During the past times financial management software meant the spreadsheets only, which cause more data errors, from financial planning to customer data, most employees depend on a number of spreadsheets to store business information. Most of them commonly use spreadsheets to store employee information, payroll, sales data, inventory details, project timelines etc. Most organizations track most of the processes in Excel sheets. Most of them leads to corruption. But now a days most of them are not depending on spreadsheets ,because of modern-day ERP software systems have evolved to a most extent. Present ERP software systems are more advanced with a wide range of integrated features for financial management and this includes specific functionalities for financial record keeping and year-end closures.
An ERP software system with Finance module has many benefits for company’s financial management in general which helps in simplifying financial records as well as year-end closures in particular.
An ERP software system plays a key role to stop business errors and make the entire business flawless of financial record. Improves the complete business process by streamlining reporting process, banking section and the financial system and many more. By these companies can achieve maximum revenue and business growth.
With the help of an ERP software systems, business person can create and generate comprehensive finance reports. An ERP software gives the instant access for users on the critical information and helps them analyze the finances are being being utilized.ERP software systems helps in tracking all the cash and cheque to deposits done, and bank reconciliations etc., and can easily maintain different payment methods, thus simplifying banking process. ERP software systems also automate payments gateways and helps in decreasing the dependency of paper invoices. An ERP software ensures the business person to combine complete financial records from different entities within the organization into a single financial statements.
An ERP software simplifies financial record like record of a revenue and expenses for a given time period that is compiled using data from all financial sources.Most of the businesses face challenges while year-end closures is on the inventory management, and tax reporting . An ERP software helps in simplifying things for businesses by automating all this tasks, and thus eliminating errors to facilitate data-driven and insightful decision making.
An ERP software systems automates reporting and documents according to the specific needs of industries like reporting functionality which helps to determine profitability for the present financial year and forecasting for the next coming years.
ERP software system delivers streamlined business operations with real-time financial insights, and integration of Account Payable Receivables with all other ERP modules such as inventory, materials management, sales,and makes coordination among different areas of business much easier.