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ERP accounting features deliver the ability to track, store and analyze financial data, such as accounts payable (AP), accounts receivable (AR), general ledger (GL), budgets and forecasting. Systems may perform more advanced tasks such as tax management, fixed assets management, revenue recognition and multi-currency reconciliation. Time is money, and month-end closes always take longer than CFOs would like. This functionality decreases the time it takes to reconcile and close out monthly financial statements. It’s critical for companies looking to move to continuous month-end closes.
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ERP systems offer insight into a company’s supply chain management (SCM) efficiency by tracking demand, inventory, manufacturing processes, logistics and distribution. A fully automated and integrated supply chain enhances operations by suggesting purchase orders, work orders and transfer orders across multiple locations. SCM systems can also help set inventory goals and simplify distribution resource planning. Real-time data on a company’s supply chain helps identify areas of inefficiency, providing greater control and management over inventory.
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The HR component of an ERP system acts as an end-to-end employee management platform, handling payroll, hiring, onboarding, compensation management and timekeeping. Complex HR functions, like tax and benefits deductions, are automated with ERP-connected HR software, which saves time and money while reducing errors.
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ERP systems with integrated CRM features bring customer relationship data into the mix, expanding the view of the business. All customer information—including contacts, order history, purchase orders and prospect status—is in a shared, easily accessible database. CRM systems enable companies to automate processes like filling out POs, generating accounts receivable reminders and sending notifications for an account exec to follow-up when a prospect reaches a pre-defined point in a sales pipeline
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