ERP / Accounting Benefits
Also, read ERP and Accounting Defined.
A comprehensive ERP and Accounting system leads to performance increase, workflow synchronization, standardized information exchange formats, complete overview of the enterprise functioning, global decision optimization, speed enhancement and much more.
Some other benefits to mention from an ERP solution would include: enhanced productivity and corporate financial performance, improved business forecasting and organized work flows.
Benefits of Implementing an ERP and Accounting Application
- A perfectly integrated system connecting all the functional areas together.
- The capability to streamline different organizational processes and workflows.
- The ability to effortlessly communicate (interface) information across various departments.
- Improved efficiency, performance and productivity levels.
- Enhanced tracking and forecasting.
- Improved customer service and satisfaction.
- Provides top-down view of the enterprise (no “islands of information”).
- Real time information is available to management anywhere, anytime to make proper decisions.
Help reduce operating costs – ERP software attempts to integrate business processes across departments onto a single enterprise-wide information system. The major benefits of ERP are improved coordination across functional departments and increased efficiencies of doing business. The immediate benefit from implementing ERP systems are reduced operating costs.
Facilitate Day-to-Day Management – The other benefits from implementing ERP systems is facilitation of day-to-day management. ERP systems offer better accessibility to data so that management can have up-to-the-minute access to information for decision making and managerial control. ERP software helps track actual costs of activities and revenue generating activities.
Support Strategic Planning – Strategic Planning is “a deliberate set of steps that assess needs and resources; define a target audience and a set of goals and objectives; plan and design coordinated strategies with evidence of success; logically connect these strategies to needs, assets and desired outcomes; and measure and evaluate the process and outcomes.
Cloud Based ERP Benefits Are: (See Cloud Advantage for more.)
Rapid Deployment: Hosted ERP implementations generally take as little as a few days to at most 3 months and companies do not need to invest up-front time in the planning of hardware and software purchases.
Easy Upgrades: Hosted ERP applications can accommodate the instant deployment of new versions. Product enhancements and upgrades can occur instantaneously and hosted ERP applications can be configured / reconfigured quickly.
Reduced Costs: There is no hardware to purchase, servers to install or techies to recruit when using a hosted ERP.
Security Safeguards: For today’s hosted ERP vendors, keeping their datacenter security up to par is huge for the protection and privacy of consumers.
“When business software is setup correctly, people fully understand the capabilities and possible uses, and are adequately trained. Business software should improve your company’s productivity and provide strong information reporting structure.”