IT solutions to businesses should be viewed in a broader light than just a tool that facilitates the business processes. Many organisations are now improving the way they run their business through adaption of more efficient systems like Enterprise Resource Planning (ERP). However, the success of these implementations still needs to match the current processes in order to meet success.
ERP systems are different from traditional accounting systems in that while the old methods included change in software and minimal engineering, an accountant now has to deal with minimal change on the software but significant change to the engineering in order to match the current software. The philosophy of ERP implementation means focusing on the benefits of design and implementation of a system that accommodate the entire organisations? needs, and not just thinking about how to manage the financial reporting systems.
ERP has truly redefined the accounting system. Todays accountant can easily run business simultaneously while making it easier for management and allocation of work. There are many benefits of a business being able adapting to management of accounts using an ERP platform; these are as follows;
This system offers all financial accounting aspects that help you manage your accountant (s). The system covers the following bookkeeping components:
Management accounting: budgets, pricing and cost management
Financial accounting: ledgers, payable and receivables, liquid cash, asset management
The biggest advantage with this software is that it can account for all areas in the firm. Sometimes the accountant focuses much on liquid cash and forgets fixed assets. All data fed into the system is subject to any management need; may it be comparisons, confirmation or quick references.
ERP system and business owners
If you are a business owner, you do not have to sweat all day going through a mountain of files. Some business owners have also decided to go for accounting classes. This might not be necessary with the ERP management system.
Every business owner endeavours to make a profit and encase of losses, a working reason for the loss. Accountants handle all the money of the business and if not well managed, they can be the cause of the losses you are incurring. For small businesses, minor financial accounting errors have detrimental effect for the whole enterprise.
The ERP system is the perfect solution for ease of management. Since all the data is integrated and easily accessible, business owners can confirm the accountants report from the system. With such a system in place, you avoid financial errors and you can always rely on it.
Why accountant management is important
Why exactly do you need to manage your accountant(s) Effective management of accountants has very many benefits including:
Increased productivity
Accountants are your money managers. When you can manage then expect the profits to scale up since all the data is in an integrated system.
reduced ghost costs
The accountant may be using the business for his/her benefit. With the EPR system m, you can detect costs that the business is not liable to.
Final scope
Management of accountants is vital for any business, no matter the size. The ERP, among other functions, manages all accounting data. Incorporation of this system into your firm will be of great benefit.