Functions of ERP Accounting Module
ERP system or Enterprise Resource Planning software is a system that integrates different business processes and facilitates the business functions and operations. Finance and accounting are the core business processes facilitated by an ERP System.
Businesses used to run without ERP Systems and still run without them. But the ERP System increases the functionality and effectiveness of the business operations. The best thing is that it compiles data and presents it to the business managers in a way they could utilize it easily to take better decisions for the business. The ERP System not just helps with accounting and finance, but helps the business managers with every department of the business and increases the overall productivity of the business.
ERP Accounting Module as offered by CherryBerry, is a software or app that collects and processes accounting data. It offers the business managers tools and techniques to tackle financial issues and looks after reports and drafts of accounting operations, cash flows, receivables, payables, etc.
Basically, an ERP Software automates the work that people otherwise do manually. Accounting tasks need a high level of accuracy and precision and humans are prone to making a lot of errors in these tasks. But, an ERP Accounting Module automates these tasks and you can view information in real-time. The system automatically updates the database in case of changes and fluctuations.
The thing that makes Enterprise Resource Planning Accounting Module best for managing the finances is that it can be integrated to other systems and software running around the restaurant. By performing all tasks accurately and displaying data in real-time, there is very little chance of mistakes and errors in calculations and financial data storage. When company staff is able to access cash flow details at all time, they can make better and more profitable decisions for the business.
Here are some of the tools possessed by every ERP Accounting Module
- Management of assets: This tool helps to better manage the assets and monitor the assets in real-time.
- Accounting software: This tool id for making account reports and giving the employees access to these reports at all times.
- Future predictions: This tool analyzes the current data to precisely forecast future analytics and budgets.
- Financial analytics: This tool helps to monitor financial information such as payables, receivables, etc. at all times.
- Client database: This section of ERP accounting module stores data about the clients. The employees can access the customers’ credential, balance sheets and financial transaction. This data can be used to offer a much better customer service.
The best thing about ERP accounting module is that it can integrate with different systems already working around your restaurant. This way, the finance module could easily share data across other apps and modules.
Functions of ERP Accounting Module
Now that you know which things to expect from an ERP Finance Module. Its time to move towards the Functions of ERP/ Enterprise Resource Planning System. Here are the common features possessed by ERP accounting modules:
Accounts Receivable
This part of Accounting Module looks after the customers’ financial transactions and database of receipts. It tracks invoices for customers with pending payments and collects finance receipts. With this sector of ERP accounting module, you could manage the credits in real-time and classify your accounts. The system sends reminders about unpaid invoices and you get detailed analysis reports.
Account payables
This section of accounting module is there to manage incoming enterprise in the form of services or products. The operations it performs include tracking, registering and authorization of incoming invoices. The system matches the receipts automatically with the invoices and the system can also generate invoices automatically.
General Ledger
The basic purpose of Enterprise Resource Planning Software is to control the data and integrate the accounting sector with other software and systems running across the restaurant. It summarizes the finance and accounting data for real-time access and to use the data for better decision making.
Fixed Assets management
This part of accounting module stores and provides data related to asset transactions. It manages the investment, disposal, revaluation and depreciation cost of fixed assets.
Real-time reporting
One of the best things about the Features of ERP Accounting Modules is that it stores and maintains accounting and financial data in a very effective manner. You could have real-time access to the financial data, which thus makes it easier to take business decisions. You could also make accurate predictions about the company’s finances and stay well aware of every minute detail all the time.
You will know which sectors are generating the maximum revenue, plus the sales, predicted sales, expenses and many other financial components remain in front of your eyes.
Cash Management
The Enterprise Resource Planning Finance Module collects all the data relating to the cash flow of the entire business. From the invoices and receipts, it processes and analyzes all the bank and money transactions. You could check financial transactions within a specific period of time or the input and output money flow. These things make it easier to determine the budget of your company and make better financial decisions.
Management of tax
Another important feature of Accounting Module is that it performs tax management. The tax functions include storing system taxation settings, providing tax audit, tax reminders and tax reporting. This way, you do not have to hire an employee for tax management as the ERP Software does this ask for you in the most effective manner.
What a CherryBerry ERP Accounting Module does for you?
- You could optimize the ERP according to your needs and your business
- It eliminates unnecessary expenditures and thus decreases the running cost of your business
- You get control over the financial data of your company and thus make better decisions for increasing the productivity and customer satisfaction level
- You get real-time access to accounting and finance data from anywhere at anytime
Managing the finances of any business in an effective manner is a guarantee for managing the entire business efficiently. If you get a Good ERP Module to manage accounting and finances, then what else do you need?
Get the best Enterprise Resource Planning System from CherryBerry RMS and get a complete control over the accounting and finance sector of your business.