Critical Financial Management Features Your ERP Software Should Have
Most business activities these days have changed from manual to digital. One of the latest digital solutions is the ERP (Enterprise Resource Planning) software. This is a suite of various applications that helps you collect and manage multiple information and operations from a central database.
ERP software consists of various modules. These include innovative financial management systems, customer relationship management, sales and marketing, purchasing, and human resource management, among others. The financial management module deals with various aspects of your capital outflow and inflow.
Here are some of the core features that should make up this core ERP module:
Human Resource Accounting
HR accounting generally covers your organisation’s benefits administration, time tracking, and payroll. It is especially useful for businesses with multiple departments and several locations, as it enables you to manage and monitor employees from one site. The HR department and executives can, therefore, make all their decisions from one point.
Supply Chain Management
This feature helps you keep track of inventory and suppliers, coordinate shipping and manufacturers, and balance your supply and demand. Supply chain management will also enable you to determine any bottlenecks in your supply chain. The core elements you should consider in the supply chain management module are order management, shipment tracking, and purchasing.
This module deals with your machines and other assets. Asset management helps you keep track of your assets’ cost, repairs, and usage. It monitors your asset’s lifecycle and incorporates this data directly into your company’s overall financial outlook. Fleet monitoring, mobile tracking, and BYOD management are some of the core elements of asset management.
The benefits of all the above features are unrivalled. They will increase your company’s efficiency, streamline your processes, help you make accurate economic forecasts, and protect your business from fraud. There is, therefore, a lot you stand to lose by not investing in ERP software for your business right away.