Accounts functionality in ERP (Enterprise Resource Planning) software processes your business’ accounts. It interprets sales and purchase transactions, manages debt handling, calculates balance sheets, and provides financial forecasting. Given the sheer amount it can do, accounts functionality is a must for any ERP. Let’s explore its power further.
1. Under Your Umbrella of Awesome (Eh, Eh, Eh)
ERP software is pivotal to successful business management. Accounting functionality means you have all your financial forecasting, VAT capabilities, day–to–day financial transactions and more in one place. If you’re running your accounts on Xero, your stock control on a spreadsheet, and doing your shipping separately through Royal Mail or DPD, you’ll be spreading yourself thin. You’re likely to encounter more errors, and because the systems won’t talk to each other, so you’re stuck inputting data between them. Under this ERP umbrella is where you’ll control your business, so getting your Rhianna on, and hopping under the ERP umbrella, is a smart business.
2. Forecasting Your Business (Like the Weather)
Just like your favourite weather presenter, forecasting your business’ future is important to maintaining growth and staying on top. Want clear skies, sun and a nice breeze? Of course you do! Every business owner wants their business to come out on top. Accounts functionality in your ERP puts you one step closer to success – it will keep your business data updated in real time all the time, ensuring your accounts are always up to date. Forecasting will become easier, and predictions and comparisons can be drawn up easily for future use.
3. Debt Management
If you sell to other companies, or offer payment on account options to customers, debt management is important, but not something that should crowd out your time. That’s why accounts functionality, fully integrated with your ERP, is essential to make this process simpler and keep you on top of everything as your company continues to grow. Identify credit risks, process debt chasing and identify patterns of debt – all with accounts functionality. No need to worry about managing challenging companies. This functionality in your ERP will give you the flexibility, confidence and time to manage debt.
4. Integrated VAT and EC VAT Capabilities
ERP with integrated accounts functionality ensures confident reporting on VAT, providing an overview of all your sales and purchase transactions. Automatically track sales and purchase transactions, their appropriate tax amounts and whether you are due to pay or reclaim tax overall – all within your main ERP. Managing and posting VAT Returns is a whole lot easier with fully–functional accounts functionality.
5. Manage Day–to–Day Financial Transactions
Keeping track of your finances is key. Accounts functionality in your ERP controls all your transactions, meaning oversight of your bank accounts, non-stock purchases and manual transfers between nominal accounts.
6. Know Your Measurements (and Your Margins!)
Knowing measurements is important for the day-to-day running of your business. Don’t miss opportunities for growth and profit without readiness for that ‘does the shoe fit moment’. Knowing your margins at the point of sale, and whether you’re going to make money, increases preparedness, allowing you to build a stronger business. Accounts functionality in your ERP means you not only keep on top of your margins, via the dashboard or sales and purchases overview, but also receive real-time margin warnings. Never be stressed by pricing and margins again!
How We Help
Everything mentioned in this article is available in our multichannel ERP, Khaos Control Cloud. And its functionality doesn’t end with accounts – Khaos Control Cloud also includes stock control, CRM, inventory, order processing and more.
Contributor: Khaos Control Cloud