When a company’s accounting and resource management processes are running on several systems, a business may suffer from poor visibility, inconsistent procedures, and slow, ill-informed decision-making. Today, both large and small businesses need a unified solution that can make their operations run smoothly and effectively.
Enterprise resource planning software (ERP) plays an important role in this capacity. With ERP systems like Intacct or Dynamics GP, management gains greater control over every aspect of their organization, which provides them with several advantages.
Before ERP, error-prone spreadsheets were the only option for accounting software. But in today’s fast-paced market, companies can’t afford to do all their bookkeeping manually. Enter Intacct and Dynamics GP, two systems with intuitive financial components that allow you to implement formal procedures that streamline things like procurement, accounts receivable, and accounts payable processes.
Recording balance sheets, income statements, or cash flow reports are as straightforward as typing figures in a formatted template. Intacct’s dashboard provides detailed budget information and competitive quotes, helping you make the right purchasing decisions at the right price. And with the A/P workflow templates available in most ERP systems, you can even automate payments to certain vendors, employees, and other stakeholders.
Centralized accounting information
Accounting data is often spread across different databases for different departments and branches. This can make it difficult to have accurate snapshots of your company’s financial status.
With ERP dashboards, however, all relevant financial data is centralized, giving you a comprehensive view of your company’s assets. For example, if you operate multiple branches, Intacct pulls in transaction records and statements from all your branches to provide a consolidated, big-picture view of your books. Additionally, a centralized database opens doors for automation in resource management.
With Intacct and Dynamics GP’s inventory management features, it’s easier to track what’s on your shelves, what’s in your warehouse, and when you need to replenish supplies. Whenever employees record goods and materials in the systems’ digitized inventory ledger, that information is accessible in real time to anyone who needs it.
You can then automate your purchase orders so warehouses or retail stores never have too much or too little stock. For example, you can set “out of stock” thresholds to determine when an item needs to be reordered. And when your ERP software detects a branch running low on supply, it automatically creates a P.O. and sends a notification to the appropriate manager for procurement and approval. Once the manager has signed off on the order, a product delivery is instantly assigned to manufacturing and shipping, and from there, you simply track the order so it reaches the right location on time.
This is just one of the applications of ERP automation features. In fact, Intacct and Dynamics can also streamline approvals for vendor and contract management. The point is, automation backed by in-depth resource visibility ensures your company runs like a well-oiled machine.
Another area where ERP software shines is in keeping you compliant. The Financial Accounting Standards Board, GAAP, and the Sarbanes-Oxley Act, have strict guidelines for revenue recognition and impose harsh penalties for non-compliance. ERP software minimizes these legal risks by ensuring you adhere to financial reporting guidelines.
Intacct’s financial management features come with enhanced auditing capabilities, reporting functionality, and revenue management processes. These features are always up to date with the latest financial rules and regulations and allow you to easily alter your reporting activities when new standards become law.
Better strategic planning
Financial reporting features in ERP software inform future business strategies. With a click of a button, you can create customized charts to illustrate the financial trajectory of your business and help you identify new business opportunities.
Project managers also benefit from this feature. Using the project management module in both Intacct and Dynamics GP will let them track all the financial components of a project — such as budget, timesheets, costs, and billing. This information can then be used to assess the profitability of the project and eliminate workflow issues that cause budget excesses and late deliveries.
It’s a must-have
Overall, ERP software is an essential tool for modern businesses. It provides much needed financial insight, facilitates better decision-making, and streamlines operations in more ways than one. ERP software is by far the most complete resource management system for small- and medium-sized businesses.
There are plenty of accounting software options that help you with standard general ledger tasks. But if you want to be a top contender in today’s market, you need a high-end, cost-effective ERP software. Here at WhiteOwl, we provide, install, and maintain Intacct and Dynamics GP so you can experience all the benefits ERP software has to offer. Contact us today.