit card, the service providers charge a flat fee of $3.89 to $3.95.  Do not add the convenience fee or flat fee to your tax payment.

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The processing companies are:

Link2Gov Corporation:

To pay by debit or credit card: 888-PAY-1040 (888-729-1040), www.pay1040.com

RBS WorldPay, Inc.

To pay by debit or credit card: 888-9PAY-TAX (888-972-9829), www.payUSAtax.com

Official Payments Corporation:

To pay by debit or credit card: 888-UPAY-TAX (888-872-9829), www.officialpayments.com/fed

1. Never send cash!
2. If you file electronically, you can file and pay in a single step by authorizing an electronic funds withdrawal via tax preparation software or a tax professional.
3. Whether you file a paper return or electronically, you can pay by phone or online using a credit or debit card.
4. Electronic payment options provide an alternative to paying taxes or user fees by check or money order. You can make payments 24 hours a day, seven days a week. Visit the IRS website at http://www.irs.gov and search e-pay, or refer to Publication 3611, IRS e-File Electronic Payments for more details.
5. If you itemize, you may be able to deduct the convenience fee charged for paying individual income taxes with a credit or debit card as a miscellaneous itemized deduction on Form 1040, Schedule A, Itemized Deductions. The deduction is subject to the 2 percent limit.
6. Enclose your payment with your return but do not staple it to the form.
7. If you pay by check or money order, make sure it is payable to the “United States Treasury.”
8. Always provide your correct name, address, Social Security number listed first on the tax form, daytime telephone number, tax year and form number on the front of your check or money order.
9. Complete and include Form 1040-V, Payment Voucher, when mailing your payment to the IRS. Double-check the IRS mailing address. This will help the IRS process your payment accurately and efficiently.

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