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Have you ever considered that your company could be saving money and become more efficient by utilizing ERP accounting software? Today, more and more medium and small businesses are realizing just that and taking advantage of ERP solutions.
Leveraging ERP software is a great way to streamline various processes in your business, such as accounting and financial management, order processing, and customer service. These solutions help organizations better manage their resources and automate operations so that they can focus on more important tasks.
Get all the information you need to make an informed decision when it comes to your Accounting system with our comprehensive guide.
1) What do we mean by ERP Accounting Software
We are talking about end-to-end Enterprise Resource Planning systems with accounting capabilities. This is why the term ERP Accounting Software gained in popularity since the advent of Quickbooks. Everyone knows about Accounting Software and almost all businesses use one. But few realize that an ERP can be the alternative they did not know they were looking for.
One of the main features of Accounting Software is some kind of Accounting Information System that records your business transactions through accounts receivable, accounts payable, and the general ledger. Financial teams use these accounting processes to create financial documents like income statements and balance sheets to make the company’s financial decisions.
Where accounting software is specialized in its proposition and purpose, an ERP is all-encompassing and can be tailored to your business needs. So if the shortcomings of standard accounting software are causing you issues the likely solution is switching to an ERP.
2) What is the purpose of Accounting Software?
The purpose of accounting software is to track and report financial information. It helps businesses record, store, retrieve, and analyze their data in a consistent format while streamlining processes such as invoicing, payroll, and budgeting.
Accounting software is essential for any organization to keep track of its finances and analyze its financial performance. It helps with managing day-to-day transactions, such as fixed asset handling, accounts receivable/payable, expense management, reporting and analytics, and sub-ledger accounting. All these functions provide invaluable insights into an organization’s financials that can be used to make better decisions in the future.
A sophisticated new accounting software records an organization’s resources, commitments, revenues, and costs. These activities are transferred to a general ledger that provides CFOs, treasurers, and controllers with instant access to reliable financial data. Furthermore, P&L owners can closely monitor their performance at the operational level in real time.
By consistently logging financial activities, companies can generate quarterly and yearly financial reports that include balance sheets, income statements, cash flow summaries, and stockholders’ equity statements.
Accounting is an essential component of enterprise resource planning, which is why accounting software is a component of all Enterprise Resource Planning (ERP) systems.
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3) What can an ERP system provide for you?
ERP systems bring together fundamental business functions, including accounting, financial planning and analysis, supply chain management, inventory management, cost management, and procurement. These applications are natively linked through a shared user interface and data model; thus getting rid of the need to move between disparate systems or link unconnected enterprise data to manage various components of your business.
The information provided by Accounting Software is shortsighted in comparison to the integrated management ERP technology provides. This is how an ERP shines compared to a legacy system.
ERP Systems offer a remarkable advantage over traditional accounting solutions. They not only provide the same financial features but also integrate them with their other capabilities, enabling users access to more comprehensive reporting and more control over their financial operations.
ERP Technology will also help you better manage your core business processes like customer relations & customer expectations, inventory and supply chain management, sales team management, and HR processes with its additional features.
Best of all, the data from different departments can be linked together to provide real-time visibility across your entire company and increase your business intelligence.
That is the operational efficiency you can expect from an ERP, an optimized back office with a single database hosted in one system, to make accurate decisions as your business grows.
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4)What are the key differences between ERP and Accounting Software?
A regular accounting software package covers areas like:
- Basic accounting functionality
- Accounts payable
- Accounts receivable
- Basic banking
- Financial reporting
ERP systems include these simple accounting systems and then some. For example, small business ERP accounting software may include functions such as:
- Inventory management (including warehouse management)
- Human resources reporting
- Customer service reporting
- Customer relationship management
- Product life cycles & supply chain management
- Business processes
- Business Intelligence
- Order processing
- Project management
With ERP software providing all the necessary accounting data plus additional features, it’s a no-brainer for companies to solely use an ERP. Having both Accounting Software like Quickbooks and ERP like SAP will never make sense.
When your business is no longer able to sustain manual processes and requires additional features such as warehouse management, inventory tracking, eCommerce, etc., it’s time to start exploring an all-in-one ERP solution.
Contact us to help you implement an ERP and start leveraging cutting-edge technology to revolutionize the way you manage your resources and streamline operations for optimal performance.
5) The Top 10 ERP Accounting Software of 2023
Now that you understand the difference between ERP and Accounting Software, you are probably wondering what ERP Accounting system you should pick up. Well, you are in luck because with decades of experience in the space we’ve seen it all, and here are our accounting ERP systems rankings for 2023:
1. Sage 100 ERP
With Sage 100 ERP software, you’re getting total visibility of your business. It’ll take your company to the next level by ensuring that all departments are connected and can work together seamlessly. Your processes will become smoother than ever before!
Sage ERP accounting system offers feature-rich ERP in an intuitive software solution that includes:
- Easily customizable business object interface
- Backward compatibility with scripting that survives updates
- Field searching to keep your systems organized
- Developer community to assist with customization
Search for ‘Sage 100 ERP reviews’ and you’ll see just how popular this solution is for small and medium businesses, and how it helps users improve business operations.
This ERP accounting software solution is designed for these businesses that have outgrown their current accounting software but don’t need the high price tag of complete enterprise software.
The Acumatica ERP solution is another example of accounting ERP software. This solution offers clients simplified scalability without driving up the cost of the solution. It aims to centralize all your business data into one simple user interface. With Acumatica you can customize e-commerce solutions supporting multiple channels and integrations.
Acumatica ERP software also offers ‘pay for what you use’ resource-based pricing. This type of pricing structure gives your entire workforce the benefit of up-to-date information, allowing you to add the users you need, without paying for additional licenses.
3. Microsoft Dynamics D365 ERP
Microsoft D365 ERP is a Microsoft D365 accounting package that provides a seamless experience across your business applications and devices. The most impressive feature of D365 is the Microsoft Dynamics suite of tools that accompany all their software. You start with what you need and can easily adapt as your needs change.
In this solution, they also offer Microsoft D365 CRM or ‘customer relationship management.’ And as always, businesses can count on the reliability of Microsoft Dynamics based upon their plethora of Microsoft D365 certifications.
4. Oracle ERP Accounting Software
Oracle Fusion Cloud ERP software offers solutions customized to several focus areas for any size business. Oracle ERP modules include:
- Project management risk management
- Order management
The Oracle Fusion Cloud ERP system is now a cloud-based solution accessible via any web browser or mobile application.
5. SAP ERP Accounting Software
The SAP ERP system offers its customers the opportunity to grow faster, enter new markets and improve resiliency. SAP software solution’s features include:
- Built-in machine learning and digital assistance
- Continuous innovation and updates
- A flexible and scalable platform
- Ease of use on any device
This company also boasts the SAP S4HANA cloud-based ERP system. S4HANA by SAP takes ERP to the next level with the power of in-memory computing to process massive amounts of data as well as support AI and machine learning.
6. Oracle Netsuite ERP
Netsuite ERP is a comprehensive business solution that accelerates and simplifies the management of everyday core operations. This platform offers real-time data to keep organizations one step ahead, with a single interface for accounting, order processing, inventory control, warehouse activities, and production planning. Plus it streamlines supply chain functions from start to finish.
Oracle NetSuite ERP gives organizations the power to gain total control of their business by granting insight into both financial and operational results. With real-time information gathered on this platform, companies can make informed decisions based on reports and visual analytics generated from the Netsuite ERP system.
As a versatile cloud ERP, you can pilot your organization from any device, including your mobile device.
7. Multiview ERP
Multiview ERP delivers beyond the standard finance and accounting platform with its innovative capabilities that offer small businesses one reliable source of records. This software is especially advantageous for companies in a wide range of industries, providing tailored solutions to enhance visibility across cross-functional teams, product lines, or subsidiary divisions.
With the Multiview ERP software suite, you’ll have all of the information your business needs to succeed at your fingertips. Core accounting, automation streams for better operational insights, and inventory management are just a few of its features that provide invaluable benefits–all of which can be easily accessed from intuitive dashboards and financial statements.
8. Genius ERP
Genius ERP is a powerful software solution specifically crafted for custom manufacturers of every size. It seamlessly accommodates the complexity associated with high-variable, multi-stage production planning, featuring an array of ERP features tailored to make-to-order, configure-to-order, and engineer orders as well as other types of custom manufacturing tasks.
With Genius ERP’s out-of-the-box solution, manufacturing companies can easily step up their production systems. It enhances productivity without any extra manpower and gives manufacturers the ability to take on new projects while expanding their businesses.
Such ERP implementation is one of the most efficient ways to maximize your company’s growth with minimal effort.
9. Epicor Prophet 21
Epicor Prophet 21 is an end-to-end ERP solution specifically crafted for distribution businesses. This industry-specific solution offers an extensive selection of inventory and supply chain management tools as well as sales pipeline management that easily integrates B2B e-commerce systems, providing a comprehensive package of features.
Epicor Prophet 21 allows businesses to reap the rewards of customer loyalty by providing a consistent and unified experience. It does so by tracking service and production orders, as well as effectively managing inventory levels for optimal efficiency. With Epicor Prophet 21, your customers are guaranteed satisfaction with each purchase they make!
10. Exact Globe
Exact Globe is a comprehensive and complete ERP solution that can manage your entire business-related processes. From accounting, HR, CRM to procurement, production, and delivery – you name it! As one of the premier software systems in its class today, Exact Globe enables seamless management of all these operations with top-notch efficiency and accuracy.
Exact Globe revolutionizes the way businesses manage their data with its future-proof software. Not only is it easy to deploy and integrate with modern technologies, but this incredible tool also offers an efficient reporting and analysis feature which allows for better forecasting and benchmarking capabilities than ever before. Now, every business can access all of their information from a single source!
Are You Ready to Take Advantage of an ERP ?
If you are not satisfied with your current accounting solution now may be the time to expand to an end-to-end ERP accounting system. Contact us to talk about the best solution for your business.