Reasons why ERP is the best accounting software
Accounting and financial reporting are two primary aspects of every business. Without having proper insights into financial data, it is challenging for a business to grow. But, running a system with limited features and complex access to data could become an obstruction. Software like QuickBooks may only serve your accounting needs by operating on a single desktop. Therefore, if you want to create a reliable source to access financial data across multiple business units and departments, you need an ERP system. The GuruWay ERP is an advanced financial software that gives you better visibility into finances and helps you to make better decisions. Oversee the reasons why ERP is the best software for accounting and financial reporting for businesses.
Provides detailed fiscal reports
Small-size accounting systems like QB offer limited sources such as income statements, balance sheets, and taxes. On the contrary, an ERP system provides various financial reports such as cash flow projections. The system can also provide reports on the basis of inventory management, purchase order status, accounts receivable, etc. Thus, these business reports can provide you with more than financial data. Hence, you can get streamlined business processes by managing your finances efficiently.
Automation of tasks
Automating workflow with an ERP system can increase both productivity and safety for your staff. The software can complete many financial tasks automatically such as contactless payments, invoicing, data storing, and reporting. Traditional software applications like QuickBooks cannot automate these tasks. Whereas, ERP can streamline accounts receivable and payable management. Also, it lets you track financial transactions quickly and you can track data on a daily, weekly, and monthly basis. Moreover, using ERP helps you to access financial data across multiple locations from a single system. So, you don’t need to install separate systems for multiple business locations.
No data duplicity
Having manual systems like QuickBooks may require you to input data manually again and again. For repetitive tasks, you need to re-input the data which can make the processes time-consuming. Therefore, integrating an ERP advanced financial software can eradicate this tedious task of data entry manually. With Enterprise Resource Planning, you can automate the process of data entry. Thus, entering data would become a faster and more consistent process. The system can track repetitive tasks like re-order processing and can automate it. It can also mitigate the chances of human errors by automating the tasks.
In order to ensure streamlined business processes, you can choose an ERP system as per the needs of your business. Depending on the volume of operations, sales, and financial transactions, you can choose integrated features of ERP. At The GuruWay, we provide you with a varied range of ERP software with a different set of features. Thus, you can make a choice between basic, advanced, and premium ERP systems to serve your needs. This gives you complete flexibility and freedom to keep the operational cost of your business lower. Contact us for a free demo of the required ERP system!