All you need to know about ERP Finance?

ERP finance management software is a program that all the important financial data and then generates reports. It permits you to communicate financial information with clarity to external partners like vendors and your customers when needed. You can execute through functions like accounts receivable, accounts payable, general ledger, budgeting and more.
The finance module in ERP software empowers your business to track the data and information related to the financial status of any industry. The finance module enables the industry to have absolute control over the finances of the industry.
ERP financial management system software strengthens your entire financial situation of the industry. Absolute ERP software for finance is helping multiple industries like- steel industry, plastic industry, and mining industry. Absolute ERP has completely changed how the finance division worked earlier. Complete automation has arrived in these industries for easier operations. The Finance ERP module of Absolute Manufacturing ERP in these industries has been affected positively.

A quick round-up of key features of Finance ERP

The more you analyze ERP vendors, it will help you to know which ERP modules could benefit your finance department. Let’s have a look at a few of the top tools that you’ll find in most ERP systems.

1. General Ledger Management: Generally, ledger management includes a detailed record of all your company’s financial transactions. When you get all the stored information within the ERP system, you can easily track and access valuable information like- income and expenses, assets and liabilities, and capital accounts. All this data is stored in one place so that your employees can access up-to-date information whenever they need it.

2. Profit & Cost Tracking: Profit and cost are interrelated, if you want to track profits you need to track costs, with budget tracking software. You can keep a bird’s eye view of your several cost centers.
A profit tracking tool lets you clearly have a look at your profits.
With both profits and costs, business leaders can understand the specific changes where they need to make swing the pendulum in the right direction.

3. Accounts Payable & Accounts Receivable: In finance ERP, AP, and AR both can reduce the risk of human error, helps to track critical financial activities and simplifies your financial transactions. Company can use budget management software for automation, ease the collection process, which will help customers to pay on time. At the same time, users can access and track the AP function to clearly have a look at owing, and whose payments are pending.

4. Risk Management: Known and unknown risk factors can always screw your company’s financial stability. With ERP budget software, you can analyze, forecast, and manage all the issues before they materially break your business. It will allow you to take proactive action that strengthens financial and operational stability.

5. Financial Reporting: Financial analytics provide real-time data, which is critical to maintaining the finances. You can make data-driven predictions and take a decision on your company’s finances. Reports and analyzes will show you basic generating revenue. However, the dashboard can do many more like as displays your sales, expenses, expected sales, purchases, accounts, and many other financial components. You will get a customizable dashboard so that you can access the real-time data of any category that you would like to see. You can see the graphs for a better understanding of the company’s financial health.

In addition, the Absolute ERP financial management system is offering other features to streamline your business such as Sales, Purchase, Accounts, Expenses, PDC, and GST.

Finance Management

Benefits of having ERP finance software

  • With the financial tracking software you will see the production increment due to automation.
  • Financial management platform offers the real-time information instantly.
  • ERP financial management helps to reduce the calculation mirror and increase the efficiency.
  • Financial planning software combines with other modules to share various insights into the business.
  • Central storage of information helps you to fetch easily the business data from multiple geographical locations.
  • Company’s proper management made easy with the help of the finance module as bills and invoices are calculated automatically.
  • ERP finance modules assist in business to estimate potential profits
  • Multi-division/ Multi-entity, Main-ledger/ sub-ledger will be configured entity-wise or division-wise as well.
  • Provisional Journal Mechanism helps to create a balance sheet.
  • Get the dashboards, executive reports, and management utilities.
  • Cheque Management, Electronic Fund transfer through the banking process.
  • The analytics and reports function allows you to forecast costs and potential revenue.
  • The real-time data helps you to increase sales and you’ll always know your financial health at the exact moment.
  • Cloud-based ERP system will help you to access the tool anywhere, anytime.
  • You can track all the documents in digital format.
  • With the help of money management software you can get the taxes detail for any country, it can be configured and transaction support for VAT can be complied with.

A Glimpse of Finance Management Software Features

Cloud Based Solution

Efficiently scalable, easily manageable, undeniably powerful

User Friendly Interface

User-Friendly interface offers a perfect work environment

Unlimited Users

Unlimited users account gives access to any information

Device Responsive

Get the Absolute ERP access on any device

Unlimited Storage

Expend your business with unlimited storage

Multi Language

Let Absolute ERP speaks your business language

Multi Currency

Get the best business deal with a multi-currency option

Detail MIS & Reports

Informative MIS reports for presentations

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