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Last updated January 1, 2020 By Ankush Das 32 Comments
Accounting software is a necessity when it comes to managing billings, debts, stocks, invoices and any other kind of financial transaction. You might require something for your personal finances or perhaps for enterprise-focused accounting software. No matter what, it is important to consider open source solutions available (especially being Linux enthusiasts).
So, in this article, I list out some of the best open source accounting software that I think would come in handy for you. At the end of the list, feel free to suggest your favorite ones in the comments.
Note: The list is in no particular order of ranking.
Key Highlights:
Skrooge is one of the most useful personal finances manager by KDE. It is originally tailored for the Plasma Desktop but other desktop environments are compatible.
Supports most of the basic features (reporting, budgeting, etc.) and allows you to work on some pretty big data sets.
Key Highlights:
Akaunting is an interesting online accounting software that’s available for free. Yes, surprisingly, there’s no hidden subscription charges or additional upgrade options. It is totally free. If you are looking for a FreshBooks alternative, you should give it a try.
Ranging from invoicing to managing deposits and transfers. A whole lot of features. You can either utilize their hosting (again, it is free!) or host it yourself. It’s fit for both personal and enterprise needs. Try it out!
Key Highlights:
We’ve already mentioned this in our list of best open source CRM software. Apache OFBiz is an impressive open source solution that incorporates an ERP system and a CRM suite for various types of requirements.
It’s completely free – however, you will have to host it yourself (or just hire someone to do it). In addition to all the basic features needed for accounting software, it lets a developer extend/enhance features easily while being a Java-based web framework.
Key Highlights:
Originally based on ADEmpiere ERP. It is a community focused accounting software maintained by an active group of people. iDempiere aims to utilize technologies like Apache Maven to provide a business suite ERP/CRM/SCM.
There’s a ready-to-use Virtual machine available to download. In addition, you can utilize it on Windows or Linux.
Key Highlights:
Openmiracle is a quite popular open source and free accounting software. There’s no premium plans to it. So, you can utilize all the power and flexibility for free.
It features all the necessary options needed in an accounting software. From setting the budget to managing the payroll, there’s a lot of things to explore.
Key Highlights:
GNUCash is a great open-source financial accounting software to manage stocks/income/expenses for small business or individuals.
From reports to quick calculation features, it has a lot to offer. And, the best thing is – it is available across multiple platforms (including Linux), so that’s a plus.
Key Highlights:
A powerful yet simple open source accounting solution. It has been tailored to small and medium sized businesses. Starting from managing invoices to inventory – you also get the ability to translate (up to 45 languages supported). You can try pre-release version or just get the latest stable build to test it out yourself!
Key Highlights:
We already covered an article on GNUKhata, if you want to dive into the details.
However, it is simple and robust accounting software that is available for free. From the looks of it, the setup is easy and anyone can get used to it. Feel free to try it out and explore.
Key Highlights:
KMyMoney happens to be yet another free and open-source software managed by KDE. You can easily utilize this for managing accounts, transactions, ledgers, and a lot more.
It offers a simple user interface but gets the job done. As you can see in the screenshot above, it appears to be a full-fledged (if almost) solution. You can get it installed from the software center – however, you can also choose to install it from git if you want the latest version.
Key Highlights:
If you might have read about the best open source CRM software, you could have noticed the suite of open-source web apps offered by Odoo.
Fortunately, they also offer something for accounting. If you do not mind paying for accounting software (maybe for your enterprise) while having an open-source solution, this can be your choice.
Try it out or check out their GitHub page to learn more about their suite of apps available.
Key Highlights:
HomeBank may not be a popular choice – however, if you want just another alternative to take a look at, HomeBank is a decent tool.
Just like some others, you can also find it in the software center. However, if you want the latest version installed, you can follow the official download instructions for Ubuntu by adding a PPA.
Wrapping Up
In addition to all these, you can also take a look at Flowlog (which happens to be an open-source solution) – however, it’s in a public beta phase for a year now – so it may not be the most reliable option yet.
Overall, these are our recommended picks for open-source accounting software. If we missed listing your favorite open-source accounting software, let us in the comments below.
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Filed Under: List, Software
A passionate technophile who also happens to be a Computer Science graduate. You will usually see cats dancing to the beautiful tunes sung by him.
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Ankush,
If you are looking for completely free online accounting software then Crunch Free is exactly that and available in the UK:
https://www.crunch.co.uk/what-we-do/online-accounting-software
Unlimited invoicing, expensing, open banking feeds and bank reconciliation!
Thanks,
Darren CEO and Founder
Hm, where the MoneyDance software?
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International Financial Reporting Standards (IFRS) is a financial statement that sets out guidelines for making financial statements around the world credible, transparent and easy to read. The guidelines also outline how companies should handle and report on accounting, reporting types of transactions, and other financial matters.
IFRS set common rules so that financial statements can be consistent, transparent and comparable around the world. IFRS are issued by the International Accounting Standards Board (IASB). They specify how companies must maintain and report their accounts, defining types of transactions and other events with financial impact. IFRS were established to create a common accounting language, so that businesses and their financial statements can be consistent and reliable from company to company and country to country.
IFRS are designed to bring consistency to accounting language, practices and statements, and to help businesses and investors make educated financial analyses and decisions. The IFRS Foundation sets the standards to “bring transparency, accountability and efficiency to financial markets around the world… fostering trust, growth and long-term financial stability in the global economy.” Companies benefit from the IFRS because investors are more likely to put money into a company if the company’s business practices are transparent.
The Ethiopian government has been undertaking various activities to prepare and present credible, transparent and easy-to-read financial reports based on the financial sector. The government set up the Ethiopian Accounting and Auditing Board to lead the sector.
The Board finalized its first five-year strategic plan on July 7, 2020. Leaders of the Ministry of Finance and the Ethiopian Accounting and Auditing Board recently issued a press statement on the progress of the implementation of the five-year plan in collaboration with the reporting bodies.
State Minister of Finance, Dr. Eyob Tekalign, said that one of the tasks that the government has decided and is working to streamline the financial system is to turn the entire accounting system into an international financial system (IFRS). To do this, the Ethiopian Accounting and Auditing Board has been established and a lot of work has been done over the past five years.
Dr. Eyob Tekalign added that many institutions have also started implementing the international financial system. In particular, financial institutions and public enterprises are implementing almost all international financial reporting standards, he said. However, while many institutions are still in their infancy, many of them that should have been started implementing are still in their beginning stage.
As to Dr. Eyob, the board has not been able to achieve the desired results due to various problems over the past five years. He noted in a June assessment that the International Financial Reporting System (IFRS) had not been implemented at the required level.
He further stated that there are internal and external factors that hindered the implementation of the International Financial Reporting System. How to overcome those obstacles and how the Board can implement the global financial system in the future; He said the institutions have been consulted on how to implement it.
According to Dr. Eyob, In order to strengthen the institutions that started the implementation and to enable those who did not start the application to start the application in a short period of time, it has been revised to improve the preparation and presentation of the country’s international financial reporting. The main focus of the review is on how to streamline the implementation of the global financial system by supporting institutions.
According to him, the process of preparing and presenting international financial reports is divided into two parts. These are known as full international financial reporting standards and small international financial reporting standards, Dr. Eyob further explained.
As the entire implementation of IFRS is costly and labor intensive, it should be implemented by large institutions. In the past, the requirements for IFRS implementing institutions were so low that many small and medium enterprises were forced to implement a comprehensive financial reporting system. He noted that even institutions that did not need significant financial services were fully operational and incurred unnecessary costs.
However, according to the revised roadmap and standards, it is clear which institutions should implement the entire IFRS minimum. According to the new amended criteria, high-income, high-debt, or large-scale employers are required to implement a full IFRS.
As detailed by Dr. Eyob Tekalign, there are many benefits to implementing international financial reporting. It saves time, energy and money by preparing various financial reports. It benefits not only companies but also the country in terms of better tax and financial systems.
Chairperson of the Ethiopian Accounting and Auditing Board, Hikmet Abdalla, for her part said that the new roadmap is based on the implementation of the full IFRS and Micro FRS institutions. Large organizations implement full international reporting standards, while small and medium-sized enterprises have been identified to implement IFRSME, which serves small and medium-sized enterprises.
According to Hikmet, there is no set standard set in which institutions in the world should implement the whole and which should partially implement. She noted that there has never been also in the case of Ethiopia. However, given the current situation in Ethiopia, it has been decided which ones will implement the entire IFRS and which ones will implement the smaller one.
Accordingly, the entire International Financial Reporting Unit will be divided into two. These are known as with high public interest and with other public interest.
According to Hikmet, banks, insurance companies, other financial institutions, partially or fully state-owned enterprises, share companies, cooperative unions, regulated consumer associations, regulated Consumers’ associations, charities and associations regulated by concerned bodies and members of the Ethiopian Commodity Exchange with high public interest are included in those who implement the full standards.
Other public interest institutions are that have annual sales of 300 million and more, total assets of 200 million and more, total debt of 200 million and above, and a workforce of 200 and above. Hikmet explained that those which meet two of the four criteria are expected to implement full International Financial Reporting Standards.
Extending her explanation, Hikmet said that the implementation of full international financial reporting requires a lot of work and is expected to be implemented by large institutions. Because they have capital markets in other countries; the largest companies in the capital market are implementing full International Financial Reporting Standards. She noted that there are activities underway to start the capital market in Ethiopia, so that companies that want to enter the capital market will be benefited if they start implementing the full standards of IFRS from now on.
As to Hikmet Abdalla’s detail, four requirements have been set for small and medium-sized enterprises (SMRs) that should partially implement International Financial Reporting. Institutions with annual sales of 20 million to 300 million, total assets of 20 million to 200 million, total debt of 20 million to 200 million and 20 to 200 permanent employees are expected to implement IFRS. In addition, institutions that meet two of the four criteria must also implement the system.
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Hikmet said that all institutions that are required to implement the full IFRS should start implementing it by 2023. Institutions that are required to implement the IFRS SMS for small and medium enterprises should implement by 2024. According to her, all the institutions that have not yet started and need to fully implement have three years to start the implementation and the small and medium enterprises have to start within four years.
Institutions that have started implementation should notify the Ethiopian Accounting and Auditing Board. The board will continue to support and assist in solving problems in the implementation process, she said.
As per Hikmet’s explanation, the revised roadmap improves many things. Ethiopia’s implementation of International Financial Reporting Standards brings many benefits. Many international organizations that want to invest in countries set a standard for the countries whether or not they have started using International Financial Reporting. Institutions that want to invest in Ethiopia are also concerned about what kind of Financial Reporting Standards Ethiopia will use.
Therefore, if Ethiopia begins to address the problems in the implementation of International Financial Standards In the right way, it will contribute to increasing the flow of foreign investment, as well as contribute to the stability of the market and the transparency of the country’s financial system, she said.
Read the original article on Ethiopian Herald.
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The marketplace for platforms is maturing on a daily basis, getting more and more crowded with excellent software tools for a variety of use cases, verticals, deployment methods and budgets. Traditional ERP providers continue to offer (SCM) and (CRM) capabilities that have remained staples to the market since widespread adoption of ERP software began more than a decade ago. However, disruptive newcomers and evolving customer trends are bringing new technologies to the table so that organizations can take full advantage of data.
There are large providers we refer to as ‘mega-vendors’, like Infor, Oracle, SAP and Microsoft. There are also the lesser-known innovators with interesting products that play in niche areas, such as IQMS, Workday, Workwise Software and Acumatica. In an attempt to assist you with what can become a daunting task of selecting the right product, we’ve provided you with the top free, open source ERP options that can help get your business in shape.
If you find this helpful, be sure to check out our ERP Buyer’s Guide, which features key capabilities to look for before purchasing, steps to take before implementing the ERP tool, a comprehensive overview of the market, and full, one page profiles of the top ERP vendors, including our “Bottom Line” analysis.
Odoo’s distinction is that the whole system revolves around a collection of apps. The software has apps to cover everything from warehousing, manufacturing, and sales channels, to timesheets, websites, and purchasing. Odoo offers one application for free for unlimited users when hosted online, and adding additional apps will typically run you from $12/month-$72/month depending on the app. However, if you install and maintain the software in house, Odoo is totally free.
More information.
iDempiere is a full-fledged ERP, with everything from invoicing to POS integration to warehouse management to forecasting. The software provides just about everything an ERP could, including product planning, warehouse management, and payroll, among many others. While iDempiere is open source, installing an ERP is never truly free. iDempiere, like most open source programs, relies on community support for troubleshooting. Businesses may also call in specialists with experience in iDempiere.
More information.
Designed for small and medium-sized businesses (SMBs), ERPNext is presented as a series of apps. It has been recognized as one of the world’s best open source ERP and is backed by the not-for-profit ERPNext Foundation. ERPNext’s user-friendliness means that it’s easy to set up, using simple forms to enter information about your business and walking you through the whole process in typical setup wizard style.  ERPNext is free for five users when hosted online, or free for any size business when installed on your own servers.
More information.
Dolibarr ERP & CRM is a modern and easy to use software package to manage your business. It comes with  everything an ERP needs, including accounting, CRM, HR, and inventory modules. If you want to expand functionality into the weird or incredibly specialized, Dolibarr offers apps through its Dolistore—you can also just build your own, if you’re so inclined. Dolibarr ERP is a great option for businesses with in-house tech teams and those that want to be a part of a bigger ERP community.
More information.
PostBooks is the free and open source core of xTuple’s full-featured ERP and includes accounting, sales, customer and supplier management, inventory control and light manufacturing. Built for flexibility, xTuple can run in the cloud or on a local server and offers multi-platform support for Windows, Mac, Linux. xTuple is flexible enough for a range of businesses and industries of any size, especially manufacturers in make-to-order, make-to-stock and mixed-mode and industrial and consumer wholesale distributors. The free version also makes add-ons available such as a real-time business-to-business (B2B) eCommerce / Sales & Service Customer Web Portal.
More information.
MixERP is a blend of minimalist design and powerful ERP apps and modules designed for small businesses. It is free and open source, built on the ASP.net framework. In its free iteration, you manage hosting and upgrading, but you’ll have access to support for $49 per issue. It’s a nice mix between do-it-yourself and complete outsourcing. The free version comes with it all, including inventory management, sales management, accounting, and HR tools to keep your business running smoothly, however, it does lack manufacturing and payroll management options.
More information.
Metasfresh is a friendly-fork of ADempiere 3.54 with all the advantages of open source software development, enhanced by a variety of features for the wholesale and fresh produce sector, with services such as quality assurance, training, warranties and planning reliability for customers. With an unlimited number of users, metasfresh is royalty-free and can be installed for and used by as many users as you need.
More information.
webERP is a complete web based accounting and business management system that requires only a web-browser and pdf reader to use. It has a wide range of features suitable for many businesses particularly distributed businesses in wholesale, distribution and manufacturing. When combined with a 3rd party interactive desktop Point Of Sale system it can also form the hub of a dispersed multi-branch retail management system. A fully integrated webSHOP is also available as a 3rd party add-on. webERP is as an open-source application and is available as a free download to use.
More information.
Looking for more? Download our ERP buyers guide for free and compare the top-24 products available on the market with full page vendor profiles. The guide includes four key capabilities to look for in an ERP solution, plus five questions to ask yourself and five questions to ask the software provider before purchasing. It’s the perfect resource for anyone looking to find right ERP for their business/organization.
And don’t forget to follow us on Twitter, Facebook and LinkedIn for all the latest in the ERP space!

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A key component of accounting is knowing how much you are spending. If you don't have a handle on your expenses, you never know whether your business is making money. That's where cost accounting comes in. Cost accounting is centered specifically on the costs associated with running your business. Before you can dig into cost accounting, it is important to understand what it is exactly, the different types of cost accounting and the benefits of this type of financial tracking.
Cost accounting is a method of accounting that focuses purely on a business's costs – both fixed and variable. Using the cost accounting method, companies track all of their costs and allocate them to individual processes or units of production, allowing managers to better understand the economics of their business's activities.
Cost accounting is especially important for businesses that manufacture and sell at scale and/or have diverse product lines, as these companies have many costs associated with manufacturing, packaging, and distributing their goods. For these types of businesses, accounting for costs is critical to accurately calculating profit margins, as well as budgeting, forecasting and identifying efficiencies. [Read related article: What are Accounting Standards?] 
Editor's note: Looking for the right accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
More than other types of accounting, cost accounting gives companies a comprehensive view of their costs. Cost accounting tracks all of a company's costs associated with its offerings and allocates them to specific products or activities. Whereas in financial accounting, costs appear as just one- or two-line items on a budget, cost accounting lets businesses break expenses down to see exactly what is driving costs. This can provide better insights into what the company can do to cut costs and increase profits.
After all, there are only two ways for companies to make more money: They can either increase sales (which is largely beyond their control), or they can cut costs (which they have greater control over).
Not only can you understand the total costs involved to produce your products, but it can be easier to spot instances of overcharging by vendors. Additionally, your company may be able to find efficiencies that allow you to save money.
Some of the benefits of cost accounting include the following:
Additionally, cost accounting can also help business owners make sure they capture all of their tax-deductible expenses.
Did you know?  All of the top accounting software programs allow you to identify individual costsand assign them to specific product lines or break them down by unit.
When using cost accounting, it is important to understand the different types of costs.
 
While these are the four most common categories for grouping costs, there are other types as well, such as semivariable. In addition, some costs fall into multiple categories, or they may fall into different categories depending on an individual company, the industry it's in and how it operates.
Fixed costs don't change based on a company's level of production. These costs include items like rent, mortgage payments and salaries for administrative personnel. Fixed costs are significant, because they don't stop if managers temporarily halt production. Some fixed costs don't stop even if a business folds.
A company's variable costs are those that change based on the company's level of activity. For manufacturing companies, for example, each additional unit of production requires purchasing more raw materials.
Variable costs are significant for a company because they are marginal – each additional unit of production adds more cost to the company. These costs can often be lowered through bulk discounts or other breakpoints.
Operating costs include the expenses involved with running a facility (marketing and utilities are prime examples); it doesn't include costs that are directly tied to production.
Operating costs can be fixed or variable, but they're generally costs that companies need to pay to stay in business – even if they aren't producing anything.
Direct costs are those that a company can tie directly to the production or distribution of a particular product. For example, if you run a manufacturing company, direct costs include the labor hours for manufacturing a product, along with costs for running equipment to manufacture that product.
Direct cost is significant because it is the easiest of the four types to allocate to specific activities or product lines, though it's not usually the easiest place to find cost savings.
Key takeaway: When using cost accounting, it is important to understand the different types of costs, including fixed, variable, operating and direct.
Within cost accounting, there are several subtypes. Each of these is used by different types of companies or for various purposes. For example, lean cost accounting is for manufacturing companies implementing other lean practices.  
The four main types of cost accounting are:
Cost accounting focuses purely on a business's costs, while financial accounting combines this information with other items, like revenue, liabilities, and shareholder equity, to provide a comprehensive look at a company's finances.
Both cost and financial accounting are used to track elements of a business's finances. This data helps guide company strategy, including informed decision-making. However, while cost accounting focuses on tracking costs and allocating those costs to specific offerings or activities, financial accounting tracks all aspects of a company's finances. Financial accounting includes cost accounting, as well as other elements – such as income, liabilities, and equity – which it combines to provide comprehensive reports and insights into the company's financial circumstances and future prospects.

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erpnews.com » News » Businesses Have to Be More Agile Than Ever
Posted by Yagmur Sahin on March 25, 2022

Coping with the effects of changing market conditions is critical for businesses today. Businesses that need to be more agile than ever before are turning to industry-specific solutions, to achieve the agility required by an end-to-end industry value chain. But does an industry solution offer businesses protection against changing global conditions? Can it provide the flexibility and dynamism they need? If you are looking forward to knowing the answers to these questions, our interview with Jason Schaps, head of Cloud -RISE at SAP for SAP North America, is just for you!
Sure, I’m the head of cloud/RISE with SAP for SAP North America, which essentially means I am responsible for creating a comprehensive and cohesive go-to-market strategy for our company’s cloud ERP solutions. In the last year or so, that’s meant a special focus on helping customers shape their digital transformation journeys using our RISE with SAP offering, which has been a really fun and exciting thing to do. I’ve also served on SAP’s Leadership Council, with a focus on developing young talent and addressing significant challenges in our ecosystem, which is something I’m really passionate about as well.
Initially, it starts and stops with requirements, both business and technical. It’s imperative that you interview all your key constituents and stakeholders and get feedback from them on what they need in ERP software — and what they need it to do. If you’re in banking or finance, for instance, real-time visibility is critical to keeping up as markets evolve throughout the day, and you need something with the functional and technical capabilities to keep up. It’s all about bridging the gap between what you need as a business and what the technology can deliver.
The second thing you have to think about is your industry. Are you working with a partner that truly understands it? That truly understands your business? They need to have experience and a strong track record in what you do for you to trust that you’re on the road to success. This is vital.
Last but not least, look around for customers like you when beginning the process. As they say, the proof is in the pudding, and any provider worth their weight should be able to offer references that have traversed a similar path to your company. Hear their stories, talk with them, and ask them if they would do it all over again. Learn from their experiences, so you can better shape and guide the process you’re about to undergo.
I would say this: Businesses have to be more agile than ever before to cope with the effects of today’s rapidly changing market conditions, making the agility inherent in an end-to-end industry value chain more critical than ever. In other words, an industry solution will give the business the flexibility and dynamism it needs to insulate itself and protect against volatile global circumstances.
Let’s be clear, too. This isn’t about choosing between industry expertise and best-in-breed technology. You don’t have to choose one or the other. It’s about leading with a strong cloud core and then innovating around it with industry-specific applications. The right ERP partner can provide a company with the opportunity to have their cake and eat it, too.
To be honest, the cloud is just table stakes now, across all industries. Perhaps there was a time when we could point to a specific industry that was leading the way in cloud adoption, but today all companies have to find ways to be more agile, reduce risk, and innovate faster. The cloud operating model is the best equipped to help companies achieve these objectives.
In fact, even areas one might not expect, like regulated industries, are rapidly embracing the cloud operating model. In many respects, in the world we live and operate in today, the cloud is really the only choice.
There are a number of key components to RISE with SAP, so let me lay it out for you.
First, there’s the ERP itself, which enables full process transformation and continuous innovation within the core. Then, we have business process intelligence, or BPI, which offers better, faster insights for customers and enables easier identification of opportunities for improvement and outcome acceleration. Third, there’s the business technology platform, or BTP, which is really where the magic happens. BTP serves as the foundation for both cloud and hybrid environments, acting as a single platform to provide plug-and-play capability for enterprise applications, analytics, integrations, extensions and more. It really brings together the power of intelligent apps and the depth and breadth of our partner ecosystem, making it easier for our customers to drive innovation and transformation around the core. The final pillar, of course, is the previously alluded-to industry-specific and cloud LoB applications that SAP offers.
So, really, there are several ways to determine whether RISE is suitable for you. Are you looking for a partner relationship with greater accountability than ever, one where the success of your investment and their IP is inextricable? Are you aiming to offload the risk associated with running your core ERP systems? Are you interested in recasting internal resources so they can focus on more strategic, top-line initiatives? Are you hoping to establish a platform you can truly innovate in? And are you attracted to a more flexible and predictable commercial model?
If the answer to any — or all — of these questions is yes, then RISE with SAP is worth considering.
It’s simple. In the 50 years SAP has been in business, we’ve been known for not only enhancing end-to-end integrated business processes, but for our acute focus on and understanding of industry. The reason our customers have been successful is because of our technology and our knowledge of industry. That’s still the case today.
The introduction of industry-specific applications in RISE only strengthens that value proposition, by enabling us to further augment and address specific needs within a given industry — and to improve the overall success of a given transformation. We want to make it so that with SAP, you don’t have to choose. You get it all.
Accountability is the word that comes to mind when I think about the cloud economy we live in today and where it’s heading.
Customers continue to expect more from their systems and from their partners. They want intelligence, dynamism and duality. They want systems resilient enough to withstand ever-changing and volatile market conditions. They want greater automation, more holistic service delivery, and improved ROI. They want solution providers to be able to promise all of these things and more. But most of all, they want them to be able to deliver them.
Through a continued maniacal focus on our customers and their success. That’s really all there is to it. To be the leader and to remain the leader, we always have to keep our customers at the forefront of every decision we make.
Because cloud sales are one thing. But cloud sales without successful go-lives and consistent renewals? That defeats the point entirely. We maintain and increase our success only if our customers are equally, if not more, successful. And that’s achieved by locking arms with our customers through every stage of their transformation journey, from delivering their SAP workloads in the cloud to transforming and improving their business outcomes over time.
We’re really excited about all of the success stories we’re going to be able to share this year with RISE, so stay tuned for that. This is definitely just the beginning.
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Yuvraj Malik  |  New Delhi  Last Updated at December 1, 2020 18:13 IST
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After his Master of Science (MS) in 2004, Rushabh Mehta joined his family business of manufacturing hospital furniture. A few years into it, the firm was implementing an ERP solution from a vendor and was facing some integration issues.
ERP, or enterprise resource planning, forms the software backbone of any organisation, managing back-office functions such as accounting, sales data, and employee leaves and payroll. Mehta, who calls himself a 'hobbyist programmer’, decided to create an ERP tool himself–one that specifically solved some pain points that off-the-shelf ERP …
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October 14, 2021 00:17 ET | Source: Confianz Global Inc Confianz Global Inc

Charlotte, North Carolina, USA , Oct. 14, 2021 (GLOBE NEWSWIRE) — Confianz Global, Inc. North Carolina’s multi-award-winning ERP implementation company, announced that it has launched their Odoo-ShipStation Connector with advanced features. You can learn more about the Odoo-ShipStation Connector here.
Confianz Global Inc. builds end-to-end integrated solutions for a complete automation experience that promotes business growth for individual startups and small and medium-sized businesses (SMBs). The ERP company has been extending customized software solutions to its clients since 2008.
Confianz Global Inc’s solutions use open-source technologies and cover multiple domains, including enterprise resource planning (ERP) systems, custom web application development, custom app development for Android and iOS platforms, custom blockchain application development, as well as artificial intelligence integration.
Speaking about the Odoo-ShipStation connector, Anoop Menon, the company’s CEO, said, “This is an important milestone for Confianz Global to introduce this Odoo-ShipStation Connector. We built the connector back in October 2020 and had a selected group of our customers use it in the real world to further improve it. We are partners with both Odoo and ShipStation which makes it easier for us to further improve and maintain this connector when there are API changes or new versions of software releases on either end.”
Odoo (previously OpenERP) is one of the fastest-growing open-source ERP systems that is used by millions across the globe. It is a fully powered suite of business applications that lets you run your entire business using one operating system. The kind of growth Odoo has achieved in the last 16 years is impeccable. Confianz Global has been implementing and customizing Odoo ERP for the last 11 years.
ShipStation is an advanced shipping platform available to businesses that allows them to manage all their small parcel and LTL shipping needs in one place.
Typically, the business customer imports their orders from an online selling channel like Amazon, eBay, or other sources, sets the carrier and shipping service for the shipment, gets postage rates, and prints the labels. ShipStation notifies the selling channel and your customer of the shipment and provides tools to track shipments and manage returns.
ShipStation also provides tools to manage your shipping workflow, track your processes to eliminate confusion and mistakes, and use powerful automation to minimize how much manual work you actually have to do.
“The biggest risk for any business spending money on third-party connectors is how long it will work. We close this gap by partnering with both ends so that we can stay on top of the game if there are upcoming API changes making the connection fail. In many cases, online retailers are penalized if the order is not confirmed by a specific time and we have features in place to automate such processes, reducing headaches for the business owner. We also have integration available to extend this Odoo-ShipStation Connector to work with CommerceHub used by Lowe’s and HomeDepot” explained Menon.
About Confianz Global Inc.
Confianz Global Inc. delivers fully integrated software services to meet the unique needs of individual startups, small, and medium-sized businesses. They have grown exponentially alongside the fast-paced IT industry over the last 13 years. As a global enterprise with an established presence in the USA and India, Confianz Global Inc. provides quality software services to clients in nearly 50 countries around the world.
The company’s solutions cover multiple domains, including ERP systems, custom web application development, custom app development for Android/iOS platforms, custom blockchain application development, and artificial intelligence. They build end-to-end integrated solutions for a complete automation experience that promotes business growth.
For more information, visit https://www.confianzit.com/
Website: https://www.confianzit.com/
Video URL: https://www.youtube.com/watch?v=yHywBkQUQHQ

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erpnews.com » News » Prophix Software Shares New Survey Data: Senior Finance Leaders Say Technology and Automation Essential to Navigating Business Impact of Shifting Post-Pandemic Macroeconomic Trends
Posted by Katie Slimov on March 22, 2022

Digital transformation, labor shortages, cybersecurity, and supply chain reported as top CFO concerns; rebounding finance budgets, FP&A investment to provide much-needed tailwind
MISSISSAUGA, ONTARIO, March 22, 2022 – Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today shared findings from its new “State of the Finance Function” survey completed in collaboration with CFO Dive. The survey revealed as much as 82% of finance executives are planning substantial upgrades to their automated financial planning and analysis (FP&A) processes in 2022, partly in response to challenges faced during the pandemic, but also to support organizational performance and better respond to rapidly shifting macroeconomic trends.
The data also showed, however, that CFOs have significant concerns about their ability to attract and retain the skilled talent needed to accurately interpret the financial data and analytics these technology tools uncover.
“The finance team, and CFOs in particular, have been under extreme pressure since the onset of the pandemic to lead their businesses through enormous uncertainty,” said Alok Ajmera, CEO of Prophix. “Our survey shows many finance executives were able to quickly migrate their automated FP&A technology to the cloud during COVID-19 to address remote work. This underscores the need for digital transformation to enable financial professionals to be better equipped for whatever comes their way. But just as organizations are moving in the right direction with these technology advancements, our findings highlighted there is a shortage of employees proficient in these new technologies, particularly regarding the ability to accurately interpret data and analytics, which is a major concern for CFOs.”
Prophix’s survey queried more than 200 North American financial executives across more than 20 different industries to assess the top challenges they faced over the past two years and gauge their priorities for the year ahead.
Key findings from the report:
Top observations and learnings for CFOs include:
Finance budget shifts:
COVID accelerated the move to cloud-based automated FP&A:
CFOs learned important lessons about agility in FP&A and the need for better and faster forecasting, modeling, and cash flow management:
The survey also showed some obvious shifts in the finance function’s focus because of the pandemic:
“Although finance leaders will continue to be challenged by market shifts, talent acquisition, and other economic factors in the coming 12 months, one of the most encouraging conclusions from our survey was the fact that finance leaders are finally in a position to commit to cloud-based CPM software for more accurate, real-time data insights and improved forecasting – all of which address their struggles over the past two years to more nimbly forecast, plan strategically, and manage risk,” Ajmera added. “Thoroughly embracing digital transformation will help prepare organizations for the new finance imperative – to move at the speed of change.”
For more information, download The Future is Agile Finance: 2022 CFO Benchmarks eBook.
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Smart Manufacturing Market Size, Share & Trends Analysis Report By Component, By Technology (Product Lifecycle Management, 3D Printing, Enterprise Resource Planning, Discrete Control Systems), By End Use, And Segment Forecasts, 2021 – 2028
San Francisco, March 07, 2022 (GLOBE NEWSWIRE) — The global smart manufacturing market size is estimated to reach USD 589.98 billion by 2028, registering a CAGR of 12.4% from 2021 to 2028, according to a new study by Grand View Research, Inc. Increasing adoption of technologies, including big data analytics, smart robots, and industrial IoT, in manufacturing facilities is a key factor propelling the market growth. Additionally, small and medium enterprises are increasingly integrating plant asset management, Manufacturing Execution Systems (MES), and 3D printing solutions, accelerating the market growth.
Key Insights & Findings from the report:
A shift from operational technologies to effective artificial intelligence and data analytics is expected to emerge as a major market trend.
Internet of things has gained popularity in the global manufacturing sector owing to benefits such as reduced operational costs and increased efficiency and productivity.
The integration of hardware and software is expected to be the prime focus of solution providers. Unified design architecture and cyber-physical systems are expected to witness high demand in the market.
Developed economies are supporting digitalization to reintroduce industrialization into their turf while developing countries are making investments in smart technologies to comply with international manufacturing standards and trends.
Get Free Sample of this market research report, “Smart Manufacturing Market Size, Share & Trends Analysis Report By Component, By Technology (Product Lifecycle Management, 3D Printing, Enterprise Resource Planning, Discrete Control Systems), By End Use, And Segment Forecasts, 2021 – 2028”, published by Grand View Research.
Smart Manufacturing Market Growth & Trends
Governments across the globe are increasingly investing and promoting smart manufacturing initiatives. Both developed and developing economies are aggressively embracing this avenue, contributing to market growth. For instance, under the Made in China 2025 program, the government of China is reportedly investing approximately USD 3 billion. Similarly, the Indian government is promoting smart manufacturing with the SAMARTH – Udyog Bharat 4.0 initiative to transform the manufacturing sector.
Automotive and aerospace and defence are the leading revenue-generating end-use verticals while oil and gas and industrial equipment are anticipated to scale up the digitization efforts rapidly. The advent of 3D printing, modeling, and simulation in the manufacturing process has significantly propelled the market growth. Furthermore, the market participants are entering into strategic partnerships to offer improved end products. For instance, General Motors (GM), an automobile manufacturer, partnered with Autodesk Inc. to manufacture lighter vehicle parts using 3D printing technology.
Smart Manufacturing Market Segmentation
Grand View Research has segmented the global smart manufacturing market based on component, technology, end use, and region:
Smart Manufacturing Component Outlook (Revenue, USD Billion, 2016 – 2028)
Hardware
Software
Services
Smart Manufacturing Technology Outlook (Revenue, USD Billion, 2016 – 2028)
Machine Execution Systems
Programmable Logic Controller
Enterprise Resource Planning
SCADA
Discrete Control Systems
Human Machine Interface
Machine Vision
3D Printing
Product Lifecycle Management
Plant Asset Management
Smart Manufacturing End-use Outlook (Revenue, USD Billion, 2016 – 2028)
Automotive
Aerospace & Defense
Chemicals & Materials
Healthcare
Industrial Equipment
Electronics
Food & Agriculture
Oil & Gas
Others
Smart Manufacturing Regional Outlook (Revenue, USD Billion, 2016 – 2028)
North America
U.S.
Canada
Europe
U.K.
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
MEA
List of Key Players of the Smart Manufacturing Market
Siemens
General Electric
Rockwell Automation, Inc.
Schneider Electric
Honeywell International Inc.
Emerson Electric
Fanuc
Check out more related studies published by Grand View Research:
3D Printing Market – The global 3D printing market size is estimated to reach USD 62.79 billion by 2028, according to the new report by Grand View Research, Inc. The market is expected to witness a CAGR of 21.0% from 2021 to 2028. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.
Product Lifecycle Management Market – The global product lifecycle management market size is expected to reach USD 43.64 billion by 2028, registering a CAGR of 7.2% from 2021 to 2028, according to a new study by Grand View Research, Inc. The growing need to support complex functionalities, the unabated establishment of smart factories and rollout of smart value chains, and the continued integration of the Internet of Things (IoT) with PLM solutions are some of the main drivers that are expected to drive the growth of the market over the forecast period. Advances in the latest technologies, such as cloud computing and IoT, and the continued rollout of high-speed data networks are expected to contribute to the growth of the market. The aggressive investments being made by the market players in product innovation to deliver the next generation of interoperability and integration capabilities also bode well for the growth of the market.
North America Digital Transformation in Manufacturing Market – The North America digital transformation in manufacturing market size is expected to reach USD 25.70 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 17.2% during the forecast period. The manufacturing industry is inclined towards deploying digital manufacturing solutions that offer greater efficiency and productivity and minimize manufacturing costs.
Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
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Grand View Research, Inc.
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