What is ERP in Accounting?

The Definition of 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 system for the entire company.

gvo_wheelCloud ERP is an effective approach that many businesses implement to enhance their productivity and performance. It is known as a systematic approach that companies use to organize resources, as well as, improve efficiency, business processes and performance.  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.

With a cloud ERP your organization will have an instant competitive edge, be in position to scale and have future proof systems for continued growth.

The Business Value of ERP

Businesses can no longer ignore the valuable impact ERP’s have in the business world. As fragmented business systems and processes become centralized into ERP databases, organizations can strategically align individual departments and enhance workflow resulting in substantial cost savings. The value and benefits of an ERP system include:

  • Improved business insight from real-time reporting.
  • Lower operational costs from integrated systems and streamlined business processes.
  • Enhanced teamwork from staff; seamlessly sharing data across departments.
  • Improved efficiency through a common user experience across many business functions and processes.
  • Consistent infrastructure, all business activities have the same look and feel.
  • High user-approval rating from a similar user experience.
  • Reduced risk from better data integrity and financial controls.

Print Understand the Full Business Value, Benefits and ROI of a Modern ERP System - Includes value (ROI) calculator.

You'll discover 16 specific business benefits of an ERP system.

Learn more → 


Next-Generation ERP Built for Small To Medium Businesses.

Prior to cloud based technology, ERP systems were generally too expensive for SMBs. Thanks to the cloud, an ERP system is an affordable solution available to any size business, giving the same leverage used by larger enterprise organizations. A cloud-based ERP delivers simple, affordable systems that give SMBs the ability to innovate quickly, along with the flexibility to adapt, support and grow with ever-changing business needs.

Man using laptop and phone.Empowering A Mobile Workforce

Leading ERP systems are moving permanently to the cloud, empowering businesses to keep up with the digital economy.

Today’s workforce demands access to the latest technology with anytime, anywhere, any device access. Today’s cloud ERP systems enable your workforce to easily collaborate and share information with a simple, easy to use interface across an array of devices. Businesses that decline to innovate and meet this demand, will face an uncertain future.

Why A Cloud-Based ERP System

Having a single, unified solution that integrates all core business functions, like today’s cloud ERP systems, help shape what an ERP is. Employees gain valuable insight across the organization enabling businesses to build a foundation that meets immediate business needs, with the speed and agility to respond to changing market conditions. The organizations who adopt and embrace the digital transformation an ERP system brings, will have the advantage over their competitors well into the future.

Specific Business Functions And Benefits Of An ERP System (Click on the tabs below.)




 

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.

 
  Next Steps
  1. Download The Self-Assessment - See how you stack up against your competitors and determine if an ERP is right for your organization.
  2. Understand the Business Value, Benefits and ROI of a Modern ERP System - Includes value (ROI) calculator.
  3. Selecting an ERP - Best Practices - Includes business process maps, vendor scorecard, sample RFI, and top 10 questions to ask your ERP vendor.
  4. Why Partner With goVirtualOffice - Our team of former CFOs, CPAs, controllers, business leaders and technology experts will bring you real world experience and best practices to your ERP implementation.
  5. Why NetSuite - #1 Cloud ERP.

 

Not Sure If A Modern ERP System Is Needed For Your Organization?

Take our Free self-assessment to determine if a modern new ERP system is needed for your organization and to see how you stack up against your competitors.

Free download → 

Next Steps
  1. Do You Even Need an ERP? - A quick self-assessment will help you determine if an ERP is right for your organization.
  2. Understand the Business Value, Benefits and ROI of a Modern ERP System - Includes value (ROI) calculator.
  3. Selecting an ERP - Best Practices - Includes business process maps, vendor scorecard, sample RFI, and top 10 questions to ask your ERP vendor.
  4. Why Partner With goVirtualOffice - Our team of former CFOs, CPAs, controllers, business leaders and technology experts will bring you real world experience and best practices to your ERP implementation.
  5. Why NetSuite - The #1 Cloud ERP.
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