Not only a good financial module is an essential part of a effective ERP system but it can also be considered as the heart of the ERP system itself. Reliable financial software or a well-integrated ERP system with a supportive financial module is required by all sizes of organizations, no matter whether it is small, medium or large-sized, for a smooth and flawless work procedure.
Financial accounting processes in a business involve the preparation of statements, reports, charts, and other vital data on a daily basis. If the company carries out these activities manually it will consume a huge amount of time and resources. Financial module in an ERP system allows you to get rid of all manual work. In an ERP system all activities have been redefined in various methods for easy and quick operational procedures which make them more fruitful, productive and profitable.
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The next-gen ERP systems like resource have been integrated with truly effective financial module that allows users to conduct all the financial transactions, controlling and reporting activities. These ERP systems have various features that makes easy configuration as per the requirement of each industry. The latest ERP system have made their interface more user-friendly and it enables every user in the organization to work with this system without any hardcore training method.
There is no need to emphasis that management of financial accounting is the most vital activity in every business and it is immaterial whether it is financial institution, manufacturing sector, healthcare or any other industrial verticals. There can be no two opinion about the benefits of working with an ERP system that has been well integrated with a efficient financial management module as it will allow the user to work efficiently with precise data and quick procedures to meet your organizational objectives.
As we said earlier, as far as an ERP system is concerned the financial accounting module can be considered as the most important and primary module. This module manages the financial transaction, both for external and internal auditing purposes. This module features General Ledger accounting, i.e., G/L, account receivable and account payable, and fixed assets accounting. It also consists of bank accounting, fund management, legal consolidation, etc.
Here are some of its functions explained further:
- Financial accounting module helps organization to carry out real-time financial processing based on that data can be transferred for reporting. Further here we would like to showcase some of the benefits of an ERP system implementation that is well integrated financial module.
- Tracking and monitoring important data becomes an easy exercise and branches and offices working in different location can be managed through a single centralized system.
- The General Ledger accounting component allows a real-time understanding between the financial and management accounting and thus tiling the technique for parallel accounting concepts..
- The Account payable record is responsible for tracking and managing the entire amount which is owed to the vendors or the suppliers.
- An ERP system with well integrated financial management module enables to manage financial accounting and controlling functions easily.
- Enables to create Balance sheet, profit and loss statements, and profit analysis, it provides fast, reliable and appropriate data.
- Fast and quick management decision will be possible through the real-time financial processing.
- Enhance corporate performance and business strategy development.
- It streamlines different processes such as scheduling, financial consolidation, reporting, association with other departments and brings about transparency across the organization.
- Easy to manage the cash-flow, receivables, and payable, credit management, collections, finance, and treasury functions, etc.
Accounting standards, government rules, instruction of internal processes, etc all be strictly followed within permitted parameters. Facilities like analytical reporting, audit-controlling, profitability analysis, budgeting, etc. make this whole system more adorable and adaptable.
Know more about Key features of ERP Finance Module