ERP refers toEnterprise Resource Planning, business management software.ERP Programsare considered as the core software of the organizations to coordinate and integrate the business processes, policies and information in every area of the business whichoperates onseveral computer hardware andnetwork configurations usingcommon databases managed by DBMS with theshared management reporting tools. This software enables the organizations not to have the dedicated resources for each business processes separately and shares the data across several departments like product planning, manufacturing, purchasing, marketing, sales, accounting, inventory management, shipping and payment. ERP solutions turned out be asdynamic organizational tool, facilitates the integration of many organizational systems for error free transactions and production.IT investment would be reduced for the organizationsif this ERPutilizedinstead to have huge capital expenditure. ERP modules are classified into the following categories includeFinance, Sales, Planning, Inventory, Operation, Admin and HR.
ERP designed to satisfy the expectation of finance sector of the industries branded as Finance ERP. This ERP finance moduleis the primary softwareamongmany ERP software programs, which helps small and large scale organizations to get benefit from this package implementation.It delivers benefits to the following area include cash flow, job costing, accounts payable,accounts receivable, comprehensive budgeting and copes up with fixed assets. It is liable to gather the financial data from various departments and produces the treasurable financial reports such as trail balance as balance sheets, general ledger, and periodical financial statements. Finance ERP solution supports financial data flow amongvarious functions within the organizational boundaries which enables an enhanced decision making practice regardless of operations going on different topographical locations. It makes the OEMs and manufactures immersed well to get practiced to this reliable software and puts them to realize how hard to switch over to othersoftware after the usage. It claimsgreat productivity, performance and streamline the work flow to gain a high degree of profitability.
ERP in finance undoubtedly upsurges the efficiency by systematizing the processes and helps to maintain the accounting updated in a reliable and accurate way. Financial transactions are integrated within the ERP modulesto get the financial terms impact over the enterprise as ashared system.This ERP softwareupdates the account related entries in the register on daily basis and thisfinancial data are displayed across various business functions on the whole system.The updated total expenditure and flow of money are reflected to theuserson timely basis which lets the management to take immediate and vital financial budgeting, decision etc.At any point of time, the managementhas been let knownthe organization’s financial position. It uses MS Excel as source book registerto connect to severaldepartments which in turn connect to various databases of organization’s DBMS.The Excel register facilitatesthe user to filter the details bywhen an entry was made, who made it and when it was last modified or by the date of entry. This module assists the userto have view of accounting info of many years without distressing the existing performance. It has precise feature to estimate the origin of transactions by leaving tracks of audits.
