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May

07

A huge motivation for many organizations that choose to implement ERP software is the financial gain. Of course, the purchasing and implementation of ERP software is an investment, but once implementation is complete, your organization will begin to reap the benefits of the investment over time. Profit and Invoice tracking, budgeting, audits, and risk management are some of the key areas that businesses look to improve with ERP. Let’s learn a bit more about these financial gains.

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Profit & Invoice Tracking

This is one of the most fundamental components of financial management software. Any ERP solution helps provide an overall view of an organization’s financial well-being. In more detail, profit tracking tools allow you to determine the ROI for any purchase, while simultaneously showing from where profits are stemming. Additionally, these tools provide a cost analysis that evaluates how the business is spending money. Invoice tracking is another key component to financial management. When business have receivables, such as invoices, that are unorganized or unaccounted for, it becomes a hassle for the business. With ERP software you can streamline the entire process of handling receivables. This eliminates the need to outsource these tasks and reduces error entirely.

Budgeting

Financial planners know that smart budgeting promotes growth in any organization. ERP software grasps a holistic view of spending. Some modules assess marketing and ad campaigns, and others focus on supply chain utilization. Whatever area of the business your organization is looking to assess financially, ERP offers a tool to help you gain an accurate scope.

Audits & Risk Management

These two areas of financial management go hand-in-hand because of one word: transparency. Being audited takes preparation and complete insight into the financial health of an organization. Risk management is all about eliminating the guessing and using transparent intelligence to drive an accurate financial overview of the business.

 

Want to learn more about the financial benefits of ERP implementation? Interested in obtaining and ERP implementation partner? Contact Logan Consulting today to schedule a consultation!

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