5 Benefits of Erp Software for Accounting & Financial Management

In the modern corporate world, the majority of the business firms are using separate systems for accounting and financial management, and Enterprise Resource Planning (ERP). However, a company must not have all the modules of ERP, depending on its size and type. Because, with ERP, it is more common to only implement the required module to serve the primary purpose. Companies nowadays are also using a blend of accounting books and financial management apps along with ERP for operation management. But, what they don’t know is that you don’t need any other app if you have ERP in place. In fact, using ERP for accounting and financial management offers a lot of benefits. In this blog post, we will be discussing the top 5 of using an ERP solution to meet your accounting and financial management needs.

What is the Value of Integrating ERP into your Business For Accounting & Financial Management?

We all know about the countless benefits that a business gets by implementing ERP. And using it for accounting and financial management is also not an exception. At the root level, almost all of these benefits relate to the primary factor i.e. Integration. Effective accounting and financial management systems require data input from varied sources. These data sources may include warehouse or inventory records, manufacturing records, billing, HR, logistics, sales, and so forth. Having an accounting and financial management system based on ERP automatically integrates data from multiple sources.

Top 5 Benefits of ERP Based Accounting & Financial Management System

Having extensive experience of working with many clients on ERP implementations and accounting systems, the team of ERP experts at Code Creators Inc. has found the following benefits.

1. Enhanced Business Process Automation

Business process automation intends to boost productivity. When you have your ERP and Accounting functions linked together, it becomes easier for you to automate a workflow that overlaps both the systems. When using ERP for accounting, you can completely automate many financial and accounting tasks. For example, you can streamline your account payable, accounts receivables, and cash management operations easily. Process automation also helps you in the quick tracking of financial transactions.

2. Data Enriched Financial Reports

The accounting software packages provide basic financial reports like balance sheets and income statements, etc. But, if you are using an ERP-based accounting system offers you to have a wide variety of reports. For instance, you can create cash flows by using inventory records, sales, cost of goods sold, records, order status, account receivables, pipeline orders, etc. This provides you with a very comprehensive view of the company’s financial data and its overall financial health. Effective reporting as a result allows you to manage your finances efficiently.

3. No Hassles of Data Duplication

When you are using two separate systems, you need to input data manually into each of them. This increase the chance of typing or human error. However, when your ERP and accounting systems are integrated with each other, it not only overcomes the tedious process of manual data entry but also eliminates the chances of error and duplication. In other words, using ERP software for financial and accounting management makes the data entry process consistent and fast.

4. Error-Free Data Input

When you are entering your data manually, it is highly prone to errors. These errors usually include incorrect clients’ names and swapped digits etc. It might sound unimportant, but these mistakes in calculations can unwind with the passage of time and can cause serious problems. With ERP, you can also see who did what and when related to each and every transaction. This functionality is crucial for effective tracking and monitoring because you can find out who actually made a mistake.

5. Improved Degree of Control

Using ERP software for accounting and financial management gives you more control over your business. With ERP, you can see the overall impact of the decisions and event and their outcomes in real-time.

Accounting & Financial Management with Code Creators Inc. ERP Services

ERP is a one-time investment, but it is certainly a huge one, so you cannot just rely on any IT company to get the task done for you. It is very important that your ERP technological partner is reliable, highly-skilled, professional, and experienced. At Code Creators Inc. we have extensive experience in setting up ERP-based accounting systems for diverse industry clients. Setting up an ERP system in your organization means migrating off from your legacy accounting system. This does not involve too many complexities but it does take a good amount of focus, expertise, and effort. If you want to know about how Code Creators Inc. can help you reap the full-fledged benefits of an accounting-based ERP system, then talk to our experts now.Code Creators Inc. excels in providing feature-enriched, highly adaptable, and integrated Enterprise Resource Planning Software Solutions that can help you streamline your process and improves your overall decision making. Click here to set up a free consultation call with us now.