New Developments in ERP Software – Trends Towards Accounting

Having a properly implemented ERP system to support your business is no doubt essential to running it correctly. A properly implemented ERP system can provide your organization with the ability to analyze costs and revenues on a timely basis. Since business is always changing, your ERP System must also involve the flexibility to respond to changing business requirements.

The ability to provide up-to-date and accurate reports for more informed management decision making is another important role that your ERP should have. Lastly, a properly implemented ERP system should always provide better internal controls and processes.

As your business grows, there can be difficulty in getting timely and accurate financial data. This is a major hurdle that many businesses face, especially in their accounting department. SAP Business One is a great example of a tool for crossing these hurdles and providing the required growth.

In order to appropriately manage your financials, SAP Business One is a company-wide ERP solution that works as an integrated system, covering all functional areas including Sales, AR, Purchasing, Banking, Inventory, Manufacturing, Financial Accounting, and Asset Management. When properly implemented, the system becomes a hub for efficient processes. It ensures that the internal controls, CRM, and checks and balances are consistently maintained, all while making sure that the provisions of Income tax or other fiscal laws are not ignored. It also ensures that the Accounting Standards are consistently followed across the company. Overall, it improves the quality of the reporting.

To be more specific, a modern ERP system like SAP Business One allows the introduction of latest technologies like Electronic Fund Transfer (EFT), Electronic Data Interchange (EDI), and E-Commerce to improve your organization’s ability to interact with your trading partners. ERP systems also provide business intelligence tools like Crystal Reporting, Data Mining, and Early Warning Systems for enabling people to make better decisions and for providing internal controls.

ERP systems also support recent accounting trends to reduce paper documents and duplicate entry by providing online formats for quickly entering and retrieving information. This solution also improves timeliness of information by permitting daily posting and real-time updates throughout the system. Finally, it allows for greater accuracy of information with detailed content and better presentation for Auditors.

There are constantly new developments in ERP software. It is important to choose an ERP software vendor that has the financial ability to invest in their solutions. This will enable your company to keep up with current trends, to apply new functionality, and technology. You will continue to reap the full benefit from your ERP system. Call us or use the contact us link to schedule a review time with us – to keep your systems up to date, profitable, and running smoothly.

-Colleen Connell, Consultant

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