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Role of ERP Solutions in Finance and Accounting Processes | SourcePro

What is the Role of ERP Solutions in Finance and Accounting Processes?

 

Role of ERP Solutions in Finance and Accounting Processes

Finance and accounting departments are like the life rings of any business. Be it budget estimation or managing cash flows, these departments deal with complex and crucial financial data. Thus, it is imperative to arm them with a solution that helps them store, manage, and update every valuable information. Keeping a track of incoming and outgoing funds is critical. Companies can analyse this data to drive profits and expand the business.

And an ERP solution makes it possible! Once integrated, it becomes the core of your business. It optimises the processes and functions of each department, and has the capabilities of supporting finance and accounting operations. Let’s take a deep dive into the role of ERP in accounting and financial management.

How Can ERP Mitigate the Burden of Accounting & Financial Management?

While it is widely believed that accounting software is enough for these two departments that deal with the complexities of money, ERP software is any day a more robust and efficient solution. It helps in managing operations across the organisation through a standardised platform. One of the most important benefits of an ERP would be its abilities to fetch data from multiple sources and gain a complete financial picture.

Manages All Accounting & Financial Needs

Businesses need to engage in brainwork to plan capital requirements and manage cash effectively. With an ERP, companies can well structure this process. It enables you to browse through valuable business data, based on which you can determine the budget and allot expenses like purchasing raw materials, salaries, transportation, and other operations costs.

Also, when you go for a single system that manages multiple departments, you save a fortune. 

Eliminates Duplicate Data Entry

ERP systems are imperative for managing business processes. Going for a solution that also includes an accounting module eliminates the need of tallying the data between different systems. This improves data consistency and thus offers freedom from the challenges of data duplicacy.

Complete Transparency

ERP offers easy access to data! This software strives to provide the organisation with reliable and accurate data that is critical for business growth. It allows you to adopt suitable financial measures, which can be more yielding. 

Automate Workflow

Since ERP automates redundant processes, you can focus on improving your business operations. An ERP solution for accounting and finance comes with built-in workflows that are time efficient. These workflows streamline data entry, simplify activities related to accounts payable / accounts receivable, eliminate cash flow issues and automate repetitive accounting operations.

In-Depth Insights

An ERP system with accounting and financial management modules offer a 360 degree view into the fiscal condition of an organisation. The aim is to understand the financial health, keep track of costs, measure revenues, and manage other accounting procedures. Equipped with ERP, you can stay updated with every transaction in real time.

A business’s financial data is extremely confidential, and hence requires utmost security against cybercriminals. At SourcePro, we offer an advanced solution that features multiple layers of security and provides access to authorised users only. Contact us to understand how our ERP software can optimise your accounting and finance department.

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Top 7 ERP Software Trends of 2021 | SourcePro

The Top 7 ERP Trends Of 2021: Here’s What Awaits Us!

 

Top 7 ERP Software Trends of 2021

Enterprise Resource Planning (ERP) software technology has undergone several changes. The upgrades of this technology favour various industries, companies, and businesses. No enterprise would want an inflexible system to be an obstacle for growth and expansion. The COVID-19 pandemic created the need for better risk management and business continuity via digital means. 

The innovation in ERP systems is happening gradually and we have seen a few interesting trends in 2020. These trends gave us a holistic understanding of what can be expected in near future. This article explores some of the relevant ERP trends gaining momentum in 2021. 

Mobile Application

Most of the things today are just one click away on our phones! Today, mobility is the standard feature for almost every technology. Therefore, ERP software will also support basic mobility so that users can have access to data anytime, anywhere, and on the go. This is a huge advantage for businesses to communicate or operate from anywhere. It enhances communication and reduces the chances of delay in tasks. Mobility will only increase efficiency and boost productivity for the business. 

Cloud Acceleration

Though cloud-based ERP systems are not new to the industry, there has been a significant switch from on-premise ERP to cloud-based ERP systems. More and more ERP software companies are now offering cloud-based ERP solutions due to the ever-increasing demand. Businesses realise that installing an on-premise ERP system costs more to their company and demands maintenance from their end. For small and medium-size businesses that may not have an IT department, it is feasible to opt for cloud-based ERP solutions. They do not have to worry about updates, maintenance, or the initial installation charges that incur with on-premise ERP. Further, there are hybrid-ERP solutions too, that offer a combination of on-premise and cloud-based ERP systems.

Integration of AI

Artificial intelligence (AI) technology has been penetrating many industries. It has also been a part of emerging trends in ERP systems. Companies have to deal with complex data, and ERP solutions with integrated AI can aid them with innovative data processing. It can help to collect unstructured data, use it effectively, analyse it, and get meaningful insights for the business. AI can reduce the chances of errors and create better workflows. 

Integration of IoT

The internet of things (IoT) can provide opportunities to organisations if combined with enterprise resource planning systems. This integration of IoT and ERP software can be used by companies to collect, assess and evaluate a large amount of data. Real-time information helps in improving machine performance. Thus, less reliance on technicians will be required to automate different business operations across all departments. IoT makes connection easier for devices that are within the network, without any human intervention. 

Attention To Digital Marketing 

To measure the success of marketing, businesses will require a tool that can offer analytics and insights. This is where ERP can benefit in marketing processes and campaigns. Organisations can leverage the relevant metrics, CRM, and other resources for planning and strategies. For social media marketing, ERP software helps to acquire data regarding links, posts, social media analytics, and much more. Due to the several benefits of ERP for digital marketing, organisations are now connecting their marketing processes to their ERP systems. It also allows accounting and finance departments to effectively respond or make operational changes. 

More Involvement in Finance

Any ERP system provides modules that help with the general functions, including ledger, payroll management, cash management, fixed assets, and more. The latest ERP upgrades include modules that support both external and internal operations of the organisation. The role of ERP in finance is evolving due to easy access to analytics. With modern ERP systems, it is now possible to manage finance virtually and keep a record of the organisation’s performance. 

Personalised ERP Solutions 

Across different industries, you shall see the personalisation of services offered by different companies. With ERP solutions, personalisation is not new, but in 2021 you will see more and more ERP vendors offering personalised solutions to various companies. Companies using the general ERP will switch to personalised systems. It will help them in handling the integration of AI and IoT within ERP systems. Customised software can be operated without much help from IT experts. It helps you to make your business more flexible, accessible, and customer centric. 

We, at SourcePro, are constantly working towards providing our customers with the latest features and adapt to the new trends of ERP systems. Consult us to understand the role of ERP in your company and how you can leverage this technology in 2021 for the growth of our business.  

 

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How Can ERP Software Help To Work Remotely | SourcePro

How Can ERP Software Help To Work Remotely | SourcePro

ERP Software can help work remotely

After the COVID-19 lockdown, most of the enterprises had to work from home. This forced all industries to shift their operations online and try to tackle most issues virtually. Enterprise Resource Planning (ERP) Systems played a crucial role in enabling employees to continue working from their homes without any hindrance. It was a challenge for a few companies to adapt to the work-from-home trend since they did not have an IT team. On the other hand, some companies could work remotely using VPN and RDP (Remote Desktop Protocol). Let us understand how ERP software helped to manage operations while employees worked from home. 

Better communication

One of the biggest obstacles while working from home was communication. Teams faced difficulty in coordinating initially. But did you know? Modern ERP systems can be integrated into your smartphone and tablets. It made collaboration easier and helped employees to communicate better. Cloud servers could provide data to teams at any given time. This ensured timely execution of business operations. 

Managing Big Shifts in Demand

During the lockdown phase, consumers’ shopping patterns changed and this brought changes to the supply chain as well. As most managers and employees worked from home, there was a need for better collaboration within teams. Activities that were done offline shifted to an online platform. ERP helped to adapt this new shift from offline to online in most operations.  

Streamline Operations 

Though integration and streamlining operations are the first and foremost functions of ERP software, this was reflected well in the period of working remotely. While working from different places, the complexities increased, which led to a decrease in productivity. ERP solutions helped to navigate these difficult processes and ensured that accurate data was being used for the business. 

Cost Saving

It became essential to cut down on costs and avoid making expenses that could negatively impact the business. While working remotely, an ERP system enabled the employees to reduce administrative and operational costs in various business processes. This allowed managers to reallocate resources wherever necessary. ERP systems can assist you in making the correct decisions with respect to costs and savings. 

Empowers Employees to Work Remotely

Through remote access, electronic data exchange, and automated reports, ERP systems helped enterprises to continue their processes without having to be physically present in the office. Teams experienced faster feedback and control over the tasks in real-time. Manually updating and strategising according to customers’ demands could be a lengthy process. But with a robust technology like ERP, planning, assigning, and scheduling operations get simpler.  

There is a new-found emphasis on automated processes for reports, alerts, and other communication modules. At SourcePro, we offer customised ERP solutions to enable businesses to keep up with the industry trends. Our ERP systems are designed to be flexible; it can be leveraged as per your business’s needs and challenges.

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