Enterprise resource planning (ERP) software is a popular method for managing business operations, particularly those which involve financial management. Made up of an integrated suite of business applications, financial ERP modules offer a wide range of services from basic in-house accounting to calculating employee compensation.
The financial module of ERP software is designed to streamline all your business processes by first consolidating all your accounting data into one accessible location. This information, gathered from various departments, clients, vendors and suppliers, can then be reviewed or submitted into automated reports, providing you with more accurate data about your finances at all times.
ERP finance modules often have the following features for handling your financial services:
These are just the primary features included in ERP finance modules. There are often others available, either included or as an additional customization option. While finance and accounting are always the priority, it is common to have functions for risk management and even human resources (HR) from the larger ERP vendors.
There are many great benefits to turning all your accounting processes over to an ERP finance module:
Financial management impacts every department of your company. In the absence of a modern ERP system, companies may depend on independent software in each department which can lead to miscommunication whenever two or more departments need to work together. An ERP finance module can help ease communication between each area of your business when dealing with shared financial matters.
Additionally, an ERP system is beneficial for coordinating business dealings with both internal departments and with third-party vendors. Cloud ERP systems are easily accessible from mobile devices, further increasing your company’s ability to interact with customers and clients anywhere in the world.
ERP software has many functions beyond just accounting. Along with financial features, ERP software includes modules for:
These different modules make it much easier to streamline all your operations into one system. And there are even industry-specific versions of ERP software include:
By offering ERP solutions based on your exact industry, you can always find the right software for your organization’s needs.
Integrating an ERP system with finance, BI, HR, and other modules into your company’s back-end and front-office processes can greatly reduce the costs necessary to implement different software into your business. And it’s far easier to train your employees on a single software than several dozen independent products. Save installation costs and training time by adding an all-in-one ERP software to your business operations.
Further, using an ERP finance module to handle your accounting can reduce human error caused by manual data entry. Without automated accounting software, a single transposed digit or duplicated number can throw your entire general ledger out of balance, leading to additional man hours spent tracking down the mistake.
Want to improve your business by implementing an ERP software with a finance module? Check out the following options to get started:
Start your search for an ERP finance software today to streamline your accounting processes.
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