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ERP software for accounting (Enterprise Resource Planning) integrates and automates various financial and accounting processes within an organization. It provides a centralized system for managing economic activities, including general ledger, accounts payable and receivable, financial reporting, budgeting, tax management, fixed assets, and cash management.
ERP software for accounting enables businesses to streamline and standardize their accounting processes, increase efficiency, reduce manual errors, and improve financial visibility and control. It allows for real-time tracking and analysis of financial data, facilitating informed decision-making. Additionally, it often includes features for compliance with accounting regulations and standards.
Overall, ERP software for accounting serves as a comprehensive tool to manage and organize financial operations, providing a holistic view of an organization's financial health.
SAP ERP is one of the most widely used enterprise resource planning systems. It offers comprehensive functionality for various business processes, including finance, inventory management, sales, and human resources.
Oracle ERP Cloud is a cloud-based ERP system that provides a complete suite of integrated applications for finance, supply chain management, procurement, and more. It offers advanced features like artificial intelligence and machine learning.
Microsoft Dynamics 365 is an integrated ERP and customer relationship management (CRM) solution. It offers modules for finance, sales, operations, and customer service. It is highly customizable and can be tailored to meet specific business needs.
Infor ERP is a flexible and scalable ERP system that offers industry-specific solutions for various sectors such as manufacturing, distribution, retail, and healthcare. It provides functionality for finance, supply chain management, and customer relationship management.
NetSuite ERP is a cloud-based ERP system designed for small and medium-sized businesses. It offers modules for financial management, inventory management, order management, and more. It can be easily integrated with other business applications.
Enterprise Resource Planning (ERP) software is a comprehensive software system that combines various accounting and financial management functionalities with other business processes like inventory management, human resources, sales, customer relationship management, and more. It provides a centralized platform for managing and integrating all different aspects of a company's operations.
The key differences between ERP software and traditional accounting software are:
1. Scope: ERP software provides a broader range of functionalities and modules beyond accounting. It covers multiple business areas and integrates them, allowing seamless data flow and real-time information sharing. Traditional accounting software, on the other hand, is usually limited to basic accounting functions like journal entries, financial statements, and general ledger management.
2. Integration: ERP software integrates different departments and functions within an organization, enabling data sharing and communication across various departments. It eliminates data duplication and improves efficiency. Traditional accounting software operates independently, often requiring manual data entry or exporting/importing data between systems.
3. Scalability: ERP software is designed to handle the needs of small to large enterprises. It can adapt and scale as a company grows, accommodating increased data volumes and complexity. Traditional accounting software may have limitations in handling larger datasets or multiple subsidiaries.
4. Customization: ERP software is highly customizable to meet specific business needs. It allows businesses to tailor workflows, reports, and processes to their unique requirements. Traditional accounting software typically provides limited customization options and follows predefined workflows.
5. Reporting and Analytics: ERP software offers advanced reporting and analytics capabilities, providing real-time insights into a company's financial performance, inventory status, sales forecast, and other relevant metrics. Traditional accounting software may offer basic reporting features, but they are usually less robust and lack in-depth analysis.
Overall, ERP software goes beyond standard accounting functionalities, integrating multiple business functions to enhance operational efficiency, data accuracy, and strategic decision-making capabilities. It provides a comprehensive solution to manage the entire business rather than just financial aspects.
ERP (Enterprise Resource Planning) software can help streamline financial processes and increase efficiency within an organization in several ways:
1. Centralized Data: ERP software provides a centralized database that consolidates all financial information, including transactions, invoices, payments, and more. This eliminates the need for multiple spreadsheets or different software applications, leading to more accurate and consistent data.
2. Automated Processes: ERP software automates routine financial processes such as generating invoices, recording transactions, and reconciling accounts. This reduces manual errors, minimizes the need for repetitive tasks, and saves time.
3. Real-time Data and Reporting: With an ERP, financial information is updated in real-time. This allows managers and decision-makers to access up-to-date financial reports, dashboards, and analytics, enabling faster and more informed decision-making.
4. Streamlined Workflow: ERP software helps streamline the workflow by integrating different departments and functionalities, such as finance, sales, inventory, and procurement. This enables seamless information sharing, collaboration, and faster approvals, reducing delays and improving efficiency.
5. Enhanced Compliance: ERP software often includes built-in compliance features that help organizations adhere to financial regulations, such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). This ensures accurate financial reporting, reduces regulatory risks, and saves time during audits.
6. Improved Cash Flow Management: ERP software allows better tracking and management of cash flow by providing real-time visibility into accounts receivable, accounts payable, and inventory levels. This helps organizations optimize cash flow, reduce payment delays, minimize inventory holding costs, and maximize profitability.
7. Cost Savings: By automating manual processes, reducing errors, improving data accuracy, and optimizing resource utilization, ERP software can lead to overall cost savings for an organization. These savings can include reduced labor costs, improved inventory management, streamlined procurement processes, and fewer late payment penalties.
In summary, ERP software helps streamline financial processes and increase efficiency within an organization by providing centralized data, automating processes, providing real-time data and reporting, streamlining workflows, enhancing compliance, improving cash flow management, and generating cost savings.
When selecting an ERP software solution for your business, there are several key features and functionalities that you should consider. These include:
1. General ledger management: The software should provide robust features for managing your organization's finances, including maintaining accounts, journal entries, and generating financial statements.
2. Accounts payable and receivable: Look for software that streamlines the management of bills, payments, invoicing, and customer receipts. It should allow you to track outstanding invoices, automate payment reminders, and handle vendor payments efficiently.
3. Financial reporting and analysis: The software should offer customizable and comprehensive reporting capabilities to provide insights into your financial performance. It should allow you to generate standard financial reports (balance sheet, income statement, cash flow statement) as well as customizable reports specific to your business needs.
4. Inventory management: If your business handles inventory, ensure the software provides features to manage and track inventory levels, automate purchase orders, monitor stock movements, and maintain accurate valuation of inventory.
5. Fixed asset management: Consider software that helps you track, depreciate, and manage your organization's fixed assets. It should enable you to calculate depreciation, track asset locations, and manage maintenance and repairs.
6. Budgeting and forecasting: Look for ERP software that includes budgeting and forecasting capabilities.
Potential benefits of implementing ERP software in a small or medium-sized business:
1. Streamlined processes: ERP software integrates various business functions, such as accounting, sales, inventory management, and human resources. This integration reduces manual entry and improves efficiency by automating repetitive tasks.
2. Enhanced decision-making: ERP software provides real-time access to accurate and up-to-date financial data. This allows businesses to make informed decisions based on accurate data, leading to improved financial planning and forecasting.
3. Improved accuracy and reduced errors: ERP software eliminates the need for manual data entry and reduces the chances of errors. This prevents costly mistakes and improves financial accuracy.
4. Increased productivity: Automation of accounting processes frees up employees' time and allows them to focus on other value-added tasks. This leads to increased productivity and efficiency within the organization.
5. Better compliance: ERP software helps businesses stay compliant with taxation and accounting regulations by incorporating the necessary rules and procedures, minimizing the risk of non-compliance penalties.
Potential challenges of implementing an accounting ERP software in a small or medium-sized business:
1. Cost: Implementing and maintaining an ERP software can be expensive, especially for small or medium-sized businesses with limited budgets. Costs include software licenses, hardware requirements, implementation, training, and ongoing support.
2. Complexity and customization: ERP implementation involves complex processes, and customization may be required to align the software with the specific business needs. This can require significant time and resources.
3. Training and skill requirements: Employees may require training on how to use the ERP software effectively. This can be time-consuming and require additional resources for training and upskilling the workforce.
4. Change management: Implementing an ERP system requires employees to adapt to new processes and ways of working. Resistance to change within the organization can pose challenges during implementation.
5. Data migration and integration: Transferring data from existing systems to the new ERP software can be a complex process. Integration with other existing systems may also pose challenges, especially if they are not compatible.
Overall, while there are potential benefits to implementing an ERP solution, small or medium-sized businesses should carefully consider the challenges and associated costs before deciding to implement such a system.