FIFO Method in ERPinCloud

FIFO – First In, First Out:-

FIFO Method is as simple as it sounds. The first lot of stock that comes into your warehouse should be the first that goes out including sending the goods to stores or sending them directly to customers.

So, FIFO is method of moving stock through your warehouse. FIFO is used for inventory management.

Let us see the Flow of FIFO in ERPinCloud

Configuration:-

  1. Create product and select costing method as FIFO and set cost price.

Go to ->>Warehouse->>Product->>Procurements->>Select Costing Method as FIFO & Set the Cost Price

create-products-in-fifo

  1. Set inventory valuation as real time automated and set stock input account and output account.

Go to ->>Warehouse->>Product->> Set Inventory Valuation as Real Time (automated) & Configure-Stock Input Account & Stock Output Account

validation

 

How to use costing method FIFO in ERPinCloud:-

Step 1: Create purchase order-1 of 4 quantities for that product and set different unit price other than defined in product and click on receive product

create-purchase-order

Step 2: Check Journal Entry and the amount which is calculated based on the cost price defined in purchase order-1

Cost price= 80 (Defined in purchase order-1)

80*4=320 (4 =number of quantities)

check-journal-entry

Step 3: Check product cost price which remains unchanged

check-product-cost-price

Step 4: Create purchase order-2 of 5 quantities for that product and set different unit price and click on receive product

crete-purchase-order-2

Step 5: Check Journal Entry and the amount which is calculated based on the unit price defined in purchase order-2

Unit price= 110 (Defined in purchase order-2)

110*5=550 (5 =number of quantities)

check-journal-entry-2

Step 6: Check product cost price which remains unchanged

cp-remain-unchanged

 

Step 7: Create Sale order of 7 quantities of that product which has costing method as FIFO and click on deliver

crete-sale-order1

crete-sale-order2

Step 8: Check Journal Entry and the amount which is calculated based on FIFO

Calculation: Purchase Order-1 is created for 4 quantities at a cost price of 80

Purchase Order -2 is created for 5 quantities at a cost price of 110

As Sales order is for 7 quantities, so 4 quantities is charged at cost price of 80 (4*80=320)

And remaining 3 quantities is charged at cost price of 110 (3*110=330)

As costing method is FIFO 4 quantities is charged as per first purchase order cost price and remaining 3 quantities is charged as per second purchase order cost price

check-journal-entry3

Step 9: Product cost price is changed

product-costis-changed

 

As Sales order is for 7 quantities, so 4 quantities is charged at cost price of 80 (4*80=320)

And remaining 3 quantities is charged at cost price of 110 (3*110=330)

As costing method is FIFO 4 quantities is charged as per first purchase order cost price and remaining 3 quantities is charged as per second purchase order cost price

So cost price of product is calculated as (330+320)/7=92.86

You can Try Free Product Trial Today: http://www.erpincloud.com/signup-cloud-erp-free-trial/

 

JasperSoft – Robust Business Intelligence Tool

To analyze an organization’s performance in order to improve its turnover and competitiveness it is a usual requirement to exhibit data in Tabular or Graphical manner.

Reporting tool provides an implementation that makes the task of generating data in Tabular or Graphical form as reports. When one thinks of an open source reporting tool Jasper Reports comes to mind as it is freely available. Jasper Reports/iReport is a Jaspersoft product and one of the best BI frameworks. It is entirely created in Java and a platform independent tool. It allows connectivity through any kind of Datasource to produce pixel-perfect documents that can be viewed, printed or exported in a variety of document formats including PDF, RTF, XML, XLS, CSV, HTML, XHTML, text, DOCX, or Open Office.

JasperSoft – Robust Business Intelligence Tool

Jasper Report Template can be easily incorporated in most of the ERP applications by deploying its related jars and it’s all set for execution.

Now, you may be eager to know about Jaspersoft more. You can simply email us for Jaspersoft Demo on sales@bistasolutions.com

Top Benefits of Workflow Management Software

Workflow Management Software

Workflow management software is also known as Business Process Management software (BPM). It is a powerful platform that can be used by any industry across all the departments in an organization whether in the telecom, retail, eCommerce, pharma, or professional service industry.

BPM software helps you with the measurable difference in working efficiency. Well-designed scenarios, built on a strong BPM software platform allow organizations to improve their business processes.

 

Workflow-management-software title=

 

Here are some important Benefits of using Workflow management software for the organization

  • Workflow management software helps identify and minimize unwanted processes and steps in your Business.
  • It helps you to modify the order and make the process more efficient. You can run multiple processes in parallel.
  • You can simply assign tasks and they can be designed as per a particular individual based on specific skills to perform tasks.
  • With the use of BPM workflow software, management can easily concentrate on strategic Business activities, rather than everyday operations including task allocation and monitoring its daily progress.
  • Workflow software helps to eliminate paperwork, reduces wastage, and saves time.
  • It improves Business visibility. The real-time tracking feature allows employees as well as executive members to quickly check the status of ongoing activities. It allows viewing of critical processes at each point so that it is easy to identify the errors and smoothen the end-to-end Business process.
  • Workflow management software ensures all the defined processes are completed and followed properly
  • As Workflow processes are linked to a database, it keeps all the records of what occurs in the system. As who, what, and when the actions were performed.

Bista Solutions has implemented Workflow (BPM ) Software for major industry leaders, We are Gold Partners of ProcessMaker which is the world’s #1 Open Source BPM Software.  To Request Free Demo of ProcessMaker email us at sales@bistasolutions.com or call us at USA: +1 (858) 401 2332

Bista Implemented ERPinCloud with BigCommerce Integration for Mancrates

 

Client Profile:

Mancrates is an US based eCommerce Company, providing exclusive gift collection for men. They have assembling and distribution centre in the West coast.

 

What was the Key Challenges Faced by Customer?

Mancrates was managing their ecommerce operations using multiple Business software such as Brightpearl, boxora and shipworks (These are some of the eCommerce applications holding different capabilities). Since these software’s were integrated with each other the eCommerce operations was getting complex. There was no proper communication between this software’s and hence they end up doing manual work.

Mancrates were looking for a single integrated system which can take their entire requirement including assembling, sales, purchase, inventory management and etc.

BigCommerce Integration

 

How Bista Solutions Helped Client to overcome with the challenges? (Key Implementations)

Bista Solutions implemented “ERPinCloud” (Robust Cloud ERP Software Owned by Bista Solutions) It is integrated software with all the advance features in it.

The ERPinCloud Implementation helped Mancrates to seamlessly manage all the eCommerce business operations using one system including requirement generation, purchase orders, multiple warehouses, manufacturing, shipping etc.

Bista not only helped Mancrates with ERP implementation but also, integrated ERPinCloud with BigCommerce (BigCommerce is an eCommerce online Store, It helps to create own eCommerce store). With the BigCommerce Integration – it became easy for Mancrates to have sales order directly into ERPinCloud from BigCommerce. Hence ERP implementation and BigCommerce Integration made eCommerce simple for Mancrates.

 

What was the Impact on Client Business after Project Implementation? (Benefits)

The ERPinCloud is empowering Mancrates to take their Business to the next level. ERPinCloud is fulfilling their needs to meet expected for next coming years

 

What
Mancrates say’s about Bista?

“Bista has been a great partner to work with, fully committed to do whatever it takes to make the project a success, and always working with us finding ways to improve the process on a consistent basis.”

Bista Working with Hyundai Construction Equipment to Implement Tableau

Tableau Integration

Hyundai Construction Equipment Americas, Inc. (HCEA) is working with Bista to integrate Tableau with their Odoo implementation. Tableau’s rich functionality will greatly improve forecasting functionality, and reduce migration headaches by allowing them to leave their very large sales and purchasing history data in the previous system.

The Right ERP System Is Out There

Selecting the Perfect ERP for Your Business

In today’s software market there are many options in ERP, nevertheless selecting ERP Package that fits the requirements of a business is an overwhelming task.
Although most of the ERP packages are more or less similar there difference in detailing. A lot of features in an ERP system are unexplored and are usually not used. To take advantage of the beneficial features in an ERP system, it’s essential to examine the specs accurately and try using them. However to try thousands of the ERP features is time consuming and extremely difficult.

Initially, the first step you have to decide what features you would like to have in your ERP Package and then in the second step you have to make a list of the ERP features which you actually need for your Business.

In the third step, you have to divide the list into three sub lists such as

1. Features Your ERP Must Have – This list should have all the features you need to run your Business ( You can also specify the reasons of each requirement )
2. Features Which Are Good To Have – This list should have all the features which are convenient for Business but are not that necessary to have.
3. Features which your business can do without – This list will be the longest among all. Include all the unwanted features which are irrelevant for your Business.

Now starts looking at the ERP Packages offered by the companies and evaluate what you see carefully in terms of your Must-Haves and decide which products you want a full demonstration on.

Keep in mind that picking an ERP package is a critical business decision and you can waste a lot of money and effort if you pick the wrong product. It’s important to take the time and make efforts to select wisely.

We at Bista Solutions offer wide range of ERP software. With our expertise and experience we can assist you in selecting the right ERP solution for your business. We also have capabilities of customizing ERP as per your Business needs. For more information email us on sales@bistasolutions.com or call us at USA:404 631 6219 Other Region: +91 897 609 8988

Prescription for Business Insights – Pharmaceutical & Biotech Industry

With the constantly changing pharmaceutical industry environment, pharmaceutical companies need to stay competitive and sustainable. These companies encounter challenges such as developing new drugs, leading the market in the drugs they already manufacture, competing with generic drug and forwarding their own generic drug.

Pharmaceutical companies and Biotech firms also face greater Food and Drug Administration stringency and vigilance than before due to drug safety issues. This has resulted in fewer drugs being approved and increased time for drugs to reach the market. These changes in the drug market are compelling pharmaceutical companies to increase their investment in R & D and their marketing efforts. Therefore to operate cost-effectively and efficiently the Pharmaceuticals industry is shifting from traditional research and development approach to translational medicine.

Some Pharma companies are partnering or acquiring Biotech companies to reduce costs by incorporating their manufacturing and Research & development infrastructure and remove redundancies in their sales & Marketing and Admin functions. Subsequently companies are inheriting wealth of data such as R & D, clinical trials, drug development cycle, regulatory compliance, distribution, side effects, patient care, prescriptions etc.business intelligence for pharmaceutical industry

Amidst these scenarios, Pharmaceutical companies have to identify best available tools to increase revenue, reduce costs, operate more efficiently, improve marketing brand awareness and consumer loyalty along with keeping up with changing regulations and compliance. Also to stay in forefront of the competition, pharmaceutical companies are required to proactively manage their data stored in multiple data sources and the ability to analyze this information to make smart business decisions. That’s where Business Intelligence can help Pharmaceutical and Biotech firms giving richer insights to their business, reducing time to market, manage and predict drug development, regulatory and improve marketing and sales efforts.

Business intelligence tools can help evaluating drug safety information. With the help of visualization which is a key part of business intelligence software, one can prove the relationships between patient demographics and adverse effects.  The industry has realized that there is a need for technologies that could assist in mining, analyzing and translating archipelago of information from the Human genome project into particular therapies drug targets. The R & D productivity crisis that comprise of drug development pipelines needs that the industry predicts and validates the clinical properties of a drug earlier in their product life cycle. Business intelligence can help analyze the heteronomous data available with pharmaceutical companies and link scientific patterns with clinical outcomes for patients. It can also identify cost effective and viable drugs, tack thousands of clinical trials running simultaneously and globally, align field sales force and marketing for effective efforts and output.

Bista has wealth of experience working with Business Intelligence tools in numerous scenarios faced in Pharmaceutical and Biotech industry. Our experts and consultants can bring wider insights into your business exploring the opportunity with Business Intelligence. We are partners with Tableau, Jaspersoft, Talend, SpagoBI and Pentaho, with BI capabilities allowing us to recommend technology best suited to your requirements and business. Bista Solutions provides BI tools and all related services such as BI and DW consulting, architecture, designing reporting dashboards, data warehousing, Talend (ETL), R analytics, Mondrains OLAP analysis and support. We can be your solution partners and provide support in areas such as marketing and sales, research and development, supply chain, drug safety and drug development, production, legal & regulatory reporting and financial accounting.

If you are looking for Business Intelligence Solutions, kindly contact on Email Id: sales@bistasolutions.com

Contact: USA: +1 (858) 401 2332 / Other Regions +91 897 609 8988

Big data for Small and Medium Enterprises (SMEs)

For small businesses the question is “We know big data is out there, but how relevant it is for us and how do we use it?” The answer lies in your transactional, departmental and operational data. Are you able to exploit it in a way it can give you competitive advantage over competition? If you are able to answer these questions then you are ready to use Big Data.

big-data-small-medium-enterprise

What if as a small retailer, you could analyze the relationship between social media stream and buying behavior trend to come up with sales opportunities?

What if you were able to analyze your site’s visitor and track how do they move from one page to another to understand what engages them,  things they don’t like and identify cross-selling opportunities?

Here are the typical characteristics of big data solution a small enterprise should seek

Choice and Flexibility – A big data solution should allow small enterprises to select only those capabilities that meets their need and should leverage on existing system. Manageability – It should be easy to deploy and manage. The big data solution should be simple and require minimal staff training. It should have self-service capabilities so the analysts and business users can use it without any IT intervention

Cost – Enterprises should be able to pay for features they use. It should be flexible enough to start small and then scale-up as the requirement for analysis increases

SMEs that use their data intelligently tend to perform better than their competitors. It can help them improving pricing and just in time supplies. Find cheaper suppliers closer to their location and bring more transparency in pricing. Big data allows SMEs to benefit from a 360-degree view of their customer.

So if you own, let’s say a cake shop, you know that if your vendors are providing you inventory that’s fresh and flavorful. Big data can help you plan better and work wiser – make your business even sweeter.

If you want a free consultation on using your data to enhance your business, give us a call at +1 (858) 401 2332

3 Best Practices to follow during BI Implementation

Introduction

BI software can readily access a company’s information to help companies make effective business decisions and meet their objectives. Nevertheless, as with any technology the implementation, roll out and usage practices play a critical role in the success of BI.

: business intelligence software

Let us understand the few Best Practices of Business Intelligence Software Implementation

Business Alignment: “Without business in business intelligence, BI is dead”- Gartner.
As Gartner suggests, only 30% of business intelligence projects are able to meet the objectives of the business. Therefore, unless there is a buy-in on the BI initiative throughout the enterprise, it would not be able to generate the desired results expected out of the program. The success of any BI implementation lies in collaboration between IT and Business with the merger of technology and business goals

Agile and modular approach: An effective implementation can be achieved with agile development and emphasize on breaking all elements of the project into small chunks. Bring cooperation and focus on specific areas guided by overall strategy

Governance and Project Management: Very important and imperative to have governance structure for BI implementation since it can touch every area of an organization. BI initiatives requires collaboration and ownership from the business and IT, data management standards, robust project management and continuous process improvement

Conclusion – A Business Intelligence Software implementation can take lot of effort and money unless planned and executed well with experience. Bista Solutions has worked on medium to large scale BI deployments with success.

Do reach out to us if you are looking for a BI partner, we would be more than glad to bring our experience.

Bista Solutions Inc. Wins “Best Partners Americas 2015” Award At Odoo Award Ceremony In Odoo Experience

 

Bista Solutions, BEST ODOO PARTNER OF AMERICA

June, 5th 2015 – Atlanta, USA: Enterprise Software Company Bista Solutions, Inc. proudly announces its achievement of winning Odoo’s “Best Partner Americas 2015” award during the Award Ceremony at Odoo Experience in Louvain-la-Neuve, Belgium on June 4, 2015.

This award program honors partners who have best embodied Odoo values and spread the Odoo concept globally.

Odoo Gold Partner America

“We are glad to announce this huge achievement! Winning the ‘Best Partners Americas 2015’ award is a matter of pride for Bista Solutions. The success of reaching this milestone is possible only because of our team’s hard work, expertise, and strong relationships with our customers,”

About Bista Solutions

Bista Solutions is the only HIPAA Compliant and ISO 9001: 2008 certified Odoo Gold Partner, with 400+ software professionals and a history of the highest number of Odoo implementations across the globe. Bista has helped many companies successfully migrate from various legacy systems to open source Odoo. Their successful project implementations enable companies to execute operations smoothly by integrating Odoo with multiple applications according to customers’ unique business needs.

About Odoo

Odoo is the world’s most customizable, reliable, and advanced open source ERP Solution offering more than 3000 business modules ranging from CRM to SRM. It comes with advanced architecture that makes it the best fit for small as well as large organizations. OpenERP now known as Odoo is specially designed to serve various industry verticals including Manufacturing, Telecom, Trading/Distribution, Professional Services, Retail, Education, and many others.