Why to Use Enterprise Resource Planning Software for Accounting

ERP Enterprise Resource Planning Software

Are you struggling with your company’s financial data management? Not having accounting software in place for capital management? Or, your favorite accounting software has limited features to provide you company-wide benefits.

Whether or not you are accustomed to using finance and accounting software, you need to streamline your business operations. As a discrete manufacturer, you might be facing software downsides or the consequences of not having the one in place. In any circumstances, for improved processes and increased revenue, you should use ERP enterprise resource planning software for accounting. If you are using a basic accounting software then better switch to an integrated ERP solution.

No business wants dissatisfied customers or lost sales. That’s why manufacturers need something more advanced and integrated. They need more than basic accounting software. ERP solutions are the right choice because they bring multiple benefits to the companies ranging from operational to strategic and organizational advantages. This helps companies improve supply chain and logistics management. Eventually, it promotes profits and standardizes the processes that help reduce the overhead costs.

With the enterprise resource planning implementation, you can integrate the entire business data and not only financial entries as in the case of standalone accounting software. In this way you will be having a better visibility and understanding of your everyday operations – allowing you to make data-driven and well-informed business decisions.

Manufacturers need to invest in a single, scalable and affordable ERP system with an accounting management module along with other functionalities. It will help simplify, streamline and automate your business operations without relying on multiple systems.

In this article, we have enlisted a few commonly known, top reasons why you should invest in an ERP system for accounting.

Streamline Business Operations:

Low-quality and inaccurate financial data records will definitely leave a negative impact on your business processes. So, while making decisions about major business investments, remember that accuracy in your business accounting reports is mandatory. Enterprise resource planning solution for accounting and finance systemically establishes the processes to achieve real-time financial reporting and resourceful delivery of financial information across the concerned departments.

Accounting management through the enterprise resource planning system is thought to be significantly precise based on the standard and accurate data accredited in the system. You can also get rid of manual handling and transfer of financial information between different platforms while using a fully integrated ERP system. Moreover, you can have value-added automated accountancy tasks; for example, reconciliation and auditing compliance, etc.

Connecting Manufacturing And Finance:

Nearly all manufacturing businesses need a centralized database that could not be otherwise possible using a standalone accounting software solution. The right solution for this is to use ERP software. It will not only establish a firm connectivity between financial and manufacturing processes, but also streamlines all sorts of collaboration processes by giving access to the interdepartmental database. The information from all other functional areas of your business, including but not limited to CRM (customer relationship management), HRM (human resource management) and SCM (supply chain management) is funneled into one centralized hub – allowing real-time and quick collaboration amongst all departments.

We all know how complicated manufacturing business processes are and therefore, manufacturers should rely on ERP software solutions to manage, monitor and analyze large volumes of data and that also from all departments within the organization. Enterprise resource planning system for accounting is more accurate in collecting, storing and using financial data because it provides integrated, transparent and holistic visibility to your business operation. The data accuracy solely depends on the standard business and financial information available in the system.

Automated Workflows With Greater Visibility:

Manufacturers always seek solutions to economize their resources; both tangible and intangible. And, enterprise resource planning vendors like MIE Solutions have all those solutions compacted that not only automate production workflows, but also provides a 360-degree view of your financial matters and overall business operations. They provide manufacturing businesses with an ERP accounting software to predict financial behavior and measure patterns of daily business operations – affecting marketing, sales and supply chain management. ERP solution for accounting offers greater visibility of financial functions of an organization and displays analytical reports through graphs, charts and visual support. With this reporting feature, in your ERP accounting software you can forecast future outcomes pertaining to company finance and manage risks in a better way.

Enterprise resource planning solutions help manufacturers track financial transactions through automated audit information in real-time. They can also make timely payments with improved accuracy and without the need of paperwork. Yes, paperless accounting and automated workflow cuts time for complex accounting processes and hence, improve workforce efficiency and shop floor productivity.

Cost Savings Through Process Automation:

ERP system is a one of a kind platform with multiple features and functionalities, including communication, accounting management tools, delivery planning, order fulfillment, communication and shop floor processing options. This platform allows the manufacturers to reduce operating costs and save huge on labor costs through business process automation. ERP users can save up to 30% on labor cost and up to 15% on operational cost. Accounting is one of the primary operations of any manufacturing and distribution business, which is a challenging task. However, with one of the best ERP solutions like ours MIE Trak Pro you can seamlessly maintain your financial database, making it easier to look up completed and outstanding payments through process automation.

Wrapping Up:

ERP software with an accounting module allows having greater visibility and control of your business processes that helps in financial management besides resulting in substantial cost savings. There are several reasons like the ones discussed above why manufacturers should use ERP solutions for accounting. The primary advantage is a centralized database to gain a real-time view of everyday work and better streamline. Business process automation also helps save overhead costs and improves productivity.

If you, as a discrete manufacturer, want to invest in an ERP accounting solution, feel free to contact us and request for any information or ask for a free demo any time.