What is the use of an ERP solution for the finance function?

Optimizing and automating company processes, gaining a quick and concise overview of projects, sharing information more effectively internally, boosting productivity and improving decision-making: the benefits of ERP software for a company are numerous. The finance function plays a key role in an ERP project. It is often at the heart of the issues involved in implementing such a project.

What is an enterprise resource planning system?

An ERP ( Enterprise Resource Planning) is a software that allows to manage all the activities of a company. Also known as ERP(Enterprise Resource Planning), this IT solution offers the possibility to gather in a single database all the information coming from the different departments of a company. Thus, each action on a data leads to an update in real time in the centralized database.

Initially used by large structures, these management software are now adapted to companies of all sizes. ERPs are composed of several modules corresponding to the business processes of companies:

• accounting and financial management,
• commercial management,
• customer relationship management,
• human resources,
• distribution,
• inventory management,
• decision-making reporting…

Depending on its business sector, each company can choose which “modules” it will implement as part of its ERP project. It can also develop these modules according to its needs and to adapt to the regulatory obligations of its sector of activity.

What are the benefits of implementing ERP software?

The benefits of using an integrated management solution are numerous for the finance function:

• Data homogenization: an ERP generally replaces several information systems specific to each department. Before implementation, all departments agree on the precise definition of the different types of data.
• reliability of information: while allowing all employees to update data simultaneously, centralized data management limits duplication.
• traceability of actions: keeping the history of each update also makes it possible to know the date, time and user who made the change. This feature is important for meeting regulatory traceability requirements.
• Productivity gains: redundant and time-consuming tasks are automated, particularly for accounting entries. Employees can then devote themselves to higher value-added activities.
• decision-making support: with the quality of information assured, company management is facilitated, as managers have an up-to-date global view of their financial and commercial situation, etc. In addition, ERP systems are often equipped with decision-making modules that provide additional support for decision-makers.