Whether a business is small or a global enterprise, it's evident that without unification and systems in place in the accounting and finance departments, the company as a whole is doomed to fail. ERP implementation can help bring together accounting, finances, and payroll so that you can all achieve business growth and improve internal communication.
What is unified accounting and payroll? It's when all of the business' accounting procedures, documents, and people work together seamlessly. This takes enhanced communication, automation, and real-time data. That is precisely what an accounting ERP delivers. ERP implementation solves the real and persistent challenges faced by accounting and payroll today.
1. No More Manual Reconciliations
A unified accounting ERP can prevent the disruptions, inconsistencies, and headaches at end closings by automatically transferring data to dependent documents and updating totals across accounting, payroll, and beyond. There are no more manual reconciliations, moving numbers from an accounting system to a payroll system, or ensuring all documents show the same information. This unified approach saves both time and frustration in accounting when misaligned numbers require forensic accounting level investigation. It reduces the risk of human error and enhances the integrity of all financial statements and payments.
2. Stopping GL Posting Delays
The general ledger is the structure on which every accounting system depends. When it isn't accurate and up-to-date, nothing else can be. In addition to eliminating manual reconciliations, accounting ERP implementation gets rid of delays, so everyone is always working with the most up-to-date information.
3. An End to Working with Outdated Information
What would it mean to your organization to always know that information is up-to-date? It enhances the agility of your organization to adapt to a changing business environment and business needs. It supports a more data-driven approach to decision making.
4. Supporting the Rapid Hiring Process
Especially in industries where turnover is high, the hiring process can quickly outpace more outdated accounting and payroll systems, but modern cloud-based ERP like NetSuite accounting ERP modules give accounting and payroll the tools and information they need to facilitate a smooth payroll system. ERP can fix payroll discrepancies quickly and improve the overall accuracy of payments.
5. Preventing Add-On Costs
Some payroll services charge for off-cycle batches, adding unexpected costs and often making the team hesitant to run these batches even when business needs require it. These costs exist because of the added work involved in more outdated systems, but a modern accounting ERP is always up-to-date, so it doesn't matter when you run batches.
6. Fixing the Disconnect Between HR and Payroll
Human resources and payroll are dependent on each other for accurate, up-to-date information. When they don't communicate, departments experience inefficient back and forth, often through email, and added costs when communication comes too late. Enterprise Resource Planning technology doesn't only unify accounting and payroll, it centralizes and streamlines communication across inter-related departments throughout a company.
7. Preventing Technology Integration Issues & Costs
Companies working with outdated accounting technologies are often surprised when they try to integrate newer, third-party software, like mobile capabilities and analytics that can significantly cut costs, increase productivity, and improve functionality among departments. Many modern technologies can integrate with older technology, but outdated software, servers, and systems weren't designed to be used in this manner. As a result, employees create workarounds to make up for lacking capabilities, and you have a patchwork of incompatible technology even after paying extra to retrofit and integrate your systems.
An accounting ERP like NetSuite is not only compatible with current technology, it's designed to fully-integrate with the modern technologies that accounting and payroll personnel want and need to thrive, and because it's cloud-based, it adapts, changes, and grows with you.
8. Reducing In-House Technology Licensing and Maintenance Costs
A unified accounting ERP can reduce the costs of licensing multiple pieces of software, hiring services, and maintaining on-premises servers. These can all be replaced with a single unified accounting and payroll solution.
9. Eliminating Inflexibility and Streamlining Worldwide Operations
ERP implementation in accounting and payroll can transform how they work together and what they can achieve. For example, NetSuite ERP can seamlessly manage and convert multiple currencies and can be designed to meet business, department, and location-specific needs. Whether a company spans states or continents, different regulatory environments and regional needs can complicate accounting and payroll. An ERP can account for and simultaneously comply with local requirements. This level of customization and flexibility can enhance performance and cut costs across regions.
10. Improving Self-Service Features
According to a significant Deloitte survey, 90% of companies have incorporated online self-service. This brings its own set of challenges and just one more place where an ERP unifies communications and processes to improve the flow of information.
Accounting ERP Implementation
An accounting ERP unifies operations across departments and enhances communication to increase productivity, reduce risk of error, cut costs, adapt to global and local business needs, and strengthen the availability of real-time business insights. ManoByte can help your business get the most out of ERP implementation by customizing ERP solutions to meet your business needs and providing your company with ongoing training and support to maintain the most unified systems. To learn more about unifying ERP technology, let's connect.