Accounting software deals with the company's finance, namely helps to collect, control, and analyze the company's financial operations and cash flow by recording all financial transactions.
For freelancers, independent contractors, individual entrepreneurs, and small business, the bookkeeping or accounting computerized system with the basic features such as income statements, balance sheets, general ledger, and other is enough to control the financial their situation and to be prepared for the tax year.
The large organizations and huge corporations with numerous staff and hundreds of business operations daily need much more powerful accounting software solutions than ones used successfully by small businesses and middle-sized companies. Therefore, software providers develop a powerful enterprise resource planning (ERP) software system that is often named ERP accounting software, although accounting functionality is just one subset of the overall solution.
#1. The main objective of the enterprise resource planning software is facilitating the day-to-day management of the company's business operations by uniting data about all business aspects received from multiple channels into a seamless and comprehensive information system.
#2. Powerful, comprehensive computerized enterprise resource planning system encompasses all main business processes such as accounting, purchasing, inventory, shipping, suppliers, customers, human resources, e-commerce, payments, mobile, and others and helps to organize, manage, and control them most effectively.
#3. In addition to the standard accounting reports such as Profit and Loss, Trial Balance, Balance Sheet, ERP accounting software provides strong and exhaustive reporting of all aspects of business activities, including customer engagement, closed deals, inventory levels, orders' status, profitability, and many others.
#4. ERP accounting module included in the enterprise resource planning software system gives a good snapshot of the company’s current financial health. Data-driven forecasting allows organizations to predict supply and demand for products and services. As a result, organizations have the ability to make the right short-term business decisions as well as create long-term business plans.
#5. The accurate processing and analysis of business data сollected about all activities allow detecting deficiencies. Detected deficiencies of the business activities and analysis of their reasons and results help managers to identify the strategical ways of process perfection, productivity improvement, competitive advantage, and company's growth.
#6. Powerful and flexible export functionality, ensuring that all business data, including financial reports, can be easily exported in a variety of formats to collaborate with business partners, vendors, investors, auditors, revenue, and other government agencies.