Why Businesses Need to Use an ERP Accounting System

You may be among many midsized organizations who need to enhance or upgrade their accounting software, yet due to cost restrictions, you may feel you should navigate through packages that may be more geared toward smaller firms. Growth in functionality among ERP accounting systems is solving this dilemma, providing speedier data migrations and tangible accounting solutions that help reduce bookkeeping mistakes and keep track of important financial data – all with a set-up fee and pace that’s suited for success.

ERP Accounting System Ensures Growth that Doesn’t Erode Profits

In an Aberdeen Group research report on ERP in small and mid-sized enterprises, 80 percent of nearly 600 organizations who participated in the survey said they were expecting revenue boosts by putting in place an ERP software package. How will these organizations best manage their anticipated progress? According to the report, by zeroing in on cost containment so that the costs connected to growth don’t erode their profits. An ERP accounting system gives you a direct avenue toward containing costs as you see the overall growth enterprise-level systems can provide.
An ERP Accounting System Links Up Every Other Area

With an ERP accounting system, all of your business processes related to your financial health, including general accounting, accounts payable and receivable, order processing, purchase orders, payroll and inventory can be streamlined into one product answer that benefits your entire organization. Daily accounting processes are visible across every department, eliminating the need for cumbersome spreadsheets or databases other team members aren’t familiar enough with to access. The result is lower operating costs, the ability to track expenses in real-time and opportunities to look at new ways for revenue creation.

Forecast Better and Track Efficiently with an ERP Accounting System

Each element of your revenue process, every step of each order, every purchase order and cost/profit piece of data is more organized and more manageable within an ERP accounting software system. You’ll know exactly how much cash is moving outward, what’s coming in and how it all relates to your taxes and reporting. Since your total financial reports are just a click away, making case-by-case analyses is simple. An ERP accounting software system means you’re ready to make accurate growth predictions based on past and present trends, and that you can sift and filter accounting reports – freeing up more space to truly tap into your leadership’s talents and experience.

ERP Accounting System Means Reduced Errors

Each of your departments has its own stream of costs and revenues, and likely its own management style. Use an ERP accounting system and manage this information with fewer errors. ERP accounting software can heighten your security of vital data, and you have the added benefit of selecting specific modules. For example, you may want to begin your ERP accounting system focusing accounts receivable and payable, but work with a budget-based module later on. Oracle is one ERP accounting software vendor recognized for this type of flexibility.

Maintain Your Competitive Edge with an ERP Accounting System