What is an ERP Software? Which are some of the Best Financial ERP Software out there, and How do they influence finance? Everything you need to know, Idea Usher experts are here to tell you.
Before diving into a plethora of the Best Financial ERP Software, it is necessary to know about them. Additionally, it is very important to know about their features and how they work.
ERP stands for Enterprise Resource Planning.
ERP is the comprehensive management of the leading business procedures. Furthermore it includes a wide variety of business processes such as Finance and Accounting, HR, Inventory management, sales, and supply chain management.
An ERP software manages all these processes often in real-time, mediating latest technology. Everything is automated. All the management procedures need little to no human intervention.
This software collects all the critical data. Further, it organizes all the collected data and helps the organization to run smoothly and efficiently. Even if the organization is expanding its business, this tool comes very handily to manage everything out.
Hence it is the best tool for any type of business enterprise to manage its resources adequately.
Financial ERP software module is one of the most vital components of ERP software. It is usually the first component that is activated in an ERP software. The main function of a financial ERP software is to deal with managing the finance and accounting of an organization. In addition to all the above functions it contains all the basic features of an accounting module, such as General Ledger (GL) and Balance Sheets.
This software also generates financial reports. Hence it also helps in handling all the related transactions such as invoicing and billing.
Another striking feature of Financial ERP Software is that it can also generate Profitability Analysis. This feature will help an organization to analyze its revenue resources.
There are so many features of Financial ERP Software that make it a promising tool to manage the businesses efficiently. Some of these features are as follows-
The organization uses this function to manage the money it owes to other merchants and the owners. Using this automated feature can track a lot of transactions carried between the company and its vendors simultaneously.
The company uses this function to manage the money that customers owe to the company. This feature allows the company to track all the invoices. Also, all the transactions carried between customers and the company.
Also known as Profitability Analysis, this feature enables the organization to track all its profit sources. With the help of this analysis, it becomes easier to manage the organization’s resources.
Organizations use this automated feature to manage the fixed assets. These assets include company equipment, vehicles, etc. Using this feature makes it easier to manage the taxes and these fixed assets, along with the additional costs.
This feature of ERP software enables the company to manage any risks. It helps the organization to strategize accordingly. The risk Management feature also helps to deal with the company’s internal security and any reputational issues.
GL is the detailed record of all the transactions carried out by the company. It tracks all the income and expenditure records, capital accounts, and liabilities. Although it is the most basic feature of any financial module, it is most important of them all.
Tax Management is the most essential feature of financial ERP software. This automated feature helps the organization to keep records of its taxes. It also provides the audit functions and the report that is used to file the taxes.
All these features in Financial ERP software make it an excellent tool for business management. These features help in running finance-related activities very efficiently. Since everything is automated, the risks of error are significantly reduced.
Apart from this, ERP software saves a lot of time since everything is done by implementing the technology. Financial ERP software makes the work more comfortable and much more manageable without human intervention.
There are a lot of ERP Products available in the market. But it is imperative to know which ERP product is best for your business. ERP Products come in a wide range of features and price ranges.
Here in this segment, we will consider all these criteria to list out our Best ERP Products.
So Let’s Begin!
NetSuite ERP is one the most profitable ERP products available in the market. It is a cloud-based ERP. This ERP software is a fantastic option for both large enterprises and growing medium enterprises. Although it is more expensive than most of the other ERP Products, all the money you invest in it is worth it.
It is a fully automated program that manages all the financial transactions that takes care of invoices, billing, inventories, revenue, and orders. In addition, it also manages the taxes of the company. Hence containing all the modules that help you to bring all the financial procedures together.
ERPAG ERP is the best option for small and mid-sized businesses. It is also a cloud-based ERP. The main features of ERPAG include Quality Management, Account Integration, Purchase Order Management, and Reporting Analytics. It is an excellent ERP software loaded with all the functions. MRP management such as Production Scheduling, Supplier Management, and Supply Chain Management are some of the added ERPAG ERP functions.
The starting price of ERPAG ERP is $49.00 per month. They also offer a FREE trial.
SAP Business One is a strong and intelligent ERP software. It is mainly built for large businesses and organizations. The advanced features included in it make it suitable for managing large companies.
It brings together and automates all the essential procedures. These key procedures include sales, HR, finance, orders, and manufacturing.
All these features enable SAP Business One to eliminate all the unnecessary information. They are thus ensuring better and efficient management.
Brokermint is a real estate office management software. It is one of the most easy-to-use real estate back-office platforms. Like all the other ERPs it is also a cloud-based software that can also handle commission tracking. You can integrate Brokermint with both your MLS and CRM. By doing so, you can streamline all the transactions and business contacts in one system.
Some of the features of this software include 2-Factor Authentication, API, Budgeting, Calendar Management, Contact Management, Scheduling, Electronic Signature, Sales Motivation, and Customer Management. However the only drawback of Brokermint is that it does not run on mobile platforms.
Sage 300 is a scalable and detailed ERP software. It is good for both small and medium-sized businesses. As it is loaded with features that facet all your business needs.
It provides wide business visibility for management. Sage 300 is the best option for organizations that are on the horizon of growth. Some of its main features include multi-currency capabilities, bank reconciliation, and tax reporting.
Sage 300 also provides flexible transaction processing options, strong management of monetary periods, and informative dashboards for analytical reporting. You can gain insights into your financial position by implementing Sage 300 ERP in your enterprise.
Microsoft Dynamics 365 is also a cloud-based ERP. It is a modular ERP with advanced features for management. It is packed with so many features that make it a great option for all types of organizations.
Some of its features include modules for HR, Field Service, Sales, Marketing, Commerce, and Finance Operations. It provides some great options for Customer Relationship Management.
It is a modern approach to better functionality and security. Since it implements Artificial Intelligence(AI). Hence Microsoft Dynamics 365 is a spectacular option for all sized organizations.
Why should you have a Financial ERP software implemented for your organization?
There are innumerable reasons to have ERP software implemented for your organization’s management.
Therefore, It is undoubtedly an excellent decision to invest in a Financial ERP software to manage all your key business procedures under one integrated system.
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