Enterprise resource planning is a type of business software used in management that consists of applications that have been integrated together in order to store, collect, interpret and manage information from the organization or business in real time. This makes it crucial in making major decisions that will affect the organization.In banks, ERP’s fused with facility management can be deployed in every department of the sector, from asset management to cash accounting, management security of cash, payment processing, account management, preparation and generation of financial statements and reports and many other functions.

ERPs can be used in general accounting all the way upto the most complex of transaction. ERPFM solutions have a fully integrated module that handles analytic and financial accounting and manage taxes, assets, budgets and other third management activities. It also has other components that are used to manage specific features such as invoicing, electronic bank transfers, managements of assets and financial statements and other financial activities.

Analytical accounting is one of the most important sections in ERP:FM’s financial offering, it links all the activities that involve cost and revenue. Since all the tools are incorporated, the user of the ERP is able to fully automate the bank or financial institution thus simplifying encoding. Budgets can be fused with planning and also project management section can be linked directly to the contacts and the departments that manage affairs. This leads to better and easier management since most sub components are connected to one another.

The asset management module is essential as it enables an organization to effectively manage and track their assets and that of their customers should they be holding physical properties. Hence, it prevents loss money that could have resulted due to over payment of taxes non regulatory non compliance or ineffective management of the assets. It is fully incorporated to the financial and accounting component of the ERP hence any changes in the asset information can be attended to immediately without incurring loss to the bank or company.

The budget component within ERPFM is responsible for the management of multiple budget specifications. It allows management of respective budgets through three different ways depending on the responsibility of the user. The first way is as an accountant, as an accountant one can easily prepare and work on the combined budget. As a project manager, one can work on the budget for the assigned project or job that he or she is currently managing. Also as a department manager, one can easily note the various budgets for the section within the department, making it easy for validating of budgets before launching a project that leads to understanding and being aware of the whole budget proposal.

Enterprise resource planning has a payment management module included that connects to directly to your bank of choice. This component is responsible for encoding payments and also approving these payments. In banks this module is used to manage a persons funds across all accounts, and not only that, it manages currency conversion in case payments are to be received in a different currency other than the local currency.

ERP:FM financial module is beneficial as it provides all the financial information and also any demands can be met immediately. It is also easy to see the budgets and also keep track of the financial state of the bank or company.