Jargon Busting – What Does ERP Stand For In Accounting Software?
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When searching for accounting software, you might have come across ‘ERP’ systems. But what does this term mean?
Enterprise resource planning (ERP) is business software that enables organisations to manage and automate a number of processes. As well as boosting efficiency and reducing wasted time, ERP software actually has much more functionality.
Join us as we delve into the specific benefits, as well as some of the features that will prove valuable in your operations.
Many who need software to deal with their accounts also opt for an ERP system. On top of your financial information, ERP tools will manage all resources of the business including assets, stock, and human resources.
The assets that can be coordinated could be physical or intangible, such as working hours and key performance indicators.
Instead of having disparate tools, you can have a single solution that deals with everything. This will allow growth goals to be met more swiftly and seamlessly.
ERP systems boast straightforward collaboration, as well as integration with other systems. This means that you’ll be able to successfully meet your objectives because of the many ways in which the tools improve efficiency.
The very best enterprise accounting software will enable you to maximise integration, delivering the utmost automation to your operations.
One aspect that can be automated is stock. With ERP systems, you can easily track merchandise and generate a Bill of Materials for multiple stock items, as well as produce the necessary reports. There’s multi-location functionality too, so any adjustments or location transfers can be sorted easily.
The processing for purchases and sales can be managed successfully with ERP systems as well. The feature will allow you to create a purchase order and set the delivery. Sales orders can be produced as a delivery note, picking list and proforma. Using the Salesman/commission calculator, you can also set a specific sales team member to the order or invoice.
A particularly useful feature is the time sheet software, which can make running your business much simpler [LINK: ‘Time Sheet Software Can Make Your Life Easier – And This Is How’]. Employee working hours, job time and costs can be easily logged and tracked so you can swiftly discuss any additional project time requirements, or solve staffing situations. As well as boosting business productivity, you’ll be able to maximise the money earnt.
Our enterprise accounting software offers all these features, along with many others, so that you can successfully manage your operations from one sole suite. The integration we provide includes linking up with CRMs like Capsule and ZigZag to solidify your customer relationships. We also connect with e-commerce platforms such as PayPal, Magento, WooCommerce, Shopify and eBay.
All the usual finance functionalities you’d expect from accounting software can be found too, including periodic accounting and the ability to file your VAT electronically. This is particularly helpful in light of HMRC introducing the digitalisation of VAT in April 2019.
To discover more about the countless modules that could benefit your business, give our helpful team a call today on 0161 413 5050 or message us on info@liquidaccounts.com.