The Finance and Accounts module is the most important part of the ERP. Installing an ERP for Finance and Accounts requires expertise in the financial sector. An ERP system with a good team of experienced finance domain experts can handle core accounting, budgeting, and financial management functions.
What are ERP Modules?
An ERP Solution automates critical business processes and serves as a shared database for all financial and operational information across a company. The ERP system pulls this data from a number of modules built to help various departments perform their individual functions.
Common ERP modules support back-and front-office functions like finance and accounting, procurement, manufacturing, inventory management, order management, warehouse management, supply chain management and customer relationship management. More functionally-rich systems may also include professional services automation, human resources and workforce management, ecommerce and marketing automation.
ERP for Finance and Accounting
The objective of the Finance module in any ERP is to manage all financial transactions robustly. It is as important as it integrates all information from other functional modules.
Finance Reports
The finance module in ERP helps to generate all vital financial reports like
Firstly, Trail Balance – A trail balance is a report of outstanding items. It lists all ledger accounts, we identify whether an asset has been debited or credited.
Secondly, Trading A/c – When the business receives cash or purchases goods/services in cash it will enter a trading account. However this will open when the business starts.
Thirdly, Profit & Loss A/c – Usually in this account, all income and expenses in a month are listed. It shows the profit or loss status of your company.
Fourthly, Balance Sheet – A balance sheet lists the assets, liabilities, and what is leftover in a certain period. It shows whether your entries from the ledger are correct or not.
And many more are covered in this module.
ERP Accounting Module
ERP accounting module is an app that includes multiple features that covers all of your business processes like accounts receivables, accounts payable, general ledger, cash flow, etc. It provides your enterprise with the necessary tools to manage financial issues.
With ERP Accounting, you can significantly increase the performance of your business by automating tasks. Most importantly, improves accounting operations that requires a high degree of accuracy. ERP gives you access to real-time data from any location. In short, your database can update immediately when changes occur.
With a unified system to manage multiple processes or departments, companies can reduce the time and cost spent on purchasing separate tools for each. Our best in class ERP for Finance and Accounting empowers you and affords you more control over your business.