What the Heck is ERP Software?
ERP, or Enterprise Resource Planning, is a type of software application used by nearly every company that deals with physical, tangible products. ERP systems support various aspects of your business depending on the particular system, but the one thing that all ERP applications have in common is inventory management.
Beyond inventory, ERP software capabilities can also include financial applications such as:
- General ledger
- Accounts receivable
- Accounts payable
- Cost accounting and fixed assets
- Purchasing and receiving management
- Functionality to support other business areas such as sales order and quotation management
ERP systems usually also include industry-specific functionality such as manufacturing management or retail management and POS (point of sale).