Many businesses have separate systems for accounting management. Depending on its size, a company may not even have an Enterprise Resource Planning (ERP). Or, as is common, they acquired these applications at different times and implemented each for its primary purpose: an accounting package for the books and financial management, and Cloud ERP for operations management. This separation is no longer necessary, nor even a good idea.
The Value of Accounting Cloud ERP Software Integration
We will outline some of the reasons it’s wise to use Cloud ERP for accounting. At a high level, though, most of these benefits relate to one core issue, which is integration. Accounting systems require data inputs from a variety of sources. These include inventory management, warehouse management, logistics, billing, HR, and so forth. Cloud ERP-based accounting automatically integrates these multiple data sources.
Main Reasons to integrate Cloud-Based Accounting ERP Software for SMEs
Below are the trusted and accepted reasons by many businesses to integrate cloud ERP for accounting management. In fact, below are the five advantages of using Cloud ERP software for accounting functionality.
1.Very clear and detailed accounting reports
Standalone accounting packages offer basic financial reports like income statements, balance sheets and so forth. In contrast, Accounting Cloud ERP offers many more varied types of reports. Examples include cash flow projections based on inventory management and order statuses and accounts receivable aging overlaid with customer order pipeline. These reports give you more than just financial data. They help you manage your business more effectively.
Automation helps with productivity. By having Accounting Cloud ERP, it’s easier to automate workflows that cross between the two systems. When you use Cloud ERP for accounting, many accounting and financial tasks can be completely automated. For instance, you can streamline accounts receivable and accounts payable management, and cash management. Automation also lets you track financial transactions more quickly.
3.Escape from duplicate data entry
Having separate systems usually means manual re-inputting of data from one to the other. Integrating Cloud ERP in accounting system removes many tedious processes of data entry by hand. Cloud ERP makes data entry fast and consistent.
4.Free from calculation errors
Manual data entry is notoriously prone to error. These include transposed digits and incorrect client names, etc. These can cause calculation mistakes, which then take time to unwind. You can also see who did what, for each transaction, in case you need to track down someone who made a mistake.
5.Get complete control
Using Cloud ERP for accounting gives you more control over your business. You can see the bottom-line impact of events and decisions in real-time. If you want to know how accounting Cloud ERP can help to run business better by integrating into your business, let’s talk to experts.