Today is the era of information technology. Without the IT support, no industry like - banking, public institutions, manufacturing, retailers can not survive in today’s competitive scenario. The today’s success secret is information in an organization.
Even today’s organizations can survive for the days only without using the proper information technology support because this is not easy to calculate the thousands of customer bills at a time. The information gathering is not only an issue but to retrieve it easily and storing it with the proper security parameters is a separate task as well.
There are different levels of ERP software working in an organization -
OTC ( order the cash ) - In it the erp system receives information about invoicing, customer bills, receiving payments details also.
PTP ( purchase to pay ) - The ERP system receives the information about purchasing invoices about vendors, paying details etc.
RTR ( record to report ) - In it the transactions are processed and later on they are reported in the ledgers.
COGS (cost of goods sold) - In it the overall cost of transaction and overall profitability is calculated.
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