Accounting focuses on the here and now. Financial management, as a contrast, focuses on the months and years to come. ERP can provide the tools needed for companies to forecast and plan, allowing them to envision a financial future for a company. Let’s look at exactly how ERP for financial management can play a pivotal role in financial management, serving as a comprehensive tool.
ERP has In-built accounting features.
ERP for financial management, of course, includes the core accounting features any business needs to assess its current financial state. An ERP solution allows a business office to dial in on current and historical data, providing effective tools for general reporting, ledger balancing, managing expenses, and more.
ERP unifies data across business divisions.
There is no way to plan a way forward when data is siloed and inconsistent. ERP for financial management brings all business data together onto a single platform, allowing the C-suite to identify and understand trends. Everything from production planning to inventory management and customer relationships is within easy reach, empowering decision makers to leverage data-rich business insights.
ERP features advanced reporting.
Historically, reporting in the business office was limited and, in worst-case scenarios, entirely analog and not dynamic, plagued by manual entry and enslaved to the spreadsheet. With the advanced reporting features available in an ERP solution, businesses can visualize real business intelligence, dynamically map out expected sales, and disseminate everything as needed to key stakeholders.
ERP enhances productivity and organization.
Effective financial management requires that a business functions as a productive and cohesive whole. By digitizing accounting processes, ERP ensures data is consistent and always accessible when needed. Departments and teams can focus on productivity and efficiency, instead of looking for data or submitting forms and reports to accounting.
ERP cleans up the audit trail.
Finally, ERP does a great job of ensuring that your audit trail is clean. The top players offer full audit trails and readily accommodate common business regulations, including the ACA. When businesses have more industry-specific concerns, an ERP’s modular design allows skilled ERP consultants to recommend bespoke solutions to address these unique needs.
Ready to see how ERP can affect your company’s financial management? Take a moment to contact us today. We’ll help you develop an approach to financial management that works for your business and industry.
