Top 5 benefits of having ERP software for accounting in your company!
Are you looking for a way to streamline your business and make it easier for your employees? Then an ERP software solution for your accounting and inventory management needs is a must. This blog will help you understand how ERP software can help improve your business by giving you more control over what’s happening in your company. So without further ado, here are the top 5 benefits of having an ERP software for accounting in your business!
- Full access and control over data
Data on transactions, ledgers, customers, invoices, etc. are necessary for finance and operation teams, however there’s a limit to what they can access. Business owners often have sensitive information that only a selected number of employees can have access to. Managing access rights becomes a headache when the business size is huge. An ERP can reduce this burden with an access matrix or approval matrix. With an ERP, data can be co-authored with someone who matches one’s access level. All it takes is a few clicks.
- Centralised and integrated data repository
An ERP software is able to centralise and integrate data from multiple sources into a single repository so that data access can be easier. Everyone in your organisation can access data through a single platform. Since they all are looking at the same data, they’re less likely to have different versions of the same data, thus reducing errors in calculations and other operations. It also decreases the chance of duplicate data being entered into the system.
Financial managers benefit highly from this feature as they’re not looking at different systems. They can speedily apply savings-increasing policies on the centralised data available.
- Easily track payments
Billing and payment management becomes incredibly streamlined and easy with ERP software. Leading-edge ERPs have a function that lets users track payments from debtors, vendors, and customers. The feature sends a notification or alarm when a payment is delayed. The ERP may have a full-fledged integrated CRM that enables companies to set and automate payment reminders.
- Generate insightful reports
Data-backed decisions are always favourable for a business as business owners do not want to make sensitive decisions in the dark. If your data is managed by an ERP solution, its accuracy rate is high, and hence accurate reports can be generated with impactful visualisations. Business Managers and owners get in-depth knowledge on the business’ financial health with ERP software-generated insightful reports.
As an example, In an ERP software, you’re able to see which products generate the most profits and which products have the least purchases. With such information, investments can be better planned. ERP software and their generated reports show where your money is going and aid in devising plans to cut down unnecessary expenses.
- Comply with Generally Accepted Accounting Principles (GAAP)
Modern ERP software are mostly GAAP (Generally Accepted Accounting Principles) compliant, which helps companies keep their operations consistent and transparent for public organisations. To be exact, GAAP is a roster of standards on how business reporting should be done. It includes the legal aspects, complexities, and intricate details on corporate accounting.
ERP software are able to automate operations, detect duplicate entries, and limit errors to make data on the system reliable. With GAAP-guaranteed data on ERP, businesses have increased productivity and growth.
ERP software helps not only manage accounts, but will assist you with purchase management, accounts receivables, payroll, sales management, and more. If your current accounting software is unable to juggle with complex accounting operations, then maybe you need a leading-edge ERP software. Luckily we have a head-turning software for you: TallyPrime.
TallyPrime is one of such advanced ERP software solutions. It can revolutionise your business with its advanced accounting functions, e-invoicing, e-Way billing, report generation, multi-currency support, etc. Bank reconciliations can be done with a few clicks and you can use the edit log feature to set up an audit trail.
TallyPrime is perfect for businesses of all sizes. Contact Nandini Infosys today to transform and scale your business!
