You might have heard the terms ‘enterprise resource planning’ or ‘ERP system’ used to describe some types of financial accounting software. But what’s the difference between these products and other accounting systems – and should you be using one in your business?
Let’s take an in-depth look at enterprise accounting software and the benefits it can bring.
Not just an accounting package
Enterprise resource planning (ERP) software is more than just an accounting package; alongside your financial data, it helps your business to stay on top of other key, related information. For example, one enterprise system might track hours worked across the business, record project management progress, hold sales data and keep a procurement log, all within the same system – as well as dealing with regular accounting tasks.
This type of software has the advantage of integrating multiple functions into one place, making it easier to simplify processes and keep on top of critical business information by generating comprehensive reports. Used to its full potential, it will make your business more efficient and save your staff valuable time.
Advantages over traditional financial accounting software
Would you rather have an accounting system that’s closed off from the rest of your business activities, or one that’s updated in real time with data on every aspect of your financial and related performance? Today, the Cloud makes it possible to easily integrate different business processes with minimal intervention, so if you’re still treating your accounting software as a separate system, you could end up falling behind your peers.
Integrated cloud accounting software not only reduces time spent on data entry and other routine tasks; it also cuts down on errors made when transferring data between the different systems. Advanced analytics based on data from across the business will help you to make informed decisions on everything from manufacturing to marketing. Collaboration across the business is made easier, with employees able to access the system in real time wherever they are. Productivity and customer satisfaction are likely to rise as your business processes become more efficient.
Choosing the right enterprise accounting system
There’s a plethora of different ERP products on the market, aimed at all sectors and business sizes. Choosing the right enterprise software will depend on your business needs, but one useful indicator is critical acclaim within the industry, which is often reflected in trade press reviews and award nominations.
Technically speaking, AccountsIQ is not strictly a form of enterprise accounting software. Instead it’s a very sophisticated type of powerful accounting software with advanced integration capability, offering easy integration with a long list of software partners – so it can be used for many of the same functions as other ERP packages.
We’re delighted that Accounting Excellence has recognised its capabilities and shortlisted AccountsIQ for the Enterprise Accounting Software of the Year Award 2018.
Find out more about AccountsIQ and what it can do for you. Read about our core financials, powerful features that can improve your accounting, general ledger, banking and business intelligence processes.