What is the 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.
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.
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.
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.