Article 10 – ERP Myths decoded – Myth#3: I don’t need ERP; I already have my accounting ERP Software.

When business starts to grow exponentially, accounting and financial department workload increases so people purchase accounting software. This software helps to manage invoices, pay bills, prepare for taxes, generate different financial reports, and track the cash flow.

As Accounting and Finance are the lifeline of any business, they play important role in decision making. Most of the people think if we have software for Accounting we have ERP. We have to check what this software can handle and cannot. How ERP is different from this software

Business is not just about Accounting and Finance. Business also faces operational changes. They have to do planning and scheduling, procure inventory based on schedule, deal with quality issue, and develop new product – to manage all these effectively you will need ERP software. Your account software does inventory tracking but ERP give real-time inventory stock and reduce wastage. QC module ensure inbound and outbound inventory. If anything fails in QC then manufacturer can take immediate action. In ERP software finance is just one module along with Inventory, Production, Order Management Modules.

If you still need to keep your existing accounting software, choose ERP which can integrate accounting software. with your existing accounting software which can efficiently be handle your finance and for statuary compliances.

So we can conclude that accounting software is not ERP software, accounting software will look after your finance but An ERP system is a software that covers the company’s financial management, supply chain management, and customer relationship management all in a single comprehensive, modular system.

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