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How ERP Simplifies Financial Record Keeping and Year-End Closing?

7 May 2019 6 MIN READ

What’s the first thing that coin in your mind when you hear enterprise resource planning (ERP) software? If you think on-premise, Cloud ERP, production, sales, inventory, manufacturing, supply chain, logistics, in general, then you are right on your part. These are one of the top recalls for many as we keep on hearing about these more often.

Generally, a little we have heard about the capability that an ERP can bring in for finance professionals.. And, even though we relate SAP Business One with ERP finance, we are not sure whether SAP Business One simplifies financial record and helps in year-end closing. But, ERP can simplify the entire operations of financial professionals to maximum perfection.

But before we discuss the benefits as what an ERP implementation can bring in for financial professionals. Let’s dive deep and navigate the ocean of the past where the financial professionals used to solely depend on the spreadsheets and excel sheets. These tools were prone to risks, flaws, manual errors and other downside. Those days are bygone now what we see today is far more advanced and enterprise-ready software which simplifies financial record keeping as well as year-end closing in particular.  Let’s find out how.

Helps you in Financial Planning and Analysis (FP&A)

An ERP software such as SAP Business One is a critical tool which can help transform finance into an intelligent enterprise.The software helps in financial and strategic planning, forecasting and budgeting, reporting, income statements, balance sheets and the financial accounting systems. When you streamline these functions, you can rest assured that your company achieves maximum efficiency, accountability and stay closest to achieving business objectives.

Simplifies banking operations

Businesses have a vast amount of financial data which comprises the company’s sales and orders, billing, account payables and receivables, expenses, labor, production etc. An ERP facilitates the user with instant access to critical information. The software gives a crystal clear view of the finances from where they are coming in and how are they being utilized. This visibility empowers business users to act smarter and make decisions instantly. Besides,this, an ERP system also track all the cash receipts, cheque deposits, advance payments, and manage different modes thus simplifying banking operations too.

Helps in Year-End closing

One of the major challenges businesses face on a year-end closing is to keep a tab on the inventory, and tax fronts. However, an ERP like SAP Business One automates this functions and simplify things for businesses by automating these tasks. Further, the year-end financial transactions consume a lot of time as well as manpower. This is why; company seeks an alternative solution to perform their financial closing with maximum perfection without any glitches and unnecessary delays.

To encapsulate, an ERP software is the missing piece in your business arsenal to streamline financial record and run fast, accurate and automated closing processes. The ERP software helps you to achieve a faster, more compliant financial close at the tap of fingers. Further, you can help your business centrally manage the entire statutory process including adjustments, corrections, adherence to deadlines of tax submission and other compliance matters all from a single dashboard.

About the author

Nidhi Batra

Nidhi Batra is a brand communication specialist at Uneecops. She is an active contributor to SAP Business One community and loves to write on smart and intelligent technology which is redefining business models such as SAP Business One, SAP Cloud, Tableau and Power BI. Having Master’s in English from Delhi University, she follows Gartner and spends her time reading avidly about Artificial Intelligence, SAP HANA, Cloud, DevOps, IoT, robotics and business automation.. Tweets at @nidhi_niya

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