One of the most crucial aspects of any successful business is financial planning and maintenance. In addition to doing routine accounting tasks, the key to deriving accurate financial reports is an automated ERP software. The perfect ERP built-in with efficient financial management can skyrocket your business’s growth to a new level.

GenieBooks cloud ERP software provides the outputs of financial reporting that provides you with the previous year’s record as well as a preview of the upcoming year.

But several companies are reluctant to make the shift to a cloud-based ERP system after years of using typical on-premise accounting software. If you don’t have an ERP system in place or have a traditional one, hopefully, after reading this article, your opinions will be changed.

The major objective of ERP systems, after all, is to break the shackles of traditional on-premise ones and make it easier for your finance team as your ERP does all the reporting and financial monitoring seamlessly.

Here is a more profound take on how an automated ERP system provides an efficient and precise financial report:

1. Comprehensive Financial Reports

If you’re using a separate accounting software, you probably have access to some basic financial reports like income statements and balance sheets. But when you integrate your ERP, you’ll have access to a diverse range of reports that enable you to delve deeper into the structure and operation of your company.. For instance, you will be able to foresee your cash flow or anticipate your revenues using your accounting software.

These comprehensive reports assist you in conducting your operations more productively and offer more than simply financial data.

2. Increased Automation

Your business’s productivity is bound to increase as you automate more of your workflows and procedures.

How? By letting a cloud-based ERP manage your comprehensive accounting and financial processes. By opting for this, you can easily automate operations and optimize your needs than struggling with traditionally standalone systems.

Many accounting and financial systems involve manual processes and human-centric duties, which ERP systems may often eliminate.  Hence, enabling you to entirely automate your cash management, accounts payable, and receivables systems, for instance.

Moreover, You can track and get financial reports more effectively with the aid of an automated ERP.

3. Deleting Similar Entries and better control

When you run multiple services, the same information typically needs to be entered repetitively, usually manually. You can get rid of all these tiresome processes that require repetitive manual data entry, by linking your ERP and financial systems. Financial data entry using ERPs is quick, reliable, and easy.

People frequently make simple errors that end up costing them a significant amount of money. Billing, shipping, and every other part of your organisation could be negatively impacted by anything from misplaced digits to wrong client names. Each human error can lead to mathematical errors, which need resources such as time, money, and labour to fix.

With ERP integration, you can also discover which team members were responsible for specific transactions, which makes it simpler to find people and fix problems if they arise. Ultimately, you’ll have more control over your business operations when you employ ERP systems for accounting and financial monitoring.

4. Custom Reports

An automated ERP software can generate customised reports for well-informed choices. It can deliver comprehensive data in tailored reports to authorised users.

The process is streamlined by role-based reporting, which creates reports with the data required for each role in your organisation. They just receive the information they require, eliminating any unnecessary redundant work.

5. Updated Information

When you use an ERP system, you have immediate access to vital information about billing, accounting, budgeting, sales, financial reporting, and order management. Although your existing financial management software only delivers the most fundamental reports, ERP software offers more in a wide range of formats.

6. Real-time Analytics

For good reason, “analytics” is quickly becoming a buzzword in the financial industry. Organizations gain real-time data by migrating away from the manual method of accounting and toward updated finance processes, from detecting possible issues in the close to other high-level close measures, through the help of automated ERP.

7. Reduce costs and time

Companies can manage all aspects of operations, including finances, from a single system thanks to the comprehensive integration of a cloud-based ERP system. A simple system reduces the requirement for manual labour and errors while also obviating the need for upkeep and upgrades on extra systems.

GenieBooks 100% on-cloud Accounting and Inventory Management software is designed to handle large data sets and complex business transactions. It features many components that are harmoniously connected to give a comprehensive perspective of precise financial reporting by providing Dashboards and Reports that are clear, easy to understand, and intuitive.