Leverage ERP for Financial Success
Finance ERP : Introduction
In today’s business world, an ERP is a system that helps a company manage its things like money, people, and supplies all in one place. It is suitable for any size of business as it integrates with financial and accounting functions, perfecting operations and reducing costs. The finance ERP module seamlessly combines operational functions with finance data, which helps to contour processes of purchasing, sales, and inventory management. It helps the businesses achieve financial health and growth.
Finance ERP : Who requires and Why?
ERP in Finance is an enterprise resource planning system that manages finances for SMEs. ERP serves as a central accounting hub as it tracks customer payments, supply bills & orders, financial statements, accounts, cash inflow & outflow and budget of the business. Financial management is an important step to implement as it helps in the decision making process on profits, cash flow, and overall financial health. It also helps making decisions on tax implications, ensuring transparency and financial security in these challenging times.ERP finance helps in simplifying tax management by storing the financial data and security for stakeholders.
Finance ERP Module:
An ERP finance module is important for any business in today’s world. It provides growth and financial oversight of the business. Whatever the size of the industry is, there are always plus points in implementing ERP modules. It helps the departments to save time and cost by storing the information at one place which can be accessible by any one with added security access. Maintaining supply chain management, sales, marketing and procurement becomes easier.
Why Opt for an ERP Over a Dedicated Accounting Solution?
If you are confused about whether to adopt ERP or a dedicated accounting solution, you can consider the following points:
Any accounting software solution covers basic functionalities like general ledger, invoice statements and financial reports, which are very old features every business can move ahead of. But for robust reporting and integrations like tax management and decision support, ERP solutions serve more effectively.
Let’s check what are the key features of an finance ERP solution by Jupical.io:
Financial ERP Key Features
- Accounting system: Jupical.io’s module helps the company to be paperless. It has a robust system that will help to streamline the operations and store all the documents into a single system which can be secured.
- Asset management: Asset management feature makes sure that company’s assets are monitored and managed through their entire lifecycle. The system also calculates and tracks all the company’s asset depreciation for accurate financial reporting.
- Financial analysis: With LMS real-time reporting becomes a crucial functionality that will help companies to generate up-to-date financial reports and decision making becomes easier. Alongside it also helps analyze performance against the set goals and benchmarks.
- Payment systems: Integration with various payment systems becomes easier with ERP. Razor Pay is the most integrated payment system, however, other choice of systems can also be introduced as per business requirements.
- Consultant Management: The latest feature helps to manage your consultants from the system. You can decide the percentage of commission to be given to a particular consultant who sells the loan. This can be set in the system automatically by reducing manual load.
- Inbound – Outbound Loan Management: Company acquires funds from the various sources, which is easier to maintain in our system. From approvals to document collection everything can be automatically managed.
Benefits of Finance ERP for business
1. Management of financial needs and accountancy:
In today’s business world managing money is all everyone is looking for and with ERP your questions are solved! ERP can manage buying materials, marketing, paying employees, and other costs for running a business.
The good thing is, ERP combines all these tasks into one system, so one doesn’t have to use different tools for each job.Â
With ERP, you can:
- Manage cash in hand needs
- How to spend money with forecasting
- How much to spend on different departments
- Keep track of payments to suppliers, employees, and all such expenses
2. Elimination of duplicate entries:
ERP is majorly used to make the business operations of the companies smoother. When a company is handling the accounting part there are different tools and systems that they use to store entries, but now no more!
ERP system will make sure that the same information is not mentioned twice and is all correct as per the standards set.
3. Automate workflows (cash flow management, asset management):
Companies who upgrade their business tasks with an ERP system helps in streamline accounting with automated features like to simplify data entry and save more time. Finance and accounting module in ERP helps in quick gathering, tracking and analysis of financial data, balance sheets, and P & L statements. ERPs not just help with one type of data but it helps with integrating data from multiple resources like cash flow, unpaid invoices, payment schedules, operational costs, inventory management. Plus, you can analyze the costs of operations, the amount of inventory you have, and the requirements of contracts more easily.
4. Transparency and security control:
When companies adopt ERP systems for the business needs one can access the financial information as and when required. ERP systems can deliver precise information with real-time analysis. On the top of everything, the system is protected with highest security and protocols which offers role-based access to users with multiple authentications.
5. Excellent tracking capabilities:
One of the most important advantages of implementing an ERP is serving itself as a financial management system. It improved various accounting functions like credit management, revenue track, loan due dates, etc.
ERP has the ability to track payments, revenue and billing handling all under one roof. The system enables efficient management of business’s profits, budgets, cost analysis, invoices and more.
6. Real-time data:
A company’s fiscal health can be viewed by the ERP system. It refers to the visibility and financial condition of the organization that helps us control our finances, measure revenues and make sure that if any medical condition arises, they can reconcile.
7. Robust reporting capabilities:
The accounting departments of any organization end up spending a lot of time and money to manage the reports for various stakeholders like banks, tax authorities and shareholders. This may be a tedious task but with ERP and specialized team, one can customize the features as per their company needs and requirements to make the operations more efficient.
8. Reduced human errors
Financial and accounting entries come across a lot of errors due to manual entries.To avoid the repetitive nature of manual errors which can lead to monotony and wasting money, one must adopt ERP solutions. ERP solution plays important roles in identifying and rectifying data entry errors, by minimizing the risk of generating inaccurate invoices, making incorrect payments, or encountering other accounting issues that may arise due to mistakes in the data entry.
How can a custom ERP financial solution boost your business?
In today’s business world, businesses can build profitability if they cover the customer needs. Therefore it is always important to implement an ERP platform that is as per your own business requirements and helps you solve the customer queries more efficiently. If you pick a ready-made solution, you will be given limited features or you will pay for some features that are not even in your use.
Digitalization is of no use if it doesn’t help you solve your business needs. If your customer’s problem is not solved there is no use in adopting the solution no matter how technically advanced we are, it will not be in market demand.
Jupical.io provides an ERP solution that helps your business to grow proficiently by solving customer needs and improving their experience.
Jupical.io has a team of experienced professionals that will help you achieve your business goals with their solutions. Jupical.io has its footsteps globally in achieving success for implementing the ERP system for different business industries which you can check it out here at –Â https://jupical.io/case-studies/
Looking for an ERP Implementation Partner for managing your finance?
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