What is ERP accounting software?
As new orders come in and your brand reputation builds, your business will naturally grow. With staff focusing on everything from sales to shipping, it’s harder for your team to fill in spreadsheets and accounting data manually. That’s when human error can occur, from records being lost to incorrect data being inputted.
If worries about accounting are keeping you awake at night, it’s time to ensure your team has the right software to streamline these processes. ERP accounting software is a great solution that combines financial tools with multi-channel data. In this post, we’ll cover everything you need to know about ERP accounting software...
Traditional accounting software vs ERP
So, if it’s time to take your business’ accounting online, then why not just use accounting software? It’s important to weigh up the pros and cons of accounting software vs ERPs, as both types of software have diverse benefits and can be used for different purposes.
Accounting software pros
- Cost-effective – If your small business requires an inexpensive software solution for finances, accounting software is a safe bet.
- Tailored to accounting – If your business is small and you can manage other aspects of your business without software, then you may wish to choose a program that focuses entirely on accounting.
Accounting software cons
- Limited to finances – When it comes to management and reporting, you’ll only have access to financial data. This means the insights will potentially be less relevant, as they won’t take into account other aspects of your business.
- Reduced scalability – In turn, as your business grows, this type of software will provide limited opportunities to scale up your business.
- Difficult to connect with other departments – As you won’t have access to data from, for example, your warehouse or sales teams, collaboration will be more difficult. You’ll need to download other applications or add-ons, which can be costly, confusing and time-consuming.
ERP accounting software pros
- Business-wide management – With ERP accounting software, your management and reporting tools aren’t just limited to accounting. You’ll have data and dashboards to cover your entire business, facilitating an integrated approach.
- Fully scalable – As your business grows, ERP accounting software grows with it. With customisation options and management across departments, this software is a great choice for smaller and medium sized businesses.
- Customisable – Whilst your average accounting software is relatively limited with what it can do, there are many options for customising dashboards with an ERP. For example, you can use custom dashboards to keep a watchful eye on your best sellers – or pinpoint sales leakage.
- Easy to use – Whilst there’s always an initial learning curve with new software, modern ERP software is often easy to use and intuitive. It’s fully cloud-based, so you can access it from any device, wherever you are. No need to install any additional software.
ERP accounting software cons
- More expensive – ERP software has larger upfront costs than simple accounting software, but it contains many more useful features and provides more accurate data. That can help to generate more sales and boost profits in the long run.
- May require training – Whilst ERP software is generally easy to use, staff may require training to learn how to use the diverse range of features. Fortunately, Profit4 provides in-person and online training, as well as a Customer Support Manager, to guide your business through this process.
What is ERP accounting software?
So, what exactly is ERP accounting software – and what can it do? ERP stands for Enterprise Resource Planning. It refers to a type of software that combines management and reporting tools to enable staff to control all aspects of a business from one streamlined application.
ERP software generally includes tools for order management, inventory control, customer relationship management, finances and accounting, as well as other departments. These systems allow businesses to automate tasks that would otherwise be completed manually and obtain vital information to inform company strategies.
Key features of ERP accounting software
Your business is unique, so your accounting software should be too. With OGL’s Profit4 software, you can create customised dashboards with financial, sales and customer information. Want to tailor your dashboard for accounting? It’s easy to develop a dashboard with nominal, sales and purchasing info all in one spot.
Drillable real-time reports
When you need an update on your profits, you can’t always wait for an accountant’s report. With Profit4, you’ll be able to keep up to date with your profit and loss sheet in just a few clicks. This helps you to pick up on any potential issues quickly, before they become a bigger problem.
Want more details from your financial reports? Zoom in by drilling down into your reports for details about individual products, purchases and customers. With Profit4, you’ll discover detailed reports on everything from sales to stock levels.
Integrated sales channels
Most businesses don’t just sell on one platform. Profit4 is made to be used by a variety of teams across your entire business – and with a variety of sales channels. So, whether your latest sale was made on your website, eBay, Amazon, in store or via the phone, the software will always remain up to date with the information you need. There’s also the option to limit user access to sensitive data where required.
ERP accounting software also helps you to master your credit control processes. If a customer places an order with your sales team, staff will be able to see at a glance any outstanding debts the customer holds. Once again, everything can be tailored to your company’s specific requirements, including credit control rules. It’s also easy to generate debt chasing letters, as well as noting any issues on the customer’s record.
Simple and inexpensive month-end processes
For many companies, ending off the month manually can be complex and costly. With an ERP accounting software like Profit4, the hassle is taken out of this process. Complex month-end procedures are no more. Instead, our month-end process is completely calendar-based and retrospectively produced. This means you can edit incomings and outgoings as needed, providing a more accurate representation of your financial performance and profits.
Keep your finances in order with ERP software
With inventory control, purchasing, sales and order processing all in one place, Profit4 makes it simple to control your finances. Tailored for wholesalers, distributors and merchants, our ERP accounting software brings together your financing team with your warehouse staff and sales representatives.
If you’d like to learn more about how Profit4 software can streamline your financial processes, get in touch with our helpful team today – or watch our 3-min online demo to discover what our software can do.