How do you handle accounting and financial management in your business? If you are like many growing companies, you may still rely on a standalone accounting software package. Operational software, such as for logistics and warehouse management, are separate point solutions. In our experience, this is not an optimal setup. It may have served the business well in the early days, but as a company grows and markets grow ever more competitive, the point solution approach becomes less effective. Instead, it may be time to look at the accounting and finance capabilities available in today’s leading Enterprise Resource Planning (ERP) solutions.
There are many reasons why an ERP solution like Acumatica is a wise choice for accounting and financial management. For one thing, organizational siloes almost always follow technological siloes. If operations and accounting are on separate systems, the operations and accounting teams will not work well together, and that can be a big problem in today’s business environment. Business transactions move at a lightning pace in today’s market. For a business to be competitive, it is essential for owners, managers, and employees to have the correct information to make the right decisions.
Here are six benefits to using ERP for accounting and financial management:
#1 – Flexible, Real-Time Reporting
For a business to operate most effectively, it has to have real-time access to its complete financial picture, whether to manage capital, cash, payments, invoicing, purchasing, payroll, or any other financial transactions. With Acumatica Financial Management, users can easily create reports without programming experience or having to modify hundreds of pre-configured reports to find the data they need.
The system can drill down from profit and loss all the way to source journal transactions. Data is connected across the system—from operations to finance—to create a single version of the truth accessible from anywhere, anytime, on any device. In today’s work-from-home and hybrid work environments, this ease of access isn’t just convenient; it is necessary.
#2 – Improve Decision Making
Every business needs to plan financially for day-to-day operations, prepare for unexpected events, manage capital, and manage cash across multiple departments. A company might also have to do accounting for multiple entities in different countries. With an integrated ERP system, all financial data is readily available and correct across departments and entities.
Having deep visibility into the business’s financial health can increase the decision-making abilities for top-level executives down to department managers, human resources, and employees. Acumatica Financial Management allows for complete customization of reports and filters to ensure that the most correct data is in the hands of those who need it.
This approach is preferable to the old way of doing things, when the accounting department used to spend a lot of time creating these financial reports. The information was always a day or two behind. Today, such a delay could mean missed opportunities or faulty decision-making based on data that is no longer relevant or accurate. By using the ERP’s built-in accounting functionality, companies can avoid this problem.
#3 – Increase Productivity
An ERP system streamlines workflows and eliminates many time-consuming processes formerly done by hand. Acumatica’s ERP system uses Artificial Intelligence and Machine Learning to automate processes, freeing employees and managers to focus less on financial paperwork and more on the skills that make them an asset to the company.
#4 – Minimize Human Errors
With ERP managing financials and automating processes, there are fewer opportunities for human error, such as with data entry. An ERP system will also detect and eliminate errors that could cause further issues that can trickle down and become a much larger problem than a simple accounting error.
#5 – Data Security
Acumatica’s ERP system offers multi-layered data protection. Acumatica mitigates risk of data breach in finance and accounting, contributing to an overall “defense in depth” security strategy. It helps ensure that financial data is kept confidential and secure.
#6 – Better Serve Your Customers
With access to real-time data from anywhere, on any device, including mobile devices, and from any browser, the company can provide customers with the most up-to-date information regarding their accounts. Better information increases customer satisfaction, which in turn creates more loyal customers.
Want to know more? Contact us for a demo of Acumatica Financial Management.
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