Accounting and Financial Module in ERP.
What is ERP (enterprise resource planning).
ERP (enterprise resource planning) are core software used by companies to coordinate information in every area of the business. ERP helps to manage company-wide business processes, using common database and shared management reporting tools.
Different Modules of ERP Systems
- Human Resource Management ERP Module
- Inventory management ERP Module.
-Purchase Management ERP Module
-Finance & Accounting ERP Module
-Customer Relationship Management(CRM) ERP Module
-Engineering/ Production ERP Module
-Supply Chain Management (SCM) ERP Module
The financial module in ERP Systems provides financial functionality and analysis reports for ledgers, trail balance data, overall balance sheets and quarterly financial statements.
The finance module of ERP system has the following sub-systems.
- FINANCIAL ACCOUNTING
The objective of a good Financial accounting system is to provide company wide control and integration of Financial information that is essential to strategic decision making. The Financial accounting module of an ERP System, gives you the ability to centrally track financial accounting data within an international frame work of multiple companies, languages, currencies and charts of accounts.
- GENERAL LEDGER.
The General Ledger is essential both to financial accounting system
and to strategic decision making.
3 ACCOUNTS RECEIVABLES
The Accounts receivable Modules helps in tracking all the invoices that is awaiting payment from customers.
4 ACCOUNT PAYABLE
Accounts Payable Module (AP) — provides the functionality to enter, monitor, maintain and process for payment of invoices and credit notes, that the organization received from its vendors.
- ASSET ACCOUNTING
Fixed asset management like acquisition, depreciation, retirement etc
- Legal consolidation.
A Legal consolidation process is a financial process and allows to show the assets, financial position and income of a group as if the group were a single enterprise
Controlling enables the possibility to plan the financial parameters of the company and offers both proactive capabilities for early warning if they become negative and complex analysis tools to identify factors of influence.
Benefits of using ERP Business Accounting Software:
- Reduce cost and resource inefficiencies
- Gain better control of processes
- Enhance productivity, customer satisfaction, flexibility and control
- Manage operations from more than one office location…Dependant on your choice of ERP solution.
- Improve communication and collaboration between all areas of your business.
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