How an ERP improves your day | Bileeta | ERP

Entution ERP for Accounting and Financial Management

Continuing our series on the basics of ERP, let’s dive into ERPs in a more straightforward manner.(Get more insights into the world of ERP by reading our blog !)

ERP system comprises various modules, each tailored to address specific part of the business. The choice of modules is contingent upon the company’s requirements. Here is an overview of some common modules:

1. Finance and Accounting. manages all financial transactions, including accounts payable, accounts receivable, general ledger, and financial reporting.

2. Supply Chain Management. It handles ordering new supplies, keeping track of how many supplies are in stock, and making sure your products get to customers.

3. Procurement- helps the purchasing department buy supplies from other companies. It can track the purchase order from the time it is created until the supplies are received and put in stock.

4. Sales and Invoicing– It enables your sales staff to initiate a Sale Order and follow it through to delivery and invoice fulfillment.

5. Analytics– It lets your management team monitor overall organizational performance through real-time Business Analytics and Information module, which analyzes strategic & operational business data related to each module as Procurement, Sales and Finance.

6. Credit Control- If you sell your products or services on credit, credit control can help you protect your business from risky borrowers. It can also help you identify customers who pay quickly and those who pay slowly, so you can minimize your financial risk. With credit control, you can create and issue invoices to customers, send reminders for overdue payments manage payment schedules.

 

Benefits for ERP System for Accounting and Finance module

Imagine you’re running a business, and things are getting overwhelming with all the numbers, transactions, and paperwork. That’s where an ERP system’s the Accounting and Finance module comes into play.

The finance module takes care of accounting and financial tasks, such as keeping records, generating reports general ledger (GL) and balance sheet, and managing transactions. It also supports financial analysis and revenue management. Integrating finances across different business areas helps ensure accuracy and meet financial regulations, while also providing data for performance improvement.

When looking at the finance module within an ERP you will see that it is integrated in a way that combines all of a company’s operational functions (purchasing, sales, inventory, billing, payment, etc.) with its financial data (cash management, balance sheet, etc.).

So, how does ERP help with accounting and finances?

Let’s dive into the top 9 benefits:

 

Get a clear picture of your finances. With easy-to-understand analytics dashboards, reports, and general ledgers, you can see exactly how your money is coming in and going out.

Improved productivity. No need to waste your time on manual accounting tasks. Automation frees up your team to focus on more strategic work.

Fewer human errors. Automated processes and data entry checks help eliminate costly mistakes.

Plan and budget smarter. The ERP finance module’s ability to instantly access financial data across multiple departments allows for more accurate budgeting and forecasting.

Stay Organized. Keep all your financial documents in one place, easily accessible and secure.

No missed payments. Get reminders about upcoming payments and automate the disbursement process.

Access financial info from anywhere. Whether you’re in the office or on the go, you can always see your company’s financial health

Integration. ERP finance module integrates with other business systems, giving you a holistic view of your operations.

Customer and Vendor Management. ERP systems often include modules for managing relationships with customers and vendors. This integration allows for a more comprehensive view of financial interactions and helps improve communication and collaboration with external stakeholders.

In a nutshell, accounting and finances module, tackling different tasks to make sure things run smooth and everyone’s happy – especially those who are in charge of the money.

Learn how an ERP improves your Business Operations

How an ERP improves your day-to-day Business Operations

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