When many people think about Enterprise Resource Planning - ERP, the first thing that comes to mind is the flow and utilisation of the financial resources available to a company. However, ERP can focus on far more than just the allocation of financial resources.
Read on to find out how the automations offered by ERP solutions can streamline business processes, eliminate errors and ultimately yield long-term results.
What areas of finance can be controlled?
The vast majority of a company's financial interactions do not need to be completed by a single employee and can instead be handled by intelligent systems. This includes the handling of outgoing transactions that take place on a regular basis, such as the scheduling of wages. By implementing a digital business management solution, a dedicated finance module is central to looking after your transactions, helping you to effectively monitor the number of transactions and reducing the risk of human error.
Whether your primary concern is controlling the invoices you receive or ensuring your suppliers and employees are paid on time - all of your scheduled outgoing and incoming payments can be recorded and integrated across the business with an ERP solution.
How do ERP systems help to reduce data entry errors?
Part of the issue with using manual data entry processes is their susceptibility to errors. Even those with incredible levels of attention to detail can be susceptible to the occasional inaccuracy. However, when something as simple as a misplaced zero, in a string of characters, can plunge your business into serious financial worry, you need to take every step you can to be as accurate as possible.
ERP software solutions makes it easy for you to control unit costs, build custom material lists and sales or manufacturing orders accurately, pulling data from within the system to ensure your finances are tracked as accurately as possible. Running your operations this way will ease your mind and offer confidence that there have been no simple mistakes, including those as simple as an incorrect figure being input, an expense you have accidentally paid twice or an order not fulfilled on time.
What else can a finance module do?
In addition to the relatively simple processing work that a finance module can complete, it is also designed to deal with far more intricate systems and analytics. In a fully integrated business management system, you can track all of your raw materials through the process until they are assembled into the end product, and benefit from real-time data and forecasting metrics to forward plan capacity.
With accurate data tracking, you can spot problems before they emerge and work towards solutions, without having to disrupt your processes in any way. An ERP system with a finance module that speaks to all parts of your digital, business management system helps with your finances, but it also provides you with so much more. Gain value from a holistic view over how your company is operating and access higher levels of insight that independent software’s for each department simply cannot offer you.
How will this benefit your business?
There are plenty of very clear benefits for your company when you implement a fully integrated ERP system which utilises a centralised finance module. Whether you simply want to make use of the tools that give you confidence in your outgoings, or you need a more thorough overview of your company's financial health. Use the data to help you find and resolve inefficiencies – as there are very few businesses out there that would not benefit from investing in business improvement software solutions.
If you are interested in boosting or taking your manufacturing processes to the next level get in touch with the WinMan team today.
Access tailored systems designed to be wrapped around your business needs, however complex they may be, rest assured that your company will have all of its specific ERP needs fulfilled.