How Effective Are Your Accounting and ERP Systems?
Well-designed accounting and ERP systems play a key role in assisting managers and business owners with better managing and growing their organizations. There have been many recent capability developments by leading middle-market accounting and ERP solution providers. These solutions enable accounting and finance to better support the organization with innovative practices such as:
- Better controlled purchasing requisitions through requisition management, vendor cost control, and quality management capabilities.
- Improved billing and collections management practices through efficient invoicing and communications using productivity tools such as Microsoft Word and Outlook.
- Tightly managed cash flow through the use of electronic bill pay, cash management, and bank reconciliation features.
- Enhanced budgeting and planning through easy-to-use and integrated budgeting and planning tools.
- Optimized operational resources and client requirements through innovative planning and scheduling tools.
- Products and services delivered on time and on budget through efficient service and order fulfillment capabilities.
- Integrated business process capabilities as a result of minimizing duplicate data entry efforts and the use of external data silos such as spreadsheets, standalone databases, and applications.
- Easier overall system management and access from anywhere at any time in a more secure manner using the latest IT tools and technologies.
- Improved financial and operational monitoring and reporting capabilities through the use of on-demand reporting features, business alerts, and management dashboards.
When was the last time you took a critical look at your accounting and ERP systems to evaluate their capabilities versus what is currently available in the market? With so many demands on your time, you might find it difficult to engage in such an exercise. But looking into how your existing accounting and ERP systems could be improved can enable you to build a more powerful platform for growth and prosperity in your organization.