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Year-end financial close is a challenging and tiresome job that companies have to go through each year. And doing it manually only adds to the difficulties. The finance module in Enterprise Resource Planning (ERP) software will help your workforce finish mandatory financial tasks on time and without creating errors. It will also help business leaders to get reliable data for brainstorming future decisions. Companies cannot afford to slow down on year close because of delayed decisions and inaccurate data, making ERP systems all the more essential.
Numerous companies perform reconciliation manually. Apart from introducing human errors, it drains significant time and resources. Instead, it would be best to implement an ERP software that will reconcile hundreds of thousands of accounts in a few minutes. The finance module in ERP and Robotic Process Automation (RPA) accelerates the process for auto-certifying period-end reconciliations. Moreover, it also matches individual and group transactions allowing your workforce to handle issues that require creativity and intelligence.
The year-end financial close is substantially affected by the expenses you have allocated for business and functional units. Low-level software systems use programmed allocations that make them difficult to understand. On the other hand, the finance module in ERP software manages the allocation process by seeing how the resources have been distributed amongst various business departments and studying inter-departmental relationships. These steps allow the user to get a comprehensive view of their expenses, which increases transparency.
Conglomerates usually deal with international clients and have multiple business units spread across different parts of the world. It means that they need to adhere to numerous tax rules and also ensure that they remain tax-advantaged. Moreover, they need to care about currency translations, intercompany eliminations, and several other things. The cloud-based finance module in ERP optimizes transactions based on government regulations and business rules across multiple jurisdictions. Further, it also helps strengthen tax compliance and substantially reduces the time to close.
The dependency of companies on data is increasing rapidly. The quote’ Data is the new oil’ has been used multiple times by technocrats, business leaders, and keynote speakers worldwide to emphasize data’s importance. Although data is essential in finance, many companies use different applications and data structures to manage their financial data, which causes numerous errors and compatibility issues. The finance module in ERP has several functionalities that allow users to rationalize data structures and gain multiple business perspectives. It facilitates data governance and acts as a single source of truth for all stakeholders.
In the present scenario, when a deadly virus has struck the whole world, most people work from their homes. Cloud-enabled ERP systems allow employees to work remotely while ensuring the same work quality as in the office. The best thing is that the finance module in ERP perfectly syncs with the cloud allowing different departments to collaborate effectively. It also has easy-to-use built-in tools that help to manage the workflow conveniently.
The finance module in ERP software will allow you to generate transparent and accurate financial reports quickly. Remember that companies that use cloud-enabled ERP systems instill confidence in business stakeholders — frontline executives, C-suite leaders, different business teams, vendors, suppliers, and distributors — and accelerate year-end financial close.
At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization. To know more about it, SMS SAGE to 56767. You can also write to us at firstname.lastname@example.org
Disclaimer: All the information, views, and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views, or objectives of Sage Software Solutions (P) Ltd.