Financial Reporting and Analysis are the basic pulses of a modern business. Inside an organization, all other modules cannot be implemented without having the financial module in place. ERP finance management software collects all the financial data of a company and generates reports for ledgers, trial balance data, cash flow statement, income statement, overall balance sheets, etc. ERP Financial Reporting Software Solutions also does financial analysis that can be used by companies to make strategic business decisions.
What is the Financial Reporting?
Financial reporting shows the financial results of a company and tells how a company is performing over a specific period of time. Monetary reports are typically issued on a quarterly and yearly premise.
Why is it important?
Financial reporting software serves as an important tool for providing a company and the world with an accurate financial performance. Revenues, Profits, Expenses, Capital, and Cash Flow are the financial KPIs of that its software shows to ascertain the financial health of an organization. An ERP Finance software takes charge of managing all the activities related to finance and streamlines all these as well. Without accurate financial reporting, managers, executives, investors, and employees won’t be able to make important decisions to improve the future performance of an organization.
Following are the top advantages of using ERP Financial Reporting Software Solutions:
1. A centralized platform for keeping track of financial and accounting data
ERP Financial Reporting Software Solutions keep track of all financial information under one platform. This software also integrates the data of all other departments and companies also. Users can access and store all the necessary information about clients, their credit and financial reports in one place.
2. Reporting and Analysis
ERP for finance generates reports for trial balance, income statement, balance sheet, and cash flow statement in the form of graphs etc. This helps a company to monitor the financial performance of the company. Moreover, the real-time dashboard showing revenues, expenses and other figures related to the cash flow statement and balance sheet help you analyze properly.
3. Asset management
With ERP finance reporting software solutions, a business can quickly control and keep track of depreciating financial company assets. Additionally, it also allows your employees to make use of comprehensive reports regarding assets, liabilities, valuation, and depreciation.