How can your business benefit from improved financial reporting?
Financial reporting is essential for all businesses. Accurate, timely, comprehensive reports ensure compliance with regulatory agencies, auditors, and others responsible for overseeing business finances. Within your company, reports are a vital link to companywide information and provide key stakeholders with the information they need to make informed decisions. Any opportunities that present themselves for improved financial reporting should be embraced as a step toward improving overall business processes.
There are many ways in which cloud ERP systems enhance and improve financial reporting. Here are our top three choices.
3 Ways Cloud ERP Improves Financial Reporting
A cloud ERP system uses cloud-based servers—interconnected, networked servers running over the internet—to share data and power a robust system. Cloud ERP systems remove barriers for businesses to add enterprise resource planning systems to their companies by eliminating the need for hardware, specialized personnel to manage and run the system, and similar requirements of on-site systems. And, while there are many benefits of cloud ERP, the following are some that stand out for improved financial reporting.
- One system for many tasks
Enterprise resource planning systems generally handle the accounting and financial aspects of business, but most, if not all, have modules that integrate seamlessly into the ERP and offer enhanced capabilities. Things like order management, job ops, barcode scanning and warehouse management, CRM systems, HR and payroll management, and much more can be managed directly from one central system.
Consider the many benefits of one system for many tasks. Because the data is integrated through one central ERP system, reports can now draw from multiple data sources to provide enhanced, detailed information. With more information at their fingertips, managers can now make better decisions about all aspects of business. One system, performing many tasks, offers enhanced data collection, analysis, and depiction, and improves reporting throughout the organization.
- Time saving
One integrated ERP system saves time. If you are running multiple separate systems, chances are that in order to provide a report on business activities, you must either rekey the data into another system or download, then upload, data files. Both activities waste time and can lead to multiple errors. With one system, you’ll save considerable time and avoid errors.
- Improved inventory and asset management
Inventory represents a great deal of money tied up in goods or raw materials. These assets are important, but they can’t be turned into cash easily or quickly. With the right cloud ERP system and improved reporting, you’ll be able to manage inventory and assets better. Enhanced inventory management makes it easier to cut out excess ordering, improve order turnaround, and reduce aging merchandise. It also provides everyone with a clearer picture of what’s in stock. These benefits translate into better order turnaround, less money wasted on excess inventory, and improved stock management.
As you can see, there are many benefits to using a cloud ERP system. If you think your business is too small to benefit from cloud ERP, you may be surprised. The success stories featured in our news area provide many examples of companies that benefited from cloud ERP systems. After reading them and viewing our resources, if you’d like to speak with someone about your business’ needs, we’d love to hear from you. Improved financial reporting is one of the many benefits of cloud ERP we can help you with.
Emerald TC carries software for manufacturing automation, financial reporting, inventory tracking, and more. We can help you choose the right accounting software, ERP system, payroll, or other software for your needs. Contact us or call 678-456-6919 for more information.