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How ERP Helps in Financial Record Keeping and Year-End Closing?

7 May 2019 6 MIN READ

Generally, a little we have heard about the capability that an ERP can bring in for finance professionals. ERP can simplify the entire operations of financial professionals to maximum perfection. 

Let us find out what all benefits an ERP can bring in for financial professionals. 

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

ERP software such as SAP Business One is a critical tool that 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 you are closer to achieving your business objectives.

Simplifies banking operations

Businesses have a vast amount of financial data that 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 tracks all the cash receipts, cheque deposits, advance payments, and manages 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 function and simplifies 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; the company seeks an alternative solution to perform its financial closing with maximum perfection without any glitches and unnecessary delays.

To encapsulate, ERP software is the missing piece in your business arsenal to streamline financial records 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. 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.

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About the author

Nidhi Batra

Nidhi Batra is a marketing and brand communication professional with 10 years of experience working in the dynamic B2B marketing environment. She strategizes, writes, reviews a variety of content for demand generation and sales support activities. Having a Master’s in English from Delhi University, she knows how to navigate her readers on insightful journeys with her SAP published blogs and thought leadership content.

Follow me on LinkedIn to stay updated on the latest industry trends & technology update

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