ERP / Accounting Defined
What is Enterprise Resource Planning (ERP) and Accounting?
Also, read ERP and Accounting Benefits.
Enterprise Resource Planning (ERP) is an integrated information system that serves all departments within a business and helps manage all the important parts of a business. ERP is best described as a relational database software package that supports a company’s business processes and operations, including; finance, accounting, accounts receivable, accounts payable, sales order processing, purchase order processing, inventory control / management, manufacturing, human resources, payroll processing and much more. The goal of an ERP solution is to have one single integrated systemfor the entire company.
Cloud ERP is an effective approach that most businesses implement to enhance their productivity and performance. It is known as a systematic approach that most industries use to organize resources, as well as, improve efficiency, business processes and performance. Also, the information made available through an ERP system provides improved visibility into key performance indicators (KPIs), business dashboards and reports. With the proper use of a cloud enterprise resource planning solution, companies can reduce their losses and increase their profits.
Financial Management - Deals with a company’s accounting and financial transactions. It helps businesses prepare financial reports and maintain your books electronically.
- General Ledger
- Accounts Receivable
- Accounts Payable
- Banking / Cash Managment
- Time and Billing
Supply Chain Management (SCM) – Improves the flow of materials throughout an organization’s supply chain. SCM functionalities include: production planning and scheduling, demand management, distribution management, inventory management, warehouse management, procurement and order management.
- Inventory management
- Sales order processing
- Purchase order processing
- Product configurator
- Supply chain planning
- Commission calculation.
Manufacturing – Is used to automate manufacturing operations and make them more efficient. Most manufacturing modules support different modes of manufacturing from make to order to make to stock.
- Job costing
- Bill of materials (BOM)
- Product data management (PDM)
- Capacity requirements planning (CRP)
- Materials requirements planning (MRP) and forecasting
- Master production scheduling (MPS)
- Work order management
- Shop floor control
Project Management – Provides managers sufficient control and visibility throughout the project life cycle, including planning, budgeting, forecasting costs and revenues, managing issues and change requests and tracking project status and performance.
- Job costing
- Customer billing
- Time and expense tracking
- Task and activity management
Human Capital Management (Human Resources) - Manages an automates the activities that are deployed around managing employees within a company.
- Payroll management
- Time and labor management
- Benefit administration management
- Human resource (HR) management
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