Most businesses operate with separate systems for enterprise resource planning or ERP and accounting. Your team will achieve more by having your systems work within a common platform. This configuration helps boost workflow significantly by seamlessly connecting different departments while increasing your team’s efficiency and productivity.
Single-platform ERPs are the solution to streamlining operations across your firm. An exemplary example is GoldFinch, with its internal accounting module. It’s native to the platform, meaning you can finally let go of traditional third-party accounting integrations. Here is how having ERP and accounting within the same platform benefits your organization.
How ERP and Accounting Connect
An ERP is among the most effective approaches for companies to realize their potential by enhancing automation, productivity, and streamlining processes. Its function extends across the organization, from production to accounting.
It is among the most productive tools for financial management that webs together your processes while boosting organizational workflow. ERP solutions streamline the accounting process for accountants by providing a comprehensive view of your activities and overall business performance.
With all your financial data in one database, it becomes easier to cross-reference and validate figures. Leadership also can leverage valuable business insights, allowing them to make informed decisions quickly. It also automates essential accounting functions like keying numbers, reconciling data, and creating reports.
Are There Benefits to Having Your ERP and accounting in a common platform?
There are myriad benefits to having a single-platform ERP over standalone accounting software. An ERP with accounting power rolls up all the critical features required of your finance team. You don’t have to switch programs to execute functions or share data; everything’s in one place.
Here are some of the benefits of implementing ERPs like GoldFinch for your accounting needs:
Manages Your Comprehensive Accounting and Financial Needs
Cashflow management is a crucial function in all successful organizations, and implementing an ERP with accounting capabilities makes it more accessible. Since the feature operates under centralized storage, you can access critical business information. The ERP also helps set budgets and resource allocation for different tasks like inventory management and raw material purchases.
Another valid reason why a unified ERP is superior is its multi-functionality. The system manages multiple departments and processes effortlessly, reducing the time and money spent buying and operating separate systems.
Automates Data Entry
Recording data is an everyday task for most accountants. Luckily, modern ERPs automate data entry functions, reducing your team’s work burden significantly. You’ll start observing consistently accurate financial information as the automation eliminates duplicate entries. The centralized storage system also makes comparing and verifying information between different departments easy.
Improved Transparency in Accounting
Operating with separate systems significantly compromises transparency in your data and operations. However, single-platform ERPs provide a solution by delivering shared storage for all company data. It makes it easier to access financial information; for cloud-based ERPs, you get remote access.
The ERP works to guarantee your team precise and reliable information to help maximize company resources. It also streamlines accounting operations since the data is accurate and properly managed. Implement a single-platform ERP and enjoy an all-around view of your financial data to make better decisions.
Most companies mainly implement ERPs with accounting modules to automate their workflow. It boosts workflow by making key accounting processes simple and manageable. Tools like native workflows help your business automate its accounting functions while streamlining data entry.
The ERP also helps resolve cash flow problems by simplifying complex activities and improving cash management. Collecting, tracking, and analyzing accounting data from different departments becomes more manageable since it’s all in a common platform. You can leverage the boost delivered by workflow automation to make your business nimbler.
Improved Control Over Business
Single-platform also guarantees you more control over your business, especially in accounting. The solution provides real-time visibility into your processes and what needs to change. You can also evaluate your decisions and review how they impact your business. Using the performance reports generated, you can identify practical strategies to drive growth, reduce expenditure and improve profitability.
Excellent Tracking Functionality
To optimize workflow, your system must support tracking. The ERP accounting module features a comprehensive financial management system that supports several core activities. It helps with revenue tracking, credit management, and payment schedules of customers.
Some of these activities require high tracking capabilities; your ERP will make managing them easier. You can track the billing history of a specific client and all transaction details in one platform. You can also track business profit and invoices and even create more practical budgets.
Accounting data demands high security to protect the company and its stakeholders. Implementing a system with adequate security measures is crucial to ensure data privacy and security.
Implementing ERPs like GoldFinch provides your team with multi-level security features to control data access and customization. There are strict protocols on the system’s database to provide role-based access. Simply put, the information you can access on the database depends on your clearance level.
GoldFinch ERP is among the few solutions with a native, internal accounting module. The system provides everything you need to streamline your accounting operations while boosting productivity. If you want to increase workflow, this solution offers a practical approach without having to work harder.
According to recent reports, implementing GoldFinch allows your team to create reports and forecasts in accounting up to 70% faster. The following are some of accounting features to expect:
- Accounts payable
- General ledger
- Tax reporting
- Inventory management
- Accounts receivable
The tool eliminates separate systems, effectively streamlining and boosting workflow. It also helps control costs effectively by reducing licensing costs and employee onboarding.
The secret to your organization working smarter, not harder, is implementing a single-platform ERP. It connects your accounting team to the rest of the department, allowing seamless financial data sharing. You also understand your business better and maximize productivity by boosting workflow.
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