22 Oct What is Sage 500? Features and Functions
Sage 500 is an enterprise resources planning (ERP) solution. Sage 500 is ideal for managing operations, financials, logistics, inventory and more for manufacturing and distribution businesses.While Sage 500 is designed for large enterprises, they offer solutions for businesses of a variety of sizes, industries and configurations. Sage 500 is part of Sage’s line-up of ERP solutions that include Sage 50, Sage 100 and Sage 300.
What is Sage 500’s Story
According to Wikipedia more than 6.1 million people use Sage products around the world. The company was started in the 1980’s in Newcastle England. Stemming from what was originally called “Sage ERP MAS 500,” Sage 500 was released in the early 1990’s. Since about 2014 rumors have been passed around that Sage 500 is approaching its end of life. While Sage is no longer releasing new versions of the on-premise product, it is still supported by Sage, and is expected to be supported for several more years.
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What is Sage 500 Used for?
Sage 500 can help streamline tasks for a number of different roles in a company. The key functions that Sage 500 serves include the following
1. Financials
Many important accounting and financial processes can be automated and managed through Sage 500. Financial tools include general ledger, AP and AR, Cash management and more.
2. Manufacturing
The manufacturing module includes a number of industry leading features for manufacturing including, light manufacturing advanced manufacturing, advanced planning and scheduling, project management, materials planning, shop floor management and more.
3. Inventory Management
Sage 500 offers strong coverage of inventory management needs including supply chain automation, warehousing, catalogue management as well as sales and returns management.
4. Reporting and Analytics
Real-time data tools within Sage 500 help reporting and analytics processes across departments including drill down capabilities, kpi tracking and custom reporting.
5. Sales Management
Sage 500 offers many features that streamline the sales process. Key sales features include sales histories, shipment information, customer returns, and more.
6. Purchasing Management
This is a favorite module within Sage 500. Some of the stand out features include vendor management, reporting, freight expense allocation, receipt and invoice matching and more.
7. Human Resources and Payroll
Sage 500 includes robust human resources features including time and attendance, HR compliance and payroll management.
Related Reading: ERP Inventory Management for Business Process Improvement
Other Key Features of Sage 500
Multi-Entity Support
Because Sage 500 was designed with big business in mind, it supports multi-location management of all of the functions above, from accounting to human resources.
Integrations
Sage 500 is extremely flexible and can be integrated with a variety of industry-specific solutions. Being able to integrate software is key to getting the most out of an ERP solution.
Customizations
Like we just said, Sage 500 is extremely flexible and can be configured to suit the needs of a variety of industries and niche markets.
Robust Features Set
Sage 500 is a popular choice because it provides a full suite of features compared to similar products.
Benefits of Sage 500
Like all ERP products, Sage 500 improves accuracy in your most important data. The automation capabilities and flexibility inside Sage 500 makes it possible for a multitude of businesses to streamline processes, improve efficiency of sales cycles, reduce operations costs and accelerate accounting functions.
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Is Sage 500 the Right Sage Solution for Me?
Well now that you know that Sage 500 is primarily for large enterprises and a favorite among manufacturers, you may want to consider the other options from the Sage ERP line-up. Here is the breakdown of Sage 50, 100 and 300.
SAGE 50 ACCOUNTING
A great solution for small businesses, Sage 50 is a simple-to-use accounting solution for entrepreneurs. This solution enables you to get started quickly and streamline your most critical business and accounting processes.
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Affordable
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Mobile
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Easy to get started
SAGE 100
Sage 100 is more powerful than Sage 50 and is more tailorable and scalable with built-in functionality to support security and compliance.
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Customizable
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Scalable
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Easy to use
SAGE 300
Sage 300 is a good solution for growth businesses. With more insight and control into finances, operations, and inventory, Sage 300 is affordable and easy to use, yet powerful enough for enterprises. It also comes with multi-entity and multi-currency functionality.
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Powerful
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Agile
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Customizable
Conclusion
Sage ERP products are solid choices for any business. If you are selecting an ERP solution, it will ultimately depend on your processes. While all ERP software works in similar ways, each has its unique benefits. The key to successfully choosing an ERP solution is to understand your needs. What are your top needs from the software and which of those are must-haves for your business. As you assess these needs and start looking at solutions, Sage is definitely a contender to be considered.