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There are hundreds of canned options to choose from when deciding on accounting software. Depending on the specific needs of your organization there may or may not be a system that is designed the way you wish to operate your accounting department. First and foremost you must understand that most canned systems you will find come with a multitude of features that you may use and then you may not. These systems are not necessarily the best option for your situation and you may decide to look elsewhere such as to a tailored system.
Tailored systems offer more flexibility within their systems because they can be configured to the needs and requirements of your organization. These systems are most definitely not as feature rich as the systems that are “out-of-the-box” but will offer any organization the opportunity to design a system which will benefit their needs.
Another advantage to a tailored system includes the option of being integrated with other systems your organization has in place or would like to purchase in the future. Most canned systems such as quickbooks do not offer the option of integrating which can be a headache in the future. Integrating systems together present the opportunity of saving time and money because the systems can work together to report to each other.
An Electronic Data Interchange is the transmission of data between companies by electronic mean. It is considered a technical representation of a conversation between two businesses internally or externally. An EDI system has many advantages and is used by many organizations. Businesses implementing EDI have become much more profitable due to many savings in paper cost, faster transactions and less human errors.
EDI leads the way for much faster transactions due to the help of maintaining efficient inventory levels. It maintains better use of space throughout the warehouse and fewer out of stock issues. This also saves a loss of revenue in freight cost by decreasing last minute surcharges due to urgent deliveries. EDI also allows for a much quicker process time. Traditional methods were paper purchase orders which could take anywhere from ten days to a few weeks from the time the buyer puts in a request and the shipper sends it off. EDI electronic purchase orders can be processed in a matter of days.
The purchase order process of using EDI is very simple. Once a purchase order is written and submitted the order is translated into a specific format then sent to the supplier via Internet through email or through a value added network (VAN). Both parties must use the exact same format.