Enterprise Resource Planning (ERP) systems are among the most popular IT platforms that help with company management. The role of your ERP extends to all departments, including your accounting team. The financial management module allows financial data collection and creates income statements and invoice reports, to say the least.
Your accounting team saves time since the system automates all your invoice functions. Companies that use Accounting Seed should consider integrating GoldFinch ERP into their system for improved productivity and efficiency. Here are the benefits of integrating accounting and ERP into your organization.
What is Invoice Automation?
Invoice automation involves scanning, extracting, matching, and validating specific invoice data and keying it in your accounts payable system or ERP. The software eliminates manual intervention in all areas where a human touch is unnecessary, reducing the burden on your accounting team. Some of the benefits of invoice automation include improving cash flow, helping procurement, and driving additional savings.
How Does ERP Help with Accounting?
Interconnected Solutions
One of the main benefits of integrating your accounting system into an ideal ERP solution is the interconnection achieved. Although ERP houses different applications, they all connect and share all the relevant information with the accounting system. An integrated solution housing all company data effectively streamlines company operations across all departments.
The different applications found in your accounting function serve varied purposes. Some initiate transactions, while others document current and past financial projects. Your ERP platform directly connects all the software, saving time by eliminating manual data entry.
Defined Process Structure
The key to success in every department is having a defined structure for all processes. ERP helps provide a defined operational system for all your accounting processes on the platform. It establishes organization and consistency in your operations by enforcing standard practice.
Are There Benefits to ERP Accounting?
There are several benefits to using ERP accounting, primarily because it allows the pre-connection of your accounting system to other business tools. Your accounting team must connect to your different departments as all business processes touch accounting. Here are some benefits of integrating an ERP solution into your accounting structure.
Complete Control Over Data Access
Controlling data access is crucial in every system. As much as you’d want your accounting team to have unlimited data access, you’d not want sensitive information to leak. Your ERP solution allows you to control how much access each employee has depending on their clearance level.
It becomes challenging to control and manage your financial data if your systems are not organized. Your employees get instant access to critical information without you compromising sensitive company information. The data security benefits of ERP accounting will most benefit companies with hundreds of employees as it comprehensively organizes data and complements fast data retrieval.
Financial Data Unification and Integration
Another benefit of ERP accounting is financial data integration with complete accuracy. Most errors in your accounting department arise from manual data entry, contributing to calculation errors. You can use an ERP solution to eliminate data inaccuracy by enforcing automation and a single data repository.
Accounting ERP also helps save time by allowing financial managers to focus on one system instead of different ones. The platform will reduce the time spent on data searches and compilation, allowing faster and more accurate execution. Your accounting team also focuses on what matters instead of wasting time on unnecessary details.
Better Financial Management Through Tracking
ERP accounting also improves payment and billing efficiency in your company. The system features excellent tracking features that alert you when to make specific payments and notify you when late. These features allow you to establish a timely payment schedule for customers, suppliers, and other stakeholders.
Integrating your ERP into a CRM solution can set and automate customer-specific reminders for better financial management. It ensures accuracy by increasing proper workflow in the overall system and makes billing and revenue management easy.
Report Generation
Powerful reports remain crucial when making critical business decisions. These reports need to be accurate, comprehensive, and relevant to achieve more informed decisions in your business. Your ERP solution can help generate powerful reports for decision-making in your accounting department.
Reports are essential in business decision-making because they make sense of complex company data. They also provide financial managers and accountants with a framework to work on as they understand and predict the financial health of your business. ERP accounting ensures in-depth reporting to help you spend your resources better.
Why Should You Integrate Accounting Seed with GoldFinch ERP?
Companies must consider ERP integration into their accounting software, and Accounting Seed and GoldFinch make the perfect pair. You can manage your accounting processes efficiently with GoldFinch. Here is why:
- It helps manage AP, AR, and GL in your accounting function
- It auto replicates purchase invoices, sales invoices, and GL to Accounting Seed
- It is a platform with a shared database and uses a single login
One of the benefits of integrating Accounting Seed with GoldFinch ERP is minimizing overhead. You also reduce training costs as your team uses the same interface and database structure for company operations. Since it is a system using a common database and reporting tool, it guarantees harmony, teamwork, and collaboration.
Conclusion
The advantages of integrating an ERP solution into your accounting system are enough to streamline your operations and improve productivity. GoldFinch ERP and Accounting Seed result in a strong configuration complementing all accounting functions. You can manage inventory, payroll, and taxation without overworking your team or compromising quality.
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