Top 7+ Ways ERP can Power Up your Accounting and Financial Processes

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Today’s finance leaders spend 19 percent more of total finance-staff bandwidth on value-added activities than the average company did ten years ago – Reports by Mckinsey

Struggling accessing data, process inconsistencies, difficulties consolidating information, budget estimation, and keeping track of every single process can surely be difficult to manage. Failure in any of the processes can directly impact organizational growth. Accounting and financial management is the backbone that determines the growth of any organization. Here is the time when ERP comes into the picture, how ERP systems can help you simplify finances, streamline the process, and excel in your business growth.

Organizations must be aware of how ERP can benefit their business by having better control over incoming and outgoing funds, controlling cash flow statements, maintaining balance sheets, and many more. That is the reason “88% of organizations consider their ERP implementation helped them to succeed”– Selecthub reports. And various small and mid-level businesses are moving toward adopting ERP to smoothly streamline their business processes. So, what is ERP? How can it benefit companies? We have immensely researched this system and are sharing with you the extraordinary benefits of the ERP system. Here is a look at a few key factors you should consider:

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Better asset management

Expending time and money with poor asset management cannot be a good idea for any organization. Customizing the asset with an ERP system can reduce enlarged processes and organizational costs. ERP system works as an effective resource that can improve process visibility, streamline the process, control assets, and minimize asset costs.

Improved Accuracy

One of the important reasons that can directly transition or revenue of the company. Data and operational accuracy is the major factor that has to be eliminated by using ERP solutions. Manual processes and human errors cannot be resolved by any person and are perceived as critical accounting mistakes. ERP allows identifying and eliminating errors in data collection. It can effortlessly eliminate errors in calculations and statements that are the most complicated tasks.

Minimizing Cost

What if the automated solution makes error-free data entry and offers accuracy in accounting? It will automatically minimize the company’s cost. Following correct procedures and approaches reduces faults and streamlines the process, which results in minimizing organizational costs.

Workflow Automation

Adopting an automated system like ERP and integrating it with your accounting and financial process can streamline the entire process with more accuracy and less time consumption. ERP systems can also minimize a lot of manual processes and human-centric tasks. It controls cash flow, enhances cash management, and transitions error-free. From collecting financial data to generating reports, it will integrate the whole procedure.

Streamline Integration

“95% of companies saw process improvement from ERPs.” – Aberdeen Group.

Integrating the ERP system with your accounting and financing platform can streamline the information flow and reporting system. There is various integration software in the market that align different organizational processes such as HR processes and technical processes. It is also essential to accommodate all accounting and financial processes, which helps in reducing human effort, and error-free tasks and provides cost-effectiveness to the organization.

Data Security

What is more important than securing your data? Every organization has confidential data that must be secured. Protecting crucial data helps the business with financial losses, minimizing other security losses. Companies can secure their data with an ERP system, and it will give the protection to confidential data with multi-layer system protection.

Time Saving

Using an automated system or effective accounting solution will save lots of time and manual processes. It can also increase the accuracy and performance of the entire process. If the process is handled manually, it takes lots of time and effort that can result in errors and consume abundant time. Saving time with ERP solutions can enhance organizational processes and streamline accounting data.

Detailed Reporting System

Spending lots of time creating manual financial reports. Time-consuming and full of errors. ERP solutions help your organization with customizable and built-in filters that businesses can apply when required to generate proper financial reports rapidly. It eliminates much time and offers you comprehensive reporting with a few clicks. Whereas, when you integrate your ERP, you can access tons of reports that help you explore organization’s operations. Such detailed reports provide financial information that can help you manage your processes more accurately.

The Conclusive Note

“Businesses that had very successful ERP implementations reported internal organizational elements such as support from management, good change management programs and due persistence as primary reasons for success.”

Gathering crucial data inputs from various sources, such as logistics, manufacturing, warehouse, and billing makes the accounting process complicated. ERP-based software automates multiple manual processes, integrates data sources into a unified platform. This is the right time to invest in the right software that cuts down on business costs. Embee offers the best ERP software for your business, whether you are a small business or a mid-level business. We are offering a robust solution to enhance all your business operations and streamline significant tasks beyond your imagination.

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