Making informed decisions is an important part of business operations and processes to thrive in today’s competitive landscape. Therefore, accurate, real-time data is necessary. Enterprise Resource Planning (ERP) software plays a vital role in providing precise, timely, and insightful reporting to businesses. The main function lies in integrating all business processes and to offer a unified view of all data. In this article, we will take a closer look at the three essential roles of ERP in reporting and how it improves decision-making.
1. Eases the process of generating sales-related reports
In the past, sales managers were the ones typically responsible for generating sales reports. However, this process came with several limitations, including time-consuming processes that were prone to errors. By setting up an ERP system, accounting teams can now generate sales reports without relying on sales managers, easing the entire process. This is because an ERP software can integrate data from various sources such as inventory, CRM, and financials. On top of that, it also provides a unified view of all data. The need for manual data entry can be eliminated, minimising errors and reducing time spent on the task. As a result, accounting teams are able to generate sales reports in a quick, accurate, and efficient way. To better understand how the software can benefit your business process, feel free to seek professional advice from reputable ERP software providers in Singapore.
2. Provides precise, complete, real-time reports
ERP software empowers enhanced data forecasts by providing precise, complete, and real-time reports. It consolidates data from sales, financials, inventory and other sources. Thanks to accurate, up-to-date reports, businesses can respond to changing market conditions more promptly, and take proactive measures to address potential issues, if any. Additionally, they can leverage ERP software’s advanced reporting capabilities, including forecasting, data mining, and predictive analytics. For instance, the data can be used to predict and determine the types of products that are likely to be in high demand, enabling businesses to stock them accordingly. In Singapore, Sage 300 ERP is adopted to provide businesses with a range of modules to handle inventory, financials, distribution, and project management. The core features of the software helps businesses customise insightful reports with useful reporting tools.
3. Reduces reliance on cumbersome ad-hoc reports
Often, ad-hoc reports are created in response to a specific query or request from a user. These reports can be tedious and time-consuming to create, especially if the requested data is scattered across multiple systems or databases. This may result in inconsistent reporting, as different users may produce different reports with their own degrees of accuracy and completeness. Fortunately, ERP software reduces reliance on cumbersome ad-hoc reports. It helps businesses generate pre-defined, standardised reports more quickly and easily. Furthermore, the system unifies all data and offers advanced reporting capabilities, such as data mining, forecasting, and predictive analytics.
There is no denying the importance of ERP software in reporting and how it enables businesses to make more informed decisions. Implementing an ERP system is a significant step towards better reporting, more effective decision-making, and ultimately, valuable business outcomes.
At Acsolv Consult, we provide PSG grant accounting software, as well as services such as ERP, CRM and other software. We are the only award-winning software company specialist in Sage 300 Accpac. Contact us today to see how our solutions can help you enhance operational and financial efficiencies.
