Accounting – ERP

Accounting concepts and applications are new to me, so it was interesting to formally learn how accounting is applied in an ERP system. It was also month end at work this past week, so I was also able to get a bit of a better understanding of some of the Accounting closing processes that were performed.

There are 2 main different types of accounting processes: financial and management accounting. Management accounting is mainly used for internal needs, for management to examine costs and revenue of the business, while financial accounting is for external legal reasons, and the main processes in financial accounting are general ledger, accounts receivable, accounts payable, asset, and bank ledger accounting. These accounting processes are tightly associated with other processes in an ERP system

I also read about an Accounting Software Company called BlackLine that recently filed for an IPO. The company is supposed to help handle and integrate accounting processes that are “handled outside of an organization’s general ledger, an area in which ERP systems generally are unable to provide solutions to. “

http://fortune.com/2016/09/30/accounting-software-maker-blackline-files-for-ipo/

http://247wallst.com/investing/2016/10/01/blackline-gears-up-for-ipo/