Not all events that disrupt normal business activities are bad. While managers may fret about outside influences that call for additional accounting or adjusted project performance; flexible data solutions can alleviate some of the stress associated with obstacles or distractions.
As Thanksgiving approaches, businesses get a chance to put their ERP services to the test. A consistent software solution that integrates numerous datasets and provides convenient functionality helps managers and employees enjoy any holiday, no matter how disruptive it’s proven in the past. Here are three ways Thanksgiving may alter normal business practices and how ERP solutions can help:
1. Give thanks for tax breaks
ERP solutions help businesses track the numerous financials involved in the supply chain. Besides information on supplier costs and consumer payments, a consistent data management strategy helps employees account for factors like sales tax. When certain events and holidays arrive, companies need real-time solutions to accommodate temporary demand changes.
Avalara, a sales tax compliance solution, listed numerous Thanksgiving purchases that may be eligible for reduced or increased taxes dependent on type of product and service. Most states offer traditional Thanksgiving food fare without sales tax, but not all. A few states will tax prepared foods like premashed potatoes and ready-to-go pies. When consumers have food delivered for their holiday feast, the condition of preparation could dictate the taxes paid.
If companies sell food products, they need to track how much the customer pays for the merchandise in each state and record sales tax accordingly. When businesses prepare their own Thanksgiving festivities, keeping an eye on how much the state will request for purchases is important for accurate accounting records. Adding sales tax compliance features, like the ones provided by Avalara, to ERP solutions provides automatic solutions to tax considerations as business operations move across geographical locations and change for certain seasons.
2. Home for the Holidays
Employees will probably want to travel during holidays. Many managers and workers will request extra vacation time or try to work from different locations to spend as much time as possible with loved ones.
ERP solutions allow companies complete oversight of business activities. An ERP solution like Microsoft Dynamics SL provides functionality specifically designed for project management. Supervisors can calculate the resources, finances and personnel needed to complete operations. Total oversight of data allows managers to accommodate employee demands. Projections built on complete information records help workers see what they need to accomplish before they can take time off.
When employees work from home, the mobile performance of Microsoft Dynamics SL helps them stay productive in any location. The Microsoft Dynamics SL community highlighted the solution’s time entry features. Employees can stay on schedule no matter where they are.
3. A time to share
Manufacturers and retailers see certain holidays as a chance to give back to their communities. Participating in Thanksgiving charity drives is a great way to demonstrate an organization’s positive influence on local events. Charitable donations are good for a variety of needy causes; they can also provide a company with tax breaks and great public relations.
BizFilings said a company shouldn’t just donate products and money to any organization. First, a company should make sure the charity qualifies as tax-exempt. Second, the business has to determine the value of the contribution. This is simple for cash donations, but if a manufacturer donates products, ERP data helps determine market price. Finally, records have to prove the value and amount of the contributions charities received.
Businesses have to track donations just as carefully as any business expense in ERP solutions. ERP solutions provide companies with a complete overview of all the data that goes into participating in any holiday or event.