Accounting software for business holds all records and accounting transactions in a business. The software helps business owners manage their business better with the use of financial statements like balance sheets, profits and losses, inventories, customer profiles and so many more aside from the usual general ledger, accounts payable and accounts receivable. There are so many categories of a business accounting software and the most common ones include personal accounting or small business accounting, mid-market accounting and high end accounting.
As businesses expand and become more complicated there is a need for a more reliable and integrated business solutions application which will provide business owners more control over the company. An enterprise resource planning system is one of the most practical and the most enhanced business management solution that has been developed that will encompass all departments or all areas in a business. An ERP system is different from an ordinary business accounting software since it integrates all the areas of the business including finance or accounting, sales, manufacturing, customer relationship management, human resources and all other departments in a business for a smoother and simpler management solution. It is not merely involved in keeping track of accounting and business bookkeeping but all aspects of the business or company.
- An ERP software includes an integrated system that may be accessed to all personnel that are employed as department heads of the company. It works in real time and is updated in real time as well.
- It works as a common data base that supports different applications for each type of department in a company. For example: human resources have their own working application for their work and customer relationship management have their own system to manage their services but the two are managed under one ERP system
- There is a consistent theme and ease of use from one system to another even if these are completely different departments in a business. Uniformity creates ease of use and control from all levels in the business; it also creates a professional feel in any type of business.
- All departments under an ERP software are grouped as modules; from financial and accounting modules, there are human resources, manufacturing, supply chain management, customer relationship management, data services and more. And since this is a uniform system, management is easy and may be done by IT services in just a matter of minutes should there by problems in the system or in a scheduled maintenance.
With ERP service, a business may run smoothly and can improve the revenue and total output of different departments. These systems also prepare companies for changing global standards of business management. However, there are also limitations and disadvantage of this system; it is more expensive than traditional business accounting software, may be hard to initially customize for your business and the problems of systems failing and shutting down which could affect different departments all at the same time.
