(336) 315-3935

The ERP Features Every Accounting Department Can’t Live Without

Woman working on calculator and computer at the same time.

Written by Laura Schomaker

September 17, 2020

Accounting is an essential piece of any ERP. While you would think they all would have robust accounting features, that’s not necessarily the case. Not all solutions are alike. Some ERPs may leave a seasoned accounting department wanting more. To help you avoid ERP buyer’s remorse, we’ve put together a list of accounting features in ERP we think no accounting department should do without.  

5 Key Accounting Features in ERP 

Cost Tracking Across Projects 

One of the big selling points of any ERP is the breakdown of silos, allowing for shared data and collaboration. This is even more crucial if you’re constantly managing a long list of projects. A dynamic ERP should enable cost tracking across projects using data culled from multiple departments. In this way, you can get a bird’s-eye view of all costs related to a project and allocate them and your overhead more efficiently.  

Advanced Billing 

Not every client has the same billing structure or rate. So, for some, accurate billing can get complicated. When looking at an ERP, check that it allows for multiple billing scenarios, like these:  

  • cost-plus  
  • fixed price  
  • milestone billing  
  • contract specific rates  

Plus, robust labor and materials billing options so you can bill based on customer, work type, or contract specifics.

Time and Expenses  

When a company manages multiple sites and partners, plus a variety of part-time and full-time employees, HR accounting can become complex. Look for ERP options that allow for timesheet entry remotely. You also want to make sure it emphasizes convenience with time and expenses, given the number of timecards you may process, and helps ensure accuracy.  

Supply Chain Management 

Managing the flow of goods or services at a company is always a tall order. And staying on top of inventory can be a nightmare for accounting. When you also need to address issues such as work-in-process inventory or the storage of raw materials, things can get even more complex. Look for global visibility of the supply chain, and real-time reporting on inventory updates.

  

Robust Reporting 

Finally, you want to keep an eye out for an ERP with robust and customizable reporting features. Getting stuck with “one size fits all” reports that don’t suit your (or your CFO’s) needs can leave you frustrated. Look for an ERP that allows you to work within your reporting structure so that it works for you and not the other way around.  

A great ERP solution can be a lifesaver for an accounting department, merging data, streamlining billing and more. By looking for some of these key accounting features in ERP, you will be well-served by your ERP and happier.  

What experiences has your accounting department had with an ERP solution? Let us know in the comments below. And if you are considering transitioning from basic accounting software to an ERP, start exploring some top ERP options for finance and accounting professionals today.  

You May Also Like…

Square 9 On: The AI Advantage: Streamlining Document Capture

Square 9 On: The AI Advantage: Streamlining Document Capture

Once a mere concept in science fiction, computing systems have finally gained the ability to make complex decisions in a practical and meaningful way. Now, using the power of AI, information can be extracted from paper, PDFs, and other computer-illegible sources with AI document capture in less time, at a lower cost, and with far more accuracy.

read more
Is Dynamics 365 the Best ERP Choice? Explore These Top Alternatives.

Is Dynamics 365 the Best ERP Choice? Explore These Top Alternatives.

Venturing past the usual Dynamics 365 trail, we plunge into an exploration of top-rated alternatives.
These are solutions that aren’t confining themselves to just keeping up with Dynamics 365, but are setting new standards of ERP excellence. Your search for the perfect ERP solution doesn’t have to end at Dynamics 365.

read more
Dynamics 365 Pros and Cons That Will Make or Break Your Decision

Dynamics 365 Pros and Cons That Will Make or Break Your Decision

On one side, you’ve got the potential to boost productivity dramatically, on the other side, a possibly hefty price tag and potentially complex deployment might bring your business to its knees.
So, do the perks outweigh the potential potholes?
Welcome to your ultimate guide, shedding light and taking the mystery out of Dynamics 365.

read more