Scattered spreadsheets are no longer a viable option for synchronising journal entries, creating transactions and reporting, especially when demands and requirements of businesses are growing immensely. Unification and automation capabilities are the two core aspects to add value to your business and this is where Enterprise Resource Planning (ERP) system never fails to impress.
With ERP integrated with financial and accounting functionality, the operators can seamlessly monitor all transactions with real-time updates and alert sales managers if any order is produced. ERP financial system works across all departments in the company, allowing you to make better-informed decisions and increase operational productivity.
Are you still wondering would it make more sense to invest in an ERP solution that already comes with financial and accounting modules rather than a standalone accounting software? Let’s find out!
The Value of ERP Accounting Software Integration
With standalone accounting software, manufacturers can standardise and simplify repetitive tasks, ranging from journal entries to reviewing orders, and scheduling. However, the ERP system with financial modules can stretch your experience beyond the accounting department. This is a complete solution to attain visibility into the way your business functions in a centralised platform. It helps you gain useful insights into critical areas for not just accounting but also in sales, warehouse, marketing, and human resources.
It allows operators to accumulate financial data and then drive reports with more accuracy to external resources through various functionalities such as accounts payable, general ledger, budgeting, and more. Without its integrated functionality, you cannot expect to effectively conduct more advanced business processes such as automatic reordering points. A standalone accounting system requires data inputs from various sources but ERP-based accounting software can automatically combine multiple data sources, including manufacturing management, logistics, HR, and so on.
Top Features of ERP Finance and Accounting Modules
- Profit Tracking
Evaluating your business profitability will show you the areas where profits are generating while determining the return on investment for any purchase. It will also help predict future profits based on historical costs and sales information. Its profit tracking capabilities will help you to get a real-time view of your financial resources and overall financial stability of the company.
- General Ledger Management
A general ledger gives a complete record of all financial transactions and nothing could be better than the fact that this functionality is integrated with ERP systems. Having every financial information in alignment can help you track numerous tasks such as liabilities, capital accounts, assets, and expenses and make filing tax returns easier.
- Accounts Payable
This accounts payable feature combines your payable data with the purchasing system so you can examine and control the flow of cash. Automating these tasks with an ERP solution will help you save a lot of money and time as well as eliminate human errors. In simple words, this feature will let you know how much exactly you owe and when it is due, so you will never face delays again.
- Fixed Asset Management
This feature helps to manage and monitor all of your company’s tangible assets like manufacturing equipment, office space, etc. It will give you better visibility in terms of depreciation calculation, tax implications, costs, usage, and maintenance. Tracking your assets will avoid paying taxes on items that you have removed and also bring significant sales tax savings.
- Risk Management
It is vital to forecast, analyse, and manage crises to control risks and eliminate concerns like security, legal liabilities, and reputational risks. From a financial aspect, it can help you to track any cash flowing in and out of your business. This will also ensure you have enough cash to meet accounts payable if a customer fails to pay.
How Acumatica ERP for Financial Management Can Support Your Business Needs?
Acumatica ERP financial management system is designed with best-in-class accounting suite, integrated with Customer Relationship Management (CRM), manufacturing management, distribution, field service, and project accounting capabilities. It is a power-packed solution that is simple enough for both SMEs as well as multi-nationals, supporting the business needs at the present and in the future.
- You can close your books quickly and easily with Acumatica ERP timeless automation and workflow capabilities.
- It can manage various entities such as automated reporting, cash management, and consolidation.
- It allows you to gain accurate, regular visibility into your business operations with financial reports and dashboards that access the centralised database.
- You can reach global markets effectively with cloud multi-currency, multi-language, and multi-company functionalities that work locally and internationally.
At Netsense, we offer advanced accounting and financial modules in our Acumatica ERP software, so now say ‘Goodbye’ to the time-consuming consolidation of cash flow statements as you can easily generate automated and personalised reports with our complete ERP solution. You can manage a full suite of accounting functions to monitor regular financial operations and generate timely financial statements.
Let us help you to manage all your accounting and financial needs with our full-fledged Acumatica ERP system. Feel free to speak to our experts today!