Is Your Accounting System Inefficient? Get A True ERP Solution to make it Efficient |
Posted: March 1, 2018 |
Businesses at their early stages run their own specific accounting software to manage their finances. However, as operations expand, the market gets fragments and processes scale-up with time, such a restricted inhouse system are obvious to become inefficient and entrepreneurs are left with no option but to get a consolidated and efficient accounting system. While a comprehensive ERP application help organisations in all functional aspects, it gives a solution for the finance and accounting management too. It truly takes care of the financial health of the business and help enterprises to easily handle their huge financial data, prepare reports, and make analysis for future business forecasts.
While most growing businesses are struggling to get hold over their accounting and costing with their outdated systems, Envertis, a preeminent software provider in India, offers cheap ERP software for small businesses integrated with robust accounting modules. In a specific way, ERP gives a 360-degree view of company’s crucial financial metrics like income, profits, and expenses. Here take a glance at the primary features of an ERP accounting module that truly help businesses with finances and assets management. #1 Finance accounting The accounting module of ERP empower the businesses to track and record their accounting data in a centralised database considering all departments, charts of accounts, different languages or currencies.
#2 Accounts receivables This obviously takes care of the invoices that are awaiting to be paid from the clients.
#3 Accounts payable This accounts payable feature need organisations to enter, monitor, manage and process the invoices payment or credit notes which they received from suppliers and vendors.
#4 General ledger It keeps accounts that record all transactions made by the company and other data related to company’s assets, owners equity, liabilities, income and expenses. General ledger is pivotal for both accounting and strategic decision-making.
#5 Asset accounting/management While improper management of fixed assets can cost a lot to the businesses, like loss of assets, under-use of some productive assets, or increased maintenance/insurance costs. The asset management feature of ERP help them to track assets (depreciating and non-depreciating), reporting for asset valuation, better asset monitoring to prevent losses.
While these are the fundamental features incorporated into an all-powerful ERP solution, the benefits rendered by it afterwards are impeccable. From reduced cost inefficiencies to better control of finances, from improved asset management to data-driven decision making, the benefits are widespread. More specifically, it provides a 360-degree view of the company’s financials that aids in improving the financial management and better control risks.
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