In this competitive business landscape, manufacturing companies find it difficult to manage accounting and financial aspects in real-time.
Enterprise resource planning (ERP) software has come across as an ideal solution to overcome this challenge. The robust Xcel Manufacturing ERP Software designed by eresource can help you efficiently manage accounting and finance by addressing inventory requirements, invoicing, and payroll, and gaining visibility to vital business processes.
Eresource Xcel ERP software has many benefits, but how can its accounting and financial management module help manufacturing companies? In this article, you will learn the critical perks of deploying the manufacturing ERP software for accounting and financial management.
More Financial Control
Almost every manufacturing companies has a finance and accounting department. The way this department works might vary from one company to another, but the objective is usually the same. Every financial manager in the manufacturing company aims to:
- Minimize expenses
- Promote savings
- Improve profit margins
- Ensure the safety and optimization of investments
- Increase the firm’s value
The financial team is responsible for estimating capital requirements, disposing of surplus assets, managing cash for each manufacturing unit, financial control, and more. Manufacturing ERP software unifies all the finance-related data, allowing managers to accurately devise a budget and allocate costs for raw materials, equipment, labor, transportation, and other overhead costs.
Moreover, whether it’s about making payments to suppliers, paying wages to subcontractors and labor, or financial forecasting, the eresource Xcel ERP system can help you better manage all finance-related activities and gain more financial control.
Better Tracking and Management of Finances
The eresource Xcel manufacturing ERP software’s financial management module can help managers handle customer payment schedules, track revenue, and manage credit across the business. Moreover, an integrated ERP system can include a customer relationship management (CRM) system to automate reminders and prevent customer complaints.
Increased tracking capabilities and easy-to-use automated payment systems allow you to manage billing, revenue, and payments seamlessly. Moreover, eresource Xcel ERP Software’s finance management module can help with cost analysis, investment management, budgeting, invoicing, and payroll processing across multiple manufacturing projects.
Real-Time Visibility and Secure Financial Data
Well-organized processes and optimized resources aid managers in better examining future opportunities to enhance the manufacturing company’s bottom line. The accounting and financial management module of eresource Xcel Manufacturing ERP provides fast access to in-depth information, letting you predict what is best for your enterprise.
Moreover, protecting your manufacturing firm’s financial data from unauthorized access is crucial. In such a case, eresource Xcel Manufacturing ERP software can help.
This cutting-edge system can allow you to safeguard your company’s financial information and edit, store, and manage it according to authorized access. In addition, multiple integrated reporting options eliminate the need to maintain paper files or manual spreadsheets, minimizing human errors and security risks.
Integrated and Automated Data Across Manufacturing Industries
Deploying the eresource Xcel ERP software can enable immediate data synchronization, improved data quality, and updated view of data across manufacturing industry with a single click of a button.
Generating data, consolidating and managing it, and gaining valuable insights for different manufacturing units become hassle-free with a robust ERP platform. Integrated financial management and accounting modules can track accounting and finance-related data while complying with the manufacturing industry’s relevant standards.
ERP software lets you collect financial data from different departments in the company to generate reports like general ledger, trial balance, balance sheet, and other financial statements. Every piece of data is seamlessly integrated into a single platform, making manufacturing ERP indispensable for modern manufacturing businesses.
Compliance with GAAP Standards
Generally, accounting or financial management software is not GAAP compliant. In contrast, full-fledged Xcel ERP software is compliant with GAAP standards.
Regarding GAAP, this accounting standard provides a systematic methodology to record financial transactions and events. An advanced ERP platform driven by a powerful engine leads to productive financial reporting while complying with multiple accounting standards, including GAAP.
To wrap up it all!
There are many benefits to implementing the eresource Xcel ERP Software for Manufacturing. With this platform, a finance manager can understand the manufacturing units, capital requirements, allocate budget and resources, generate invoices, track payroll, and manage vital accounting activities of the firm while providing more significant insights. Hence, an ERP system is indispensable for efficient accounting and financial management in the manufacturing industry.
Eresource infotech Pvt Ltd leading ERP Software Company In India. We offers ERP Software for Manufacturing, Construction, Process Manufacturing, Transportation, Trading and Distribution Industries.