All companies across the world are constantly striving to minimize overheads and non-vital extra expenses. At first a company will look at the overall practices of the business to see if there are any more efficient ways to perform certain tasks in order to save on time and costs. When these businesses take a look at their internal information processes, they can see that there are more efficient ways to handle information flow throughout the whole company that can accomplish their goals.
One software system that enables a company to integrate all departments’ data allowing a smooth flow of information between them is Enterprise Resource Planning (ERP); an integrated system that runs in real-time and flows with consistency throughout each module. Facets of the ERP system include: data services, finance / accounting, HR, customer relationship management, supply chain and manufacturing.
For the accounting department alone, ERP has countless benefits. The ability to support budgeting, consolidation, cash management, general ledger, fixed assets and accounts payable / receivable to mention a few. Many accounting software’s can achieve these types of functions, but with the integration of ERP, this data and the system is able to look to similar systems throughout the company – a feature that other accounting software’s are unable to do. When a different department accesses the accounting software, they will find a similarity in layout to their own and find it much easier to navigate. This familiarity makes the system far more efficient and time effective.
The accounting department can really benefit from an integrated system such as this as now they can access information such as invoices, costing, purchasing and payroll data in an instant. This makes it easier for them to perform their monthly, quarterly and annual tasks because they no longer have to wait for the information to be provided to them by other departments.
This new way of accessing data eliminates the requirement to print and deliver the information that then usually would need to be re-entered, risking errors and costly mistakes.
It is essential that for a fully informed accounts department, the business must have good ERP software implemented. Good ERP providers will be able to provide customer service support to the accounting department in order that the IT department can easily manage. As many of the ERP systems are implemented company wide, it is important the ERP provider can work with the accounting department as well as with the IT department ensuring all needs and functionality are easily met.
An efficiently working accounts department can have many tasks such as inventory audits eliminated as the ERP system can provide information and answers at the click of a button. No longer is there the need for costly and time consuming tasks such as inventory, transaction processing or employee pay. This enables the department to be far more efficient whilst saving the company money.
A business looking for a way to keep all departments working together and fully informed should look to implementing ERP. A good ERP provider with an excellent reputation can guarantee improved efficiency and cost savings. The peace of mind that the business needs knowing that this is all being handled in an efficient and cost effective way is priceless.
Rashed Khan hold an MSc in Software Engineering and enjoys guest posting on business/technology related topics.
