ERP Accounting Software Overview

The terms “bookkeeping” and “accounting” strictly refer to the financial aspect of business operations. Therefore, any accounting software provides major functions of financial management and control such as accounts receivable, accounts payable, invoicing, trial balances, general ledger, and payroll.

The larger company, the more complex software is needed to meet its demands. Therefore, it is not surprising that powerful and complex computerized systems become more popular day by day. Instead of using some software systems such as bookkeeping, accounting, human resources, and others, large companies prefer to manage and control their business with the comprehensive Enterprise Resource Planning (ERP) software system that provides all accounting software features and a wide range of functionalities that are needed for monitoring intangible parameters that are not financial in itself, but have an influence on the company’s finances and are essential to accounting.

• General ledger
• Invoicing 
• Accounts payable 
• Accounts receivable 
• Revenue recognition 
• Fixed assets 
• Spend management 

• Inventory management to provide the right quantities of goods and materials in the stock.
• Customer relationship management (CRM) to develop business relationships with customers. 
• Human resource management (HRM) to use for maximizing employee performance.
• Supplier relationship management (SRM) to maximize the value of interactions with third-party organizations that supply goods and services. 
• E-commerce to buy and sell products and services online. 
• Mobile application for handheld devices.
• Sales order management to speed the process of closing deals.
• Purchasing management to reduce ill-informed buys.

1. Automation – to eliminate manual data entry and calculation with the purpose to reduce errors and increase labor performance.
2. Automatic updates – to exclude from using the out-of-date tools and constantly use accounting software that always corresponds to tax laws, governer regulations, and financial practices.
3. Internet connectivity – to send and receive digital documents and regulate electronic fund transfers.
4. Security – to protect companies from losing financial data and business secrets.
5. Scalability – to be easily upgraded and accommodate a larger number of users and a growing quantity of financial transactions and business data.
6. Expandability – to add extra capabilities to the ERP accounting system.
7. Interoperability – to productively use other business software in various sectors the data entered into the accounting ERP software system and vice versa to extract business data from other software products to ERP accounting software system.
8. Integrability – to house business data spread across separate databases in a single location.
9. Mobility – to have access to the centralized database from anywhere. 
10. Customization – to exactly meet the company's business needs.

• Financial data access and control is a big issue. 
• Presenting financial data in flexible and customizable forms is critical. 
• Easy access to business information is not provided by the current system.
• The current accounting package is not robust and powerful enough. 
• Different software packages are used for managing and controlling different business processes. 
• The end-to-end management software solution will meet the specific needs of a growing business.