The advantages of ERP for Accounting

ERP provides accounting departments with a range of accounting and asset management tools, assisting them in processing transactions and creating financial reports. Below you can find some main advantages for accounting departments.

Cost savings

ERP will save Accounting money in a number of different ways. Essentially, this solution reduces operational expenses by automating business processes, which leads to fewer employees wasting time in time-consuming tasks. In addition, if management processes become automated, a business will need fewer in-house employees. According to data, business owners who have invested in an ERP solution can save up to 30% on labor costs.

Streamlined workflows

ERP automates account management-related tasks, including compliance control. Given that users can modify the system to perform these tasks automatically (and save valuable time), such automation will prove extremely useful for small accounting departments with limited staff and resources. In a nutshell, ERP streamlines workflows, resulting in improved productivity for these departments.

Accountants who use ERP to automate tasks, will significantly improve business effectiveness. Since, for example, they will be able to collect and analyze data automatically, they will have the freedom to focus on other equally important activities. Finally, thanks to ERP, accountants can achieve prompter payments, improve accuracy, and reduce printed documents.

ERP analytics

ERP analytics are data sets that predict behaviors and identify patterns. They are used in various business processes, such as sales, marketing, supply chain management, and they are especially popular among accountants who want to save resources. ERP analytics offer users a comprehensive view of financial operations, including accounts payable and accounts received. All this information is displayed on a customized dashboard with maps, graphs and relevant visual aids.

Consequently, ERP analytics offer accountants valuable BI that is hard to find elsewhere. These reports and metrics will prove vital in the prediction of future results, and in risk management. In addition, accountants can use analytics for the timely submission of tax return, as well as the verification of financial data.

Of course, not all ERP systems are the same, leaving room for deployment and adoption issues. There can be only one solution: choose the right vendor that will protect you from pitfalls and tailor the system to your business needs.