What is the use of an ERP solution for the finance function?
If integrated management software is already adopted by most large groups, it can also be useful for medium and small structures. Indeed, an ERP solution or software is adaptable to the business processes and brings multiple advantages to the finance function.
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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 sector of activity, each company can choose which “modules” it will implement during 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 its implementation, all departments agree on the precise definition of the different types of data.
- reliability of information: while allowing all employees to make updates simultaneously, centralizing data 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 to meet regulatory traceability requirements.
- Productivity gains: redundant and time-consuming tasks are automated, particularly for accounting entries. Employees are then able to focus on higher value-added activities.
- decision support The quality of the information is assured and the management of the company is facilitated because the managers have a global and up-to-date vision of their financial and commercial state. Moreover, the ERP are often provided with decisional modules which offer an additional help to the decision makers.
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DAF AND DSI: HOW TO SUCCEED IN YOUR ERP FINANCE PROJECT?
Also read in our " ERP Finance project " file:
- What are the key challenges facing finance managers today?
- What are the key regulatory issues for CFOs in 2019?
- Digital transformation of the finance function : where do you stand?
- Digitization of the finance function: what should we expect in the future?
- What changes does dematerialisation bring to the finance function?
- Finance management: what technological tools are available to CFOs?
- ERP software definition: what is an ERP?
- What is the use of an ERP solution for the finance function?
- ERP finance: what do you need to know as a finance manager?
- CFO: what are the advantages of an ERP for the finance function?
- Finance software: which ERP to choose for your company?
- Postmodern ERP: the right choice for your company?
- Should you consider a Postmodern ERP solution?
- The challenges of a post modern ERP
- Post-modern ERP: the checklist
- Help in choosing ERP finance: why use a firm?