Blog

ERP Streamlines and Simplifies Accounting

CORP Blog ERP Streamlines and Simplifies Accounting LP Header 2022

An enterprise resource planning (ERP) solution consolidates all the elements of a traditional accounting software package from accounts payable and receivable to payroll. It also integrates the functions accounting relies on, such as purchase orders, expenses, and e-payments.

Data integration automates the real-time transfer of information between departments. Connecting your accounting department to the other functions of your business enables immediate insights into financials, easier budgeting, more detailed and accurate reporting, and tracking of tangible and intangible assets.

Here are just a few of the benefits an ERP solution with an accounting module can bring to your business:

LIVE data tracking

An ERP system provides real-time data to manage production, accounts, and inventory. It enables stronger billing, payments, and revenue management with automated tracking capabilities. It improves customer payment schedules and credit management while tracking invoicing, cost analysis, budgeting, and profits.

Detailed financial reports

By collecting and aggregating data inputs from various sources, including logistics, billing, and warehouse management, ERP accounting modules can deliver much more sophisticated reporting than standalone accounting software. For example, accountants can make accurate cash flow projections based on inventory management, order statuses, and the customer order pipeline.

Data accuracy

Manual data input and importing/exporting functions create opportunities for errors, which can affect the quality of financial reports and analyses. An ERP system automates the real-time data flow across the system, eliminating the need for redundant data entry while ensuring accuracy. You’ll appreciate this all year round, but especially during tax season.

Costing standards

With real-time views into cost variances, accountants can see why variances are occurring in time to recommend more profitable decisions. If costs are less than forecast, you can set new standards for accurate projections.

Financial models

You can create more profitable financial models and plans with a holistic view of the entire financial picture, including historical reports and current cost analyses. With an ERP solution, accountants have more powerful tools to arm executives with a better understanding of the company’s financials to make smarter decisions.

Ultimately, these benefits add to a more streamlined and simplified accounting process that should position your business for greater profits and growth.

ECI Staff Contributors

About the Author

ECI Staff Contributors love to share their insights and expertise on a variety of topics including sales, marketing, cloud, ERP, and SMB development as well as on product specific education. With offices throughout the United States, Mexico, England, the Netherlands, Australia, and New Zealand, more than 40 employees contribute to blog on a regular basis.