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Best Open Source ERP Software for Chartered Accountants in 2019

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Businesses all over the globe are working hard enough to provide products, services and solutions to consumers both B2C and B2B. The spend on IT infrastucture is really a worry for small to medium businesses (SMB) which always have to save costs to compete with bigger players.

This is 2019 and you don’t have to splash out a hefty amount of money on enterprise resource planning (ERP) system. Oracle and SAP may dominate the field, but there are plenty of free, open source ERP options that can help get your business in shape.

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Before we dive in, a word to the wise: putting an overloaded and commercial ERP such as SAP in place is a headache. Most implementations go over budget, take too long, don’t deliver on the plan, and just generally make businesses miserable.

Don’t fall into those camps. Having a clear plan, a clear problem, and clear goals is the recipe for ERP success. Even a FREE ERP costs your business time and money.

Following are some of the best ERPs in 2019 suitable for Indian Subcontinent markets of India, Nepal, Srilanka, Thailand, Myanmar, Bhutan; South East Asian markets of Malaysia, Indonesia, Singapore, Phillipines; Middle East markets of UAE, Saudi Arabia, Egypt, Iran, Oman etc.

GNUKhata

GNUKhata

Khata in Hindi language means Record. GNUKhata is a free and flexible software for accounting and inventory management. It is being developed by Digital Freedom Foundation.

It is a Free and Open Source Software that supports a wide range of applications in every field of economic activity, including wholesale/retail trade and service sector. It is also best suited for startups and most of its features can be used without accounting knowledge.

Unique Features of GNUKhata

  • Open source = free out of the box.
  • Easy customizations based on your business needs.
  • Features like dual ledgers highly appreciated by auditors and other users.
  • Zero installation for end users. That means it can be deployed even on a small network with only browsers required to use on client machines.
  • Generate your Invoices/Bills while accounting happens automatically. This helps you generate important reports such as Profit & Loss, Sales/Purchase Registers etc without complicated accounting entries.
  • GST Compliant.

What problems GNUKhata can solve for your business

  • Extremely affordable.
  • Can work on a single machine or network with just a browser required on client terminals.
  • Data access with minimal clicks.
  • Completely keyboard driven with accountants in mind.
  • Serves organizations like NGOs who have different accounting needs.
  • Preset user profiles to choose for inventory or service sectors with or without invoicing facility.
  • Helps tracking payments for bills easily.
  • Extremely fast, unique and easy way of closing books and roll over at year end.
  • Comparing 2 ledgers with the unique dual ledger facility.
  • Cloning vouchers easy during bulk transactions with a list of debtors or creditors.
  • Automates accounting for you while you trade.

GNUKhata runs on Python, PostgreSQL technologies exposing REST API in JSON format for 3rd party apps. Which makes very easy for developers to build custom apps on top of GNUKhata API.

Related Article: Best Chartered Accounting Practice Management Tools in 2019

ERPNext

ERPNext

ERPNext is the world’s best 100% open source ERP. It is used by more than 5000 companies across the world.

100% Open Source and FREE (All Features)

Today, small and medium-sized businesses (SMEs) also face some of the problems that large enterprises do. One of them being planning and managing their resources. SMEs face similar complexities but have limited resources to deal with them.

Small businesses (like their bigger counterparts) have to:

  • Do accounts to track their sales/purchases.
  • Do their taxes.
  • Pay their employees.
  • Manage deliveries within promised timelines.
  • Deliver quality goods and services.
  • Communicate with customers, answer their queries.

Large enterprises invest millions of dollars in highly sophisticated systems like SAP.

In contrast to large enterprises, SMEs have been left out of the 1st wave of digital revolution (1995-2015). > The main reason for being left out is because they don’t have the financial resources to license, hire programmers and customize such software to match their needs. Systems like SAP have been a no-go for most SMEs. Such systems need a minimum CAPEX or OPEX layout of $100k (Yes, One Hundred Thousand Dollars) and upwards.

Even with cloud offerings (Software as a Service, SAAS) from such vendors, there is no easy Do It Yourself (DIY) people can feel confident about.

So even today, small businesses continue to struggle to keep things organized. They often use a mix of applications and tools such as spreadsheets, accounting software, web-based CRMs to manage their day to day record keeping. As a consequence, they have to access different systems to understand customers’ master data, sales, cash flows, or profitability. The information exists in different silos. It becomes hard to combine the data in order to get useful insights or alerts. This leads to SMEs being reactive instead of being proactive in their day to day operations. With such a constrained way of working, there’s limited scope for growth.

ERPNext addresses some fundamental problems SMEs struggle with when managing their resources:

  • Affordability: It is a Free and Open Source Software, freely available to download and install.
  • Completeness: All necessary modules are available Full List.
  • Customization: It is easy to add fields, or add more features.
  • Efficiency: Computing requirements are relatively low (cheaper to host and manage).
  • Wholesomeness: A single system and database that allows multiple users to record transactions or extract data simultaneously.

ERPNext is World’s Top Rated Open Source ERP as Rated by Gartner published “ERP Frontrunners”.

ERPNext is World's Top Rated Open Source ERP as Rated by Gartner published "ERP Frontrunners"

So, what is ERPNext?

ERPNext is a full-featured business management solution that helps SMEs to record all their business transactions in a single system. With ERPNext, SMEs can make informed, fact-based, timely decisions to remain ahead of the competition. It serves as the backbone of a business adding strength, transparency, and control to your growing enterprise.

ERPNext will help you to:

  • Track all invoices and payments.
  • Know what quantity of which product is available in stock.
  • Identify and track your key performance indicators (KPI’s).
  • Identify open customer queries.
  • Manage employee payroll.
  • Assign tasks and follow up on them.
  • Maintain a database of all your customers, suppliers, and contacts.
  • Prepare quotations.
  • Tracking your budgets and spending.
  • Determine effective selling price based on the actual raw material, machinery and effort cost.
  • Get reminders on maintenance schedules.
  • Publish your website.

ERPNext runs on Python, Javascript and has REST API, Android and iOS mobile applications.

Other Open Source ERP

There are few other open source ERP solutions also available BUT they are NOT fully 100% FREE and Open Source. So under their FREE licenses you miss a lot of useful features.

A few of these are :-

Odoo

It is Made in India BUT built for American and European markets primarily.

Openbravo

Primarily for American and European markets.

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