3 days ago
Financial management modules👇
Financial management modules are highly requested and debatably one of the most helpful tools you can implement in your ERP program. Because finances are the backbone of your business, an effective financial management tool will work with every department in your company. For example, your financial management module could use real-time sales data to calculate revenue as it’s earned.
ERP at its core is about the centralization of workflows and information, so financial tools will help you aggregate and manage how money moves throughout your company. You should be able to view the entirety of your business’s finances in the module, from your HR department to your marketing department. This typically includes features such as a general ledger, accounts receivable and accounts payable at the most basic level.
Reporting should also be included in the financial management module. Reports are crucial to managing your finances, and can significantly improve the development of actionable insights through advanced data analysis. Additionally, financial statements can help you develop budgets while also keeping your executives aware of your company’s financial status.
Security features, a multi-currency system for global transactions and notifications for when finances fall below a certain threshold are other common features of financial management modules that you may want to consider when making a selection.
Financial management tools are commonly included in base ERP systems, but as standalone accounting software becomes more common, vendors have started to allow customers to opt out of included programs. This is because if your business already has an accounting system that you find useful, it may be worthwhile to stick with your existing solution. In this case, you could decide to integrate your ERP software with your current financial management software instead of adopting a new module.
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