Advantages of an Integrated ERP Module for Finance Management
Using one system saves you time, as it eliminates the need to cross-reference and re-enter the same data into multiple systems and spreadsheets. A fully integrated system increases the accuracy of your accounting and financial reports by eradicating upload errors, input errors, and potential timing errors. You will also save the money you are currently spending on maintaining and upgrading multiple systems.
Using a fully integrated ERP system also allows your accounting staff to work from a single customizable dashboard that includes all the information they need. You can manage and keep tabs on various projects, accounts, and functions from a single screen, and always have a real-time snapshot of the KPIs and tasks that are important to you.
Another advantage of a fully integrated ERP software system is the choice it gives you. Love your current payroll system? An ERP system lets you use external systems where they are advantageous, as they can be easily integrated into your main system. In this way, you can create a system that is totally tailored to how you work.
Without an integrated system, there is no choice, and all processes have to be completed externally by disparate systems, eliminating the ability to create the perfect integrated accounting system for your team.
How does ERP improve finance insights into your business?
Many of your accounting and financial tasks can be completely automated with an ERP. An ERP will simplify accounts receivable and accounts payable, reduce your overheads, and improve cash management and cash flow issues. So, instead of your staff spending almost half of their work hours on data entry, they will have time and energy to focus on other crucial tasks, such as creating detailed financial reports. Thus, an ERP will not only increase your accounting team’s productivity, it will give you better insight into your company’s financials.
ERP technology gives your accounting department easy access to data. Organizations that use separate systems for accounting and sales activities have to manage the data manually. However, with an integrated ERP system, there is a fast and automatic transfer of data, ensuring that it is accurate and consistent.
Access to real-time data from across your organization allows your accounting team to track financials better than ever before. You will have greater visibility into your company’s finances, including the information you need to assess which business lines and projects are profitable, and which need to be improved.
How ERP helps achieve accurate job costing
Job costing is one of the major ways your accounting and finance team adds value to your organization. Job costing is important internally to your accounting team because it can properly prepare income statements, but it is also of value to your organization and your bottom-line.
Precise job costing not only tells you how much each job you take on actually costs you, it also helps you identify where you can become more efficient and save on costs. This can help you improve profit margins, or it can be savings that you pass on to your customers in terms of lower prices.
A fully integrated ERP system allows you to trace job costs throughout the production process, such as the allocation of costs per employee wage rate/work center rate. Having this information at your fingertips lets you drill down on costs, so you can make quicker and better-informed decisions about how to make your business more efficient and how to save money.
Averiware ERP’s easy-to-use accounting module is in sync with all parts of your business and projects, eliminating the need to maintain parallel systems. Averiware Accounting includes accounts receivable, accounts payable, general ledger, and banking management modules.
The system is user-friendly, flexible, and intuitive. Our implementation team, rich in accounting experience and understanding of business needs, can train your front office quickly.
