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By: Sree

Why Should We Use ERP for Accounts Management?

Functional Accounting

Enterprise Resource Planning application being a computer-assisted software tool can extend comprehensive support to the companies to manage all their accounting-related requirements in an effortless way. Accounting ERP helps the business to automate all accounting calculations and fund management. ERP supports businesses of all sizes to coordinate different departments and operations and streamline the multi-directional flow of money. Set aside all your worries about accounting. ERP tool can provide you with a faster and efficient tool to manage all transactions and journal entries.
Ensure transparency and track the flow of money at every point with Enterprise Resource Planning software. Data management, record management, report generation, financial statement preparation, bank transaction, and invoice management becomes simpler with the tool. 
In this blog, we can check the key benefits of Odoo Accounting ERP.
Automation of Accounting
Enterprise Resource Planning tool being an internet-assisted software tool can help you automate all your operations. It can offer you support to manage the bills and bank accounts efficiently. Journal entries and accounts management get automated with ERP tools. These well-knitted tools can offer you support for flexibly managing the operations. 
Leave your worries aside when you start depending on the ERP tools to complete your accounting tasks. Every transaction and documents including account payable and account receivable get tracked and managed automatically with this application. We can also ensure support for managing cash flow. Accounting tools also prove your support for streamlining all activities. With ERP assistance we can automate the workflow and all finance-related tasks.
Localization
The majority of the Accounting ERP tools offer you support for localization. That means the user can localize the accounting module in such a way that all data and financial documents being entered into the tool will be automatically fit into the tax regimes of the country or locality. It will help you to be in pace with the global standards and at the same time help you maintain a record in pace with your local rules. WE can also choose the charts of accounts for different countries with the help of the ERP application. Multi-country management and multi-currency management become more efficient with the ERP system 
Detailed Reports
Accounting is the task that needs support for generating reports. ERP tool can help the business to generate reports for different financial transactions and operations. Different views of the report and quick glance at the chart and graph view of the report help the business to plan future transactions more effectively. IT can help you plan purchases, sales, and employee management in such a way as to reduce expenses. 
ERP tool will help you to generate reports based on your localization. This enhances report generation for tax management. You can get a clear view of profit and loss with the one-click report. It will also help you to generate reports on balance sheets and cash flow. IT will also support you to generate partner ledgers, aged receivables, and aged payable. 
ERP tools can be of great assistance when you are preparing audit reports including general ledger, trial balance, consolidated journals, tax reports, Intrastat reports, etc. IT can also help you create invoice analysis reports, analytic reports, budget analysis, etc.
Quick management of accounting needs
Inconsiderate of the size of the business, there will be an accounting wing to manage all financial transactions. Be it the salary of the employees, expenses, revenue from sales, or cost for purchase, the accounts department is ultimately responsible to manage all these operations. With ERP assistance you can systematize your business and its accounting operations. ERP helps you prepare a near-accurate budget estimate for the business. IT can support you to plan purchase and maintenance costs based on the expected revenue. ERP also helps you ensure the best allocation of funds for labor management, material purchase, transportation, taxes, and other charges.
Minimum Errors
Humans are more likely to make errors in accounting than ERP tools. So a firm depending on ERP tools can make sure that they make only minimum errors. As ERP makes calculations based on artificial intelligence and system programming we can ensure the accuracy of the calculations. At the same time, the calculations and results get recorded in multiple documents when you are using an ERP tool. Thus it is always better to depend on ERP for accounting as errors in financial management can affect your overall operations. Errors can result in wrong reports and the consequences may be huge.
Traceability
ERP tool is a system that can be used by any person who has access rights from anywhere in the world. This enables the investor to take a glance at the financial documents from the workplace, home, or on the road. All those who have access rights can check the account details at their convenience. Every transaction from invoice preparation to bill payment and bank account management becomes simple and traceable with ERP systems. We can also track vendor bills, customer payments, and employee-related expenses with a click. 
ERP helps you to manage billing, ease revenue management and trace account details. Banking management can also be done with a click and batch transfer and journal entries can also be managed. We can also manage invoices, budgets, cost analyses, taxes, and all other accounting-related tasks in a transparent way with ERP support. 
Financial Data Security
ERP tool offers you support to restrict access rights. Not every employee of your firm will be able to peek into your financial documents if you are using ERP. We can restrict access and this access management can be done at different levels. Besides, ERP prevents the loss of information with secure and safe data backup facilities. 
Support Financial Planning
An organization needs effective planning support for profitability. The expenses should be proportionate to the revenue. The budget should be prepared effectively taking into account the needs and emergency situations. Resource management helps the business distribute money the proper way and ensure maximum productivity at minimum expense. 

ERP tool is a comprehensive support system that can support the business to activate all operations. Some of the functions of major ERP software are, 
    - Invoice management
    - Credit note management
    - Payment support
    - Batch payment
    - Product and customer management
    - Vendor bills and refund management
    - Employee expenses
    - Journal entry management
    - Sales and purchase management
    - Bank account management
For more details about ERP tools and Odoo ERP you can visit www.cybrosys.com or mail at odoo@cybrosys.com or dial +918606827707


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