Benefits of implementing ERP and accounting application
- Integration of the systems: ERP and accounting application combines company all the functional departments together. They would act as a single company.
- Enhancement of communication capability of different department: ERP and accounting application would reduce the effort of communication between the departments. They do not need frequent interface information exchange.
- Efficiency: It streamlines different business processes and workflows and improves accuracy of information. It saves the time for accountant to ask for information from different departments and makes the information more accurate. It helps company work more efficiently.
- Tracking and forecasting: ERP and accounting application offers manager realtime financial and operational condition. It provides managers realtime report and helps them make critical decision.
- Globalization: ERP and accounting application supports multidimensional financial accounting and reporting standards. This helps a multinational corporation to comply with local regulation. Moreover, it integrates all the information from different countries. Manager can get the complete perspective.
In this week, I combined what I had learned in Accounting class and in ERP class. It’s exciting and challenging. It helps me think from business process perspective and use the knowledge I gained in accounting class.
