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Modern technology empowers business leaders to leverage enterprise resource planning (ERP) software in all aspects of their business to streamline processes and maximize ROI. Fiscal management is no different.
Utilizing an ERP system’s financial management capabilities delivers fully integrated end-to-end capabilities to reinvent financial management for manufacturers and distributors. Keep reading to learn more about the benefits afforded to your business through EPR financial capabilities.
Interminable Access to Financial Information
The age of digging through traditional software and spreadsheets to find important financial information is over. ERP software grants businesses around the clock access to critical information. Plus, cloud-based ERP allows employees to access critical information from anywhere.
Businesses that are organized in their processes and resources can maintain excellent financial habits. Additionally, ERP software safeguards important and confidential data by eliminating the need for storing data on spreadsheets or paper files.
Manually entering data can lead to human errors and data silos. Losing key entries and imputing data incorrectly can lead to problems in any business’s financial department. Thus, resulting in diminishing the quality of financial reports and analysis.
Due to the automation of data entry in an ERP system, you eliminate those detrimental errors and improve your business’s financial situation.
The marketing team in any manufacturing or distribution business is critical to the business’s success! ERP financial capabilities streamline the accounting department in the following ways:
- Develop an accurate budget
- Estimate capital requirements and cash management
- Manage payments
- Allocate funds to necessary inventory and labor costs
Automated functionality allows businesses to focus on more important aspects of their business. In short, because data is automated and updates automatically, your operations are improved and simplified. Some of the areas where automated data will streamline business finances include accounts receivable, cash management, and accounts payable. Plus, automation will improve cash flow inconsistencies.
Further, robust ERP software like Infor CloudSuite is fully customizable, so you can choose what data will be collected from various departments to compose automated financial reports and statements.
Relying on the same, outdated financial management methods are likely harmful to your business. Employing an ERP financial system eliminates human input error and streamlines business.
Datix is dedicated to helping you transform your business through software, and we are an expert in the manufacturing and distribution industries. As a certified Infor partner, we can help you implement Infor SyteLine or Epicor® ERP and configure it to meet your unique business requirements. Plus, we will be there for you from start to finish!
Ready to learn more about Infor ERP or our other exciting software solutions? Contact Datix today!