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Reasons Why Odoo Is The Best ERP For Small & Medium Level Businesses

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Robust technological advancements have brought about a sea of change in the IT market. Almost every company is on a run to keep in pace with these updated trends. Their main motive is to stay in the competition, get high rankings on SERPs, and manage business operations with productivity and ease. Today, an ERP for small businesses has become a must to execute their daily tasks through a single, integrated suite of applications like the ERP system.The Odoo Enterprise Resource Planning system is one of the key tools in managing the core business functions of both small and medium-sized businesses. It does so through streamlining and automation. The modular structure of functioning takes care of every aspect – from order processing, production management, inventory and warehouse management, sales and purchase tracking, shipment tracking, managing finances, and more. It professionally supervises business resources and improves production, revenue, organises orders, sales, ROI, manufacturing capacity, employee management, etc. It also ensures that communication is maintained between all employees and across all departments.However one of the best things about using an ERP for small business is that all these functions and tasks are done via a single dashboard control with built-in analytics and data sharing options. This further encourages collaboration and harmony across all departments of the company.What are the numbers?With several affordable ERP solutions available now, small businesses are also using it for their rapid and progressive business growth. The data below speaks about it all -

Approximately 53% of small businesses today prefer an ERP solution along with CRM as their priority investments.

As per research, 65% of the SMEs are already taking ERP consultation services.

96% of the emerging small businesses excelling in their respective industry verticals are found to rely on some ERP solution.

Small businesses using an ERP software solution are able to make decisions in 36% less time now.

SMEs, which are currently working with reliable ERP service providers are found to save 21% time in performing business operations.
An ERP software solution is implemented and integrated into each and every department of a business no matter what their size and category are. Implementing and integrating an ERP software solution entails strategic and careful planning to minimise the risk of work failure and to make sure that each and every business goal is adequately met.But the process of successful ERP implementation needs the efforts and expertise of reliable ERP consultants. A successful ERP implementation is possible after a standardised integration blueprint along with the involvement of the ERP experts. Any business, no matter the small or medium level can get real-time ROI with the properly executed and strategic implementation of a feature-rich and popular ERP software solution like Odoo.Odoo: The Ideal Choice for Small Business Odoo is now the most preferred ERP solution for every small and medium level business. It comes with robust and intuitive features that SMEs can leverage for managing different business verticals like manufacturing, retailing, trading, and so on. Moreover, businesses do not have to pay any license fee, which makes it a cost-effective option for the SMEs as well.Odoo ERP is open-source and flexible and also customisable as per the business requirements and workflow. Its well-structured methodology delivers upgraded software solutions to match and meet business objectives so that the ultimate productivity level can be achieved. Moreover,small and medium level companies also need a powerful customer relationship management system and this is where Odoo comes to the rescue. With its in-built module, it upholds the capability of resolving the queries of the customers instantly tending to offer the maximum user satisfaction and user retention.You must integrate and implement the ERP into your business system to ensure efficiency and increased productivity. An ERP like Odoo allows you to reach the highest peak of success, paving more ways for futuristic growth and expansion. The smaller businesses take one step forward with the support of this application suite, hence the advantages of the Odoo ERP is indisputable.Odoo: The One-in-All solution So, what makes Odoo the best choice of ERP for an SME? The answer is its modularity, affordability, ease of use, flexibility, and accessibility. Your business, even if it is a small-level one, can deploy this ERP effortlessly.As open-source software, Odoo comes with a rarefied interface that gives you complete control over the business processes, therefore governing your business system and workflow. If you compare Odoo with the other ERP options available today, you can find that this is undoubtedly rich in features and functionalities.Here are the key reasons why Odoo is the best ERP for small business today.

A Comprehensive and Cohesive Application

All businesses run on the basis of a distinct set of operations like accounting, customer relationship management, sales and purchase orders tracking, human resource management, warehouse management, and more. While a majority of the organisations manage these by using multiple software applications, it becomes expensive and haphazard for the company instead.For the SME’s, being unable to afford this huge investment, they start relying on multiple vendors and software solutions to take care of these operations. But with the Odoo ERP software, these small businesses are now benefitted manifolds. With various features, functionalities, apps, and modules, it stands out as the best choice with everything under a single platform.Odoo comes with thousands of modules and a complete suite of applications to cover all business operations. This ERP encompasses different modules like inventory module, CRM module, accounting module, human resource module, manufacturing module, and more for almost all business processes. Odoo’s application store comprises thousands of apps catering to different operations of small and medium level businesses.

Extremely cost-effective

Investment or the cost factor is always a matter of concern for every small and medium-level company. Often, because of the restricted budget, the SME ignores the need for an ERP implementation. ERP software solutions like SAP, ERPNext, Oracle, and Microsoft Dynamics charge a huge amount of cost. But unlike these, Odoo streamlines the business process and fulfils almost every major business requirements at affordable prices.With Odoo ERP, you won’t have to pay any license fee. The installation charge is also very nominal. The community version is also very cost-effective. Overall, this ERP is the most affordable solution for every business today and is the perfect choice for the SMEs. It ensures maximum ROI, easy business management, and a smooth workflow.

Easy availability

Odoo is easily available and is free to download. This is again the reason to choose this ERP instead of the other models available in the market today. It is suitable for every business need, especially for the SMEs. Also, with Odoo, you can easily check the suitability and requirements of features and functionalities so that it can appropriately take care of all your vital business tasks.

Simple integration and implementation

Odoo is an API-friendly ERP software and is pretty simple to integrate and implement. Odoo reduces the probability of untimely behavioural changes that every small business goes through. In addition to this, Odoo ERP has a modular structure, which makes it a great choice for the SMEs. The small and medium-level businesses can begin with implementing the basic modules as per the requirements. Gradually they can progress with customising and including more modules for better performance results.

Highly modular

Odoo comes with thousands of modules, which can be operated and integrated according to the business requirements. It is easy to use these modules and implement the same for managing the business right from warehouse management to sales, orders, shipping, manufacturing, eCommerce, trading, finances, human resources, customer relationships, and more. And the best thing is that all these modules are fully customisable.

Open-source

Odoo is an open-source ERP software solution, which makes it easily accessible to all. Because of the open-source nature of the ERP, you can access the codes and modules any time as per your interest. This is again another significant advantage of using Odoo as the ERP for small business.

Streamlined UI

Navigation is quick and simple in the Odoo ERP because of the streamlined and robust laid out interface. As compared to the other ERP options, where the UI tends to be complex and cluttered, Odoo stands out as the best with a simple UI and allows easy execution of functions.

Maintains transparency

The transparency maintained by Odoo cuts down the need to export or re-enter data, resulting in fewer glitches, errors and leading to flawless business performance. It increases productivity, which is an important aspect of every small and medium level business. It also reduces the investment in human resources, thus automating every business operation at the same time.

Quick decision-making

Real-time data offered by an ERP like Odoo proves to be advantageous for business marketing and management, accounting, etc. It enables the business to make quick decisions on vital matters thereby reducing the overdue of deadlines.

Increase the overall productivity

One of the major reasons to choose Odoo ERP for a small or medium-level business is a huge increase in overall productivity. For every SME, this is a significant factor. An increase in productivity is the main objective of all growing ventures. And this is what Odoo guarantees to offer. With Odoo, transforming several features of the business and overcoming some major challenges faced during business growth, becomes easy.

Streamlined data

When an SME chooses to get ERP software like Odoo implemented into their business system, mainly because of the benefit of obtaining a streamlined data flow. For instance, the financial data of a business needed by the inventory department of the business can be a little tough to get hold of. But, with Odoo ERP software, it becomes easy since all the official data and info are available to every department and employees.

Improved communication and collaboration

Integrating an ERP for a small and medium level business can result in a vast change when it is all about communication and collaboration between different departments of work. Lack of collaboration and poor communication often results in unavailability and inaccessibility of data. Of course, no growing business would want this to happen. This is the reason why choosing an ERP software solution like Odoo becomes highly important.ConclusionSo, all these reasons make it essential for small and medium-level businesses to look for an expert and reliable Odoo consultant so that they can get the ERP implemented. A streamlined and smooth workflow with increased productivity and revenue is what every SME wants and Odoo ensures the same fitting for all companies. Whether you are running small manufacturing, trading, textile, eCommerce, retail, or other business, Odoo always fits your requirement and automates the processes, therefore resulting in faster and higher ROI.

Crypto Currency Vs Fiat Currency

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Crypto currency vs. Fiat currency

Are you aware of the fiat currencies and the crypto currencies? They both are currencies in one form or the other and are open for public use across the world. But they are both different and distinct in their own ways. There is always one group that favors the use of cryptos, while the other has a soft corner for the fiat currencies.

In cashless society- crypto money play a huge role

If you have a look at the market of the 1970s and 1980s, you will find that the cash played the dominant role. But, with the change in the technology, electronic transactions have become the usual norm. Today, more and more people are influenced in becoming the cashless society. With the progress towards the cashless society, cryptocurrencies have a big role to play.

Crypto currency and fiat currency are always at loggerheads

Cryptocurrency and fiat currency are popular types of digital currency, especially when it is about an online transaction. They both are currencies currently in use in the market but have some differences in them. There is a hell lot of hypes that you will hear on a daily basis comparing the crypto money and the fiat money. This article will highlight the difference between the two in a more comprehensive and clear manner.

Differentiating in what the currencies stand for

Before going for the difference between the two, you must understand what do they stand for and how are they are defined.

The fiat currency is a legal tender that has the support of the central government, and it operates in the physical form. For instance, US dollars, British Pounds, Euro etc. On the other hand, the crypto currency is a non-legal tender, and doesn’t have any backup from the central government or bank.
Hence, the difference between crypto currency and fiat currency is noted as follows:

• Crypto-currencies are decentralized and global in nature. There are no one entity or government that controls the currency with their laws and regulations. The Fiat currency is centralized, under the control of the laws and regulations of the banks and government.

• Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence.

• There is a limited supply of crypto-currencies with a maximum set of them getting supplied in the market. Whereas, the fiat money has an unlimited supply as the government and bank are entitled to produce coins and paper money whenever the situation is required.

• The Bitcoin and other crypto type currencies are created by the computers, while the fiat currencies are issued by the local government and the banks.

• Cryptocurrencies are presented as the public and private code pieces. On the other hand, the fiat currencies are presented in the form of coins and paper money.

• The value of the crypto currencies is not recognized by the supply and demand of the market. Whereas, the fiat currency value is determined by the market regulations of supply and demand.

The different types of crypto and fiat currencies

In the last one decade, the popularity of crypto type currencies has emerged as a huge success. It was in 2009, when Bitcoin was first introduced, and years after several other types of crypto currencies have emerged. Starting from Litecoin. Dogecoin, Ripple to the Dcash and Zcash, there is a plethora of them. On the other hand, the fiat currency has a rich and ancient roots, with the Great British Pound, that dates back to 775 AD. It is considered as the oldest currency in the world that is still in use.

The differences in the anonymity between the two currencies

When you are using the fiat currencies, you need to undergo a user identification or verification process. You are asked to upload a recent picture of yourself and some of the required documents to be issued as per the public authorities. You don’t need to undergo any of the required processes with the crypto currencies. Though your personal information and confidential details don’t get public, but all your transactions are recorded and tracked in both the fiat and the crypto currencies.

Fiat currency vs crypto currency: transparency level

• The transparency level with the crypto type currencies are considered to be more. This is because the revenue streams are displayed in a public chain. Everyone can witness their own and others’ transactions.

• The fiat or govt. currencies are not transparent, as there are not public chains to see the revenue streams of the people.

A comparative historical roots

If you compare the crypto money with that of its counterpart, fiat or government currency, you will find that their existence and creation brings the difference. The Fiat or government currency, dates back its existence as early as 775 AD with the introduction of the Great British Pound. This is why fiat type currency is easily accepted by the people all over.

On the other hand, the crypto coin was perhaps first introduced only a decade ago, with the introduction of Bitcoin in 2009. The challenge that the Bitcoin and other crypto currencies face is catching up with the immense popularity and increasing fan base of the fiat currency. Crypto currency, is no doubt gaining importance and popularity in the economic market, but it has still not been accepted widely in the society as the fiat currency.

A comparative history of the two currencies:

• It was in the 11th century, when the Chinese Song dynasty was perhaps the first one to issue the paper money. It was not allowed to exchange with valuables like gold and silver or silk.

• There were Tally sticks that were introduced as a fiat or government currency. 1100 Tally sticks were introduced as a combat for the shortages in gold.

• 1971, was the year, when the fiat currency received a worldwide recognition. President Nixon introduced it in order to eliminate the dollar pegging system to gold.

• It was in 1998, when the idea of an anonymous electronic cash system emerged by Wei Dai. Bitgold-the very first crypto currency was created by Nick Szabo, but it didn’t receive as much attention as Bitcoin.

• In 2009, Bitcoin was introduced in the market, that became the first crypto currency that was accepted across the globe. In 2011 and after, a series of several other crypto currencies were introduced. Some of the popular ones include, Litecoin, Dogecoin, Ethereum, Ripple, Zcash, Dash and so on.

The traits of both the currencies

The potential of the crypto type currencies and fiat currencies, accessing their traits is important. You will find that in some of the criteria, Bitcoin and other crypto currency is superior than the fiat or government currency, and in some cases, the latter surpasses. It is absolutely your call to choose the type of currency (crypto type currency or fiat type currency) based on your personal needs and requirements.

Let us compare their traits with respect to certain factors.

• Both the crypto coins and fiat type currencies are interchangeable in nature.

• As per the portability is concerned both the currencies secure more or less the same position.

• With respect to the non consumable criteria, crypto currency and fiat type currency have the equal status.

• Crypto type currencies have high durability as compared to the fiat-currencies that have moderate level of durability.

• Both the crypto or virtual currencies and the fiat or government currencies ensure secure and safeguarded transactions and exchange.

• Crypto or digital currencies are highly divisible in nature. On the other hand, the fiat type currencies are moderately divisible.

• In terms of the transaction process, the crypto currencies are easy and hassle free. Whereas, on the other hand, the traction process associated with the fiat currencies are easy, but not like the cryptos.

• The crypto based currencies are decentralized and global in nature, unlike the fiat currencies that are centralized and functions under the laws and regulations of the government.

• The crypto based currencies have high scarcity, where as, the fiat currencies are unlimited as the government can issue coins and paper money whenever there is a need.

• The crypto based currencies are based on mathematical algorithms, and are programmable. The fiat currencies are not at all programmable.

• The fiat currencies are sovereign in nature, while the crypto currencies are not.

The process of the functioning of the currencies

You can find the significant differences between the crypto or digital currencies and the fiat currencies with the way they both operate and the transaction process that take place. They are contrasting in nature. The transfer of money using the Bitcoin is very quick, and you absolutely don’t need any third party association.

On the other hand, if you are involved with the money exchange using Fiat type currency, a mobile wallet is in use. You can exchange an amount of e-money that gets transferred into the equal e-value amount. Both the fiat and the crypto currencies enable you to purchase everything that you desire. But the processes involved are absolutely distinct from each other.

Depending on the things you purchase, you will find that one currency form is better than the other. This is absolutely your choice.

Is Bitcoin, a crypto currency better than the fiat-currency?

The long term benefits and the capability of the Bitcoins is still not established. But it has been predicted by the crypto currency gurus and experts, that they will go a long way, especially revolutionizing the way the online transactions are done. In the current market, the Bitcoin is mainly included in the online casinos and the gambling, but it is not limited to it.

Furthermore, when you compare the fiat currencies, the Bitcoin allows you to seize the power and authority from the banks and the government since it is not controlled. The cryptography based currency has the capability to create or come up with the free market capitals. Fiat currencies are affected by the inflation and the changes in the market, unlike the crypto based currencies. Such aspects make individuals believe that cryptograph based currencies will soon take over the mainstream currencies and bring a transformation in the way the money is used.

Why is Bitcoins considered to be a better aspect than the fiat type currencies?

• Bitcoin gives you the opportunity to re-create a free market capitalism.

• The power of controlling the money is absolutely with the individuals, and not with the banks like the fiat type currencies.

• When there is an inflation, the Bitcoin is not affected. But the Fiat type currency will be easier to lose and get affected by it.

• The Bitcoin currency is easy easier to exchange and transfer as compared to the fiat or government currencies.

• The transaction fees involved with the Bitcoin are way cheaper and easily affordable.

Crypto currencies seem to be a favorable option among the people

The fiat type currencies are the centralized and legal way of exchanging money. But, the crypto currencies have acquired immense popularity in the past few years. There will never be anyone who would act as a middle man, like the case with the banks. Moreover, the cryptos are way cheaper and less expensive that the conventional fiat currencies.

Send money anywhere directly without waiting for the bank’s approval

You can send money to anyone in the world directly, and it is super fast. The money gets cleared within a few minutes time. You don’t have to wait for the traditional clearing and verification processes of the banking systems, which might take up to several days to get a clearance. Since it is decentralized and doesn’t come under the law and regulations of the government, nobody has any power to do anything with your account.

The blockchain technology has a very big role to play

Thanks to the crypto currencies, that gives us the power and the authority to become our very own bank, and take control over our finances. It is because of the blockchain technology that offers a higher level of sophistication while dealing with the finances. In fact, there are some mainstream financial industries that have started incorporating the idea of the technology.

Are You Choosing the Right Stock Market Advisory Company

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What do you do if you want to learn driving a car? You will try to find an expert teacher, isn’t it? You do not want to avail the services of a novice individual to help you out, but a professional person can provide you the vital tips and most importantly guide you efficiently. Similarly, when it comes to investing in the stock market for the first time, you require a knowledgeable advice to attain your financial goals and get profitable returns.

If you are a beginner, then it is quite obvious that you may be having no information about the process of buying the right shares in the market. In such a situation, getting the right tips from an experienced financial advisor or a registered advisory company will truly prove to be a great blessing in disguise. However, there are some of the important things that have to be kept in mind while choosing the top stock market advisory company, which are as follows:

How much assistance do you actually require?

Before you make up your mind to hire an advisor, it is imperative that you must first decide about the kind of service you require from them. You may need their help at the beginning or during the time of any issues. This is because an advisor has to formulate a map according to your requirements. Hence, it is suggested to ascertain your needs first and then take further action.

Choose a top ranked advisory company

It is a very important point that has to be taken into the consideration. Availing services of the well known advisory company or a financial advisor is an absolute necessity. Make it a point to carry out a proper background or research work about the company. Check out their credentials, reputation, experience, etc before hiring them.

Asking for a sample financial plan initially makes sense

When hiring a financial advisor, then do not forget to ask for sample plan first. It is imperative to note that there is no such thing called the perfect plan. A sample plan will help you to determine whether an advisory company is actually making sense according your requirements or not.

Conclusion

The financial planners or advisory companies can really turn out to be the greatest asset for you if you choose the best one. They are just like the professional sailors who can help you out to sail through stock investment related problems quite efficiently.

Deepak is a financial advisor who likes to provide quality tips to the people facing any issues with regard to investing in the stock market. He likes to keep himself updated about the stock market by reading articles, news and blogs, etc.