Benefits of ERP Accounting Software

As it sounds, ERP Accounting Software in India deals with the accounts department of the organization. But what are the roles and responsibilities of the accounting department?? The accounting department of any organization is involved with handling and managing the cash flow of the organization. The main functions of the accounting department include accounts payable, financial controls, accounts receivable, payroll processing, and financial reporting.

Mobile Application

It’s not very obvious that the accounting software will offer you the option of operating it on your smart phones but the ERP accounting software does that. When you operate any accounting software through mobile apps, you will get a better range in terms of the capabilities of the application. Some software will only allow you to track the expenses in order to capture receipts, some software will help you in generating and sending online invoices and the others will offer you all the features similar to the web-based software. Before going for any accounting software, it’s always better to check out all the features that the accounting software provides you. And if it offers the option of a mobile app along with web-based software, then what are all the features that will be included in the app.

Having prior knowledge of all these features will help you in managing your business more systematically.

Integration

Providing the option of integration in your accounting software will help you in connecting your software with other business software. This will lead to eliminating the option of manually transferring data from one system to another and saving a lot of valuable time for your employees. The other business software which can be integrated easily with ERP accounting software is payment processing, CRM software, Payroll, and POS systems. The feature of integrating your accounting software with other business software will also help your employees who use the software in reducing their training time.

Tracking Hours

If your business has the option of billing your clients by the hour, then having software that will allow you to track down your billing hours is a must. The accounting software for tracking billable hours will help you in integrating the other time tracking programs that you have already used or in use. This is considered to be one of the most important features for freelancers.

Inventory

If your business deals with retailing or distributing, then having a software program that will help you in tracking down your inventory and also automates the process of purchasing orders is a must. If you are planning to get the Inventory management feature in your ERP accounting software, then you will have to go for the most advanced plan of ERP accounting software. However, for advanced inventory features, ERP accounting software would be your perfect choice as it can easily get integrated with the advanced inventory management system.

Project Billing

If you are a freelancer, firms, or consultants and only deal with clients in terms of temporary projects or jobs, then you should always go for the kind of accounting software which will help them in tracking down their budget, tasks, and budgets. However, Linguee ERP software allows you to provide the online invoices to the customers in terms of tracking hours invested in the project expenses.

Multiple Business

When it comes to using business software, then most business software allows you to include multiple businesses to your account. However, various companies also charge you extra for providing this feature in their software. It also depends on the type of business you have. There is a possibility that one type of accounting program would be suitable for your business, whereas the same type of accounting tool might not be as critical for other types of businesses. For instance, if you are an owner of a small business, then the project-based billing plan would be the most suitable feature for you. And if you operate your business through your smartphone, then, the mobile app of accounting software which has all the features would be at your priority list.

Working with Linguee ERP accounting software will help you in feeling more confident with your business decisions and of course, it will reduce the possibility of human errors in the accounting department.

Here is a list of the key features of the ERP Accounting software:

Bank Feed

This feature helps in connecting the software to your credit cards and bank accounts in order to get the regular notifications of your transactions. This will help the employees of the accounting department to save their lot of time rather than manually updating the transactions into the system. The ERP Accounting software also provides you a daily overview of your accounts which is not possible with manual work. ERP is known to be the best accounting software due to its real-time bank feed feature which provides assistance in managing your account daily and in the reconciliation of accounting.

Dashboard

A dashboard helps you in providing an overview of all the activities of your account as soon as you log in to your account. It also helps you in providing the latest updates of key metrics such as profit and loss, expenses, accounts receivable, account balances, account payable, sales, and cash flow. You can also customize the display of the information as per your priority in the Dashboard. Due to its strong customization feature, it is considered to be the best ERP software for SME India.

Invoice

ERP accounting software also allows you to create online invoices for your business. Sending online invoices through emails and proceeding the payment online help in completing the whole bill payment procedure much faster than normal. However, some accounting software proceeds the payment through third party processors whereas some accounting software programs will allow you to operate in house payment processors. ERP accounting software offers you the features of both worlds. Its always a plus point if your accounting software also acts as an invoice generator.

Repeated Invoices

With the help of recurring invoices or repeated invoices features, you can allow your system to create and send invoices automatically for repeated charges such as subscription of anything as per the scheduled time. You can select the frequency of sending invoices as per your choice such as daily, weekly, monthly, quarterly, or annually. Recurring invoices is one of the latest functionalities which has included in ERP accounting software. This is what makes the ERP software the best accounting software in India 2020.

Payment Reminders

The feature of automatic payment reminders helps the customers in reminding about upcoming as well as past due payments if any. The reminders could be sent in the form of email texts which you can easily customize. You can also schedule your reminders. Not only the reminders but after receiving the payments, you can also send the thank you emails to your customers.

Reconciliation

The bank reconciliation tool provided by ERP accounting software helps you in identifying the matches between the invoices of your accounting software and your bank transactions. This will lead to saving hours of your accounting department employees, otherwise, the procedure of going through your bank details and examining it could take hours to complete. However, after getting the potential matches, you can always deny or approve the matches as per your need. ERP accounting software helps you in suggesting the potential matches which lead to the reconciliation of your bank accounts. You can get the reconciliation tool on your smart phones as well.

Financial Reporting

Every accounting software can create financial reports, whether its free online ERP accounting software or the paid one with extra features. However, the free ERP accounting software is more basic than the paid ones which are required you to subscribe for it by price plans for providing you the services of advanced reporting. If you are looking for the advanced financial reporting features, then while finalizing the plan you will have to make sure that those specific types of financial reporting are included in your plan. The detailed financial reports will help you in understanding your financial data in a better way which will automatically make a way to informed business decisions.