When you think of enterprise resource planning (ERP) what comes to mind? Sales, inventory, on-premise, cloud, manufacturing? All these terms are associated with ERP software, which serves the purpose of integrating your main business processes to help you run more efficiently.
ERP software can super-charge an already capable finance department by giving it access to real-time reporting, simplifying record keeping and eliminating reliance on complex and error-prone tools like Excel spreadsheets and other manual processes.
While the benefits of ERP implementation are vast, what are the drawbacks of staying with an antiquated and non-automated system? Your company is dependent on tools such as spreadsheets and Excel sheets where there is a high probability for user error due to manual entry and other risks. With ERP software, financial record keeping, and year-end closing in particular, is simplified.
Helps With Financial Planning and Analysis (FP&A)
Implementing ERP software can help transform your business in a myriad of ways. Your company can gain insight into a wealth of data and make intelligent decisions based upon critical data that was lacking in the past.
ERP software, like NetSuite and Sage 100 ERP, helps in financial and strategic planning, forecasting and budgeting, reporting, income statements, balance sheets and the financial accounting systems. When you streamline these functions, you can rest assured that your company achieves maximum efficiency, accountability and that you can achieve your desired business objectives.
Simplifies Banking Operations
Businesses have a vast amount of financial data comprised of the company’s sales and orders, billing, accounts payable and receivables, expenses, labor, production, etc.
ERP software grants your company instant access to this critical information, and in the case of a cloud-based ERP such as NetSuite, anytime anywhere. The software gives a crystal clear view of the finances from where they are coming in to how are they being utilized.
This visibility empowers users to act smarter and make better decisions and more quickly. Your ERP also tracks all the cash receipts, deposits, advance payments, and manages different modes, thus simplifying banking operations as well.
Helps With Year-End Closing
One of the major challenges businesses face with Year-End closing is inventory. By implementing ERP software, you can automate inventory and simplify other complex business processes. Without an ERP in place, inventory and other financial transactions require a lot of dedicated time, resources, and manpower.
Transitioning to an ERP system enables your business to perform Year-End close faster, more easily, and without fear of mistakes that are made with manual entry.
Making the leap to an ERP system helps you achieve a faster, more compliant financial close at the snap of your fingers.
Are you ready to make the leap in 2020? We can help you decide what’s best for your business: Let’s Chat