Finance department is the heart of every business. Whether you are in Pharma, F&B, Chemicals, Textiles, Cosmetics, or any other type of business, you invest some amount and definitely want to multiply the same faster. Thus, it is not false to say that everything you do from purchasing raw materials, to manufacturing, to supplying and distributing the final product, you do to maximize the return on investment.
Thus, it is important to have a secure and reliable system at place that gives you more confidence with the numbers while keeping a tab on accounting and finance related matters. Although, monitoring the same every second is out of the manual scope. Also, manual data entries may be faulty and prone to errors. And it is not unknown to us that one single mistake with numbers can lead to heavy losses to a company.
This is the reason why we say that prospering businesses should transform their traditional modes of working with the advanced next-gen system. But, unfortunately most of the leaders aren’t aware of such a system. So, if you too are one of them, then you must give this Blog a read.
Understanding a Reliable System for Finance Department
The modern-age finance management system is nothing but a smart ERP. If you don’t, what is ERP? Then, here’s the explanation: A smart ERP system is a platform that manages the end-to-end business functions of including finance, manufacturing, HR, CRM, etc.
Talking specifically about the finance and accounting systems, let’s look at some of the unconventional features of the software that supports the growth and success of the business.
- SAP Business One Takes Care of Reimbursements
Ever missed on the data related employee expense reimbursement and ended up either crediting extra money or insufficient money leading to and fro of bills coupled with the confusions. But, with SAP Business One, things are way too easy. It keeps the record of employee expenses with a dedicated column and keeps you well updated with the pending dues both on the vendors and employees.
- SAP Business One Generated pre-approved E-way Bills
Finance professionals spend days and months looking back at the transactions made throughout the year. Plus the data is so sensitive that making false entries is just out of the scope. To end this big time struggle of the finance people, SAP Business One ERP software generates bulk pre-approved E-way bills. This helps finance professionals in easy GST finagling and calculating the overall transactions made per quarter or even per month.
- SAP Business One Manages the Optimized Costing if your Product
Cost of a product is subject to change due to multiple reasons. However, doing the same at the very last moment just before the shipping is quite difficult. But, SAP Business One makes even this easier. The software helps you change the cost; create the duration of discounts, or additional offers for premium customers in just a few clicks.
And yes these are the three potential reasons that justify the worth of the software for businesses and especially the finance professionals.