ERP Software For Finance & Accounts Vs Accounting Software
Times have changed and business automation is welcomed by companies who want to be one step ahead of the competition. For managing finances, there are several solutions available in the market but ERP Software for finance & accounts presents a wider scope for improving efficiency in business operations.
Understand the purpose of a software solution
ERP (Enterprise Resource Planning) is a core software which can be used to create customised modules as per the workflow of a business. Different types of modules such as Project Management, HRM, Finance and more can be easily integrated with a robust and flexible ERP solution. Standard accounting software comes with basic and advanced features with a lot of functionalities. But the question is whether the software is able to solve your business-related issues efficiently.
Tally is a widely used software for accounting purposes. But only your accounts team understands it better. Still there will be loose ends where vouchers are coming in through emails and reimbursements are on hold due to semi-automated processes. A business doesn’t grow if only specific departments are slightly efficient. Therefore, investing in a business solution such as ERP is more fruitful because it tackles issues affecting business efficiency by enhancing the overall business processes.
Key differences between Finance ERP and Accounting software
A finance ERP as well as advanced accounting software both will have a number of functionalities to ease the financial management process in your organisation. But the benefits of accounting software are limited to the finance team who utilise it. Finance ERP is an integrated solution where all the teams of an organisation utilise the functionalities to update the data in a centralized system.
In an ERP portal, the employee data can be integrated with a finance module or even Tally for automatically updating the employee’s records. When an employee takes a leave, it not only updates the attendance data but also the salary data thereby ensuring transparency in employee management. Applicable tax information can be automatically added by portal users.
ERP for project-based businesses is, extremely useful for managing different kinds of projects. Take, for example, the case of infrastructure projects. Millions of dollars are invested in these projects where compliance measures are critical. There are several teams at various levels who need to update records regarding their big and small investments. Maintaining financial records and tax filings become easier with structured processes.
An accounting software will help to manage the accounts but engineers or other specialists are not accountants. So, a user-friendly interface with all the data points that is relevant to them will help them run the projects become necessary. ERP software gives project managers a solution that gives them resource-level project data to run the project in a cost-efficient manner. The accounts team receives all the information about the project on time and a clear picture of finances.
ERP software for contractors assists business leaders to find the best quotations, manage manpower on different project sites and more. With mobile-friendly, cloud-based ERP solutions, contractors can track the work progress on their project sites even while travelling to fulfil various commitments.
OMNI ERP solves problems for project-based business through customizable modules to manage finance, operations, HR and other areas. To know more, contact _____