Every ERP module is different from the others, there are a handful of core features you should look for in a finance Management Erp Software. These features will help you keep an eye on business costs and also reduce it while improving your overall financial performance.
Here, I am sharing critical features that a company needs to enhance their finance:
1. Keeping track of profits
A major function of ERP systems is to do a cost analysis and profit tracking.
An ERP financial management software provides an accurate complete view of the company’s finances, revenues, expenses, profits, capital, and cash flow. It gives an illustration of your company’s overall financial growth.
It can also assist in identifying the main areas from where profit is generating.
2. Graphical illustration
Even though, finance module is mainly concerned with activities focused on numbers. However, graphs in the form of charts and other illustrative formats can be utilized to see trends and other analysis that does not use numbers.
3. Investments tracking
ERP finance software is able to streamline the decision-making related to investment and automates it. This can be a great blessing for any organization. It can help you to do smart planning in investment. As ERP systems are good enough to pull data to where it needed to make investment decisions based on data.
4. Invoice Tracking
Every business collects a lot of receivables lying around. Majority of these are in the form of invoices. A lot of companies even make use of third parties to deal and manage with invoices, for example, selling receivables to an invoice buyer.
When you hand over receivables work to another firm, it will be expensive. Finance Management ERP Software is capable of streamlining the whole management of receivables.
5. Advanced Financial reporting:
Finance Management ERP Software with a feature to generate reports such as balance sheet, profit, and loss statements, and other financial statements rapidly can help a company to make efficient decisions, goals, and strategies for their businesses. This feature allows ERP users to make customized reports based on their demand and requirement.