It is interesting to note that there are still businesses that rely on traditional mechanisms for accounting, reporting and managing financial processes. These make it hard for employees to access information as each department often manages its data differently. Additionally, manual entry of data leads to inconsistent and inaccurate data.
For your business to succeed, you need to employ enterprise resource planning (ERP) software for fiscal management. It gives you the speed and reliability that beats the legacy operations. Here are the reasons to upgrade!
Time is money!
To ensure proper accounting, you’ll need to assemble data from many different departments within the organization. This means that you need a staff to retrieve data from every department, verify it and collate it into bundles. Rather than having an employee handling all these tasks, you can make use of an ERP system. Instead of manual data entry, ERP software can grab the information as it is input by the various teams and aggregate them within the system.
The risk of error
Poor mechanisms and the delays in manual input can ruin your financial reports, production schedules and the day to day functioning of your business. Well, such mistakes might go without notice until they have caused damage beyond their initial scale.
Stunted business growth
If your data is corrupted, it could affect key financial reporting and accounting processes that affect your bottom line along with executive planning and decisions. It’s better to be sure you are employing a system built to accurately handle accounting and financial processes than to rely on manual processes.
To get real-time analysis from a traditional process, employees need to work within multiple applications and switch between systems for data collection, entry and reporting. With ERP, all that work happens simultaneously inside the software. Connecting your machinery and production lines up to the enterprise network means that data entry is built into the system itself.
Need financial management software for your business?
If you are interested in finding out more about financial and accounting software, call us on +256414665846 (Uganda) or +254202305051(Kenya) or email email@example.com and one of our Business Software Consultants will be more than happy to have a chat with you regarding this.