Is your accounting department wasting valuable time creating reports using spreadsheets and manual processes? If so, it may be time to check out a centralized reporting system to reduce costs and wasted time. With better business intelligence provided by a robust reporting system, youâ€™ll be in a better position to make sound decisions based on accurate, timely information â€“ as well as easily comply with business regulations â€“ and that’s always good for business.
While Enterprise Resource Planning (ERP) can transform your business in many ways, the time savings that your accounting department will realize may be the most surprising. As organizations grow, the need for coordination of resources and departments is clear. An ERP system supports that growth.
But smaller organizations often spend as much time on accounting as large ones. An ERP system may return productivity rewards more quickly that you imagined.
It’s no surprise that your accounting team spends many hours each month reporting profit and loss. But how much time are they spending on manual spreadsheets for each of the following?
- Making adjustments to inventory and vendor pricing
- Maintaining budgets for multiple departments
- Providing individual reports to departments with data from payroll to supply costs
A centralized ERP system can automate all these time wasting activities so your accounting team can focus on ways to make and save money.
No one wants the IRS or any other regulatory agency looking over their shoulder. The best way to keep them out of your business is to provide prompt, accurate reporting to meet all agency regulations your industry requires. Most starter accounting packages don’t give your finance team the flexibility to build the reports they need to comply.
To determine if it is time to evaluate ERP systems, have your accounting team track the time spent searching, compiling, and manually entering compliance report data for each of your required filings. The time savings with an automated system that pulls data from multiple sources to consolidate information could be well worth the investment.
Microsoft Dynamics ERP provides more options for reporting than any other ERP system on the market. Let us show you how flexible reporting can be.