For any business, finances are integral to its survival and growth, and one cannot run a business properly if its finances are in trouble. From a traditional viewpoint, the net profit will help determine how much a company can grow. However, this viewpoint should be re-evaluated with the light of automation technologies available to businesses.
With automation technology, mundane processes can be cut down and done in much quicker time. Less staff is also needed, but a few staff should still be present to oversee the operations of the software use. One such software available is SAP B1 from Hitachi ICT, which automates many aspects of a business. Hitachi ICT SAP B1 includes Supply Chain Management, Customer Relationship Management, Business Intelligence, and many more. If you are interested, you should definitely check out their website above.
Hence, net profits alone cannot indicate accurately the potential a business can grow. The use of automation technologies can accelerate a business’s growth, and even help those in the red break out and reap profits.
Next, with new technologies to automate processes, it might be concluded that the accountants in the company are not needed anymore. However, this is not fully the case. While it is true fewer accountants are needed, some sensitive areas should not be left to automation technology, as they pass through third party vendors. If a business is conscious of sensitive details, accountants are still needed for the manual processing.
Also, systems do break down and some accountants should still be present to run the manual work if necessary.
Current accounting staff should also be trained on how to operate the automation technologies. This is also good for them as it moves them from traditional accounting to accounting in the modern era. This will be the new platform where accounting is done, and all traditional accountants should be acquainted with this.
Next, we will discuss more about SAP Accounting and ERP Software, for those who are not sure what they are.
ERP accounting software suites are on the rise as they automate the finance management process of a business, the top twenty accounting software are: Intacct, Oracle, SAP, Traverse, LessAccounting, NetSuite, AccountEdge, Bill.com, FreeAgent, Microsoft Dynamics, Red Wing Software, Wave, Xero, FreshBooks, Sage, Quickbooks, CYMA.
SAP is the creator of many ERP accounting software suites, like SAP Business One and a sap partner company .
The SAP financial accounting software, SAP Business One has many modules that take care of the following functionalities:
General Ledger Accounting
Special Purpose Ledger
Cost Center Accounting
Cost Element Accounting
Product Cost Controlling
Profit Center Accounting
These functions form the core of the financial management process. With these being taken care of, a company can smoothly function.
Any SAP accounting software is a solution to all problems of accounting and reporting. All functionalities can take place on a single platform. Some of the solutions provided by the accounting software are:
Record all financial processes in a ledger.
Support parallel accounting standards and multidimensional reporting is provided.
Integration of assets, payable, inventory, receivables is done to attain complete financial accounting.
Use of powerful management tool like profit centres, cost centres, projects and order.
A comprehensive solution is provided by providing a closure to automation, reporting, and audit support.
In conclusion, accounting softwares help to cut much of the menial tasks done by accountants. There is a wide range of technologies available for different business’ needs, and businesses need to look into what they require in their daily operations. While all processes can be automated, not all should be automated, especially in the matters of sensitive information.