Need for accounting team:
Money is integral to living and surviving. One cannot start and run a business without money. For a business to grow and sustain, money is the utmost necessity. One needs to invest some capital for a business to start. The basic dependency of the business lies on the percentage of profit that the business is making and the amount of loss incurred from the business. The balance between the profit and loss determines the lifespan of the business.
Accounts team is the core group in an organization that finds out whether the business will survive or not. Profit and loss calculations are done with the help of ledgers and financial report is generated as a result of all the calculations. This entire process can be defined under the term finance management. The accounts team is like the backbone of the company. The finance team in an office calculates both the revenue generated by the company (external processes) as well as process the payroll functions of a company (internal process).
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 finance 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 in 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 centers, cost centers, projects and order.
Comprehensive solution is provided by providing a closure to automation, reporting, and audit support.
Hence by providing such robust accounting solutions SAP Business One fit into the ERP system.