The Synergy Post

What CFO’s need to know about ERP systems

As a financial director it is your job to take care of a business’s financial well-being. In essence it is your task to make sure your business survives and that everyone within the company can keep their jobs. Each company is different and each company will need a tailor made business solution to help manage and run the business successfully.

Talking about business solutions, it is always wise to look for an ERP system that can show return on investment (ROI) and that can assist in producing a transparent view of your company’s financial situation. When a company gets started a few key factors should play a big part in the future of your business.

We at Synergy Group (Pty) Ltd have been studying the demand for a proper business solution package and we would like to share with you what we as a service provider think are the crucial factors to look out for while searching for that ERP system that will best suit your company’s needs.

Following will be the indicating factors that the CFO can’t over-look when searching for the right ERP system.

Financial accounting

Accounting should be made simple with a complete system that can do all the mundane accounting tasks like; recording, summarising and the communication of business transactions and formulating these processes in formal financial statements.

Receivables and creditor accounting

Essential to the successful running of your business, you will need ERP software that can regulate your creditors department.  Transparency throughout this department will ensure you know exactly who owes you what.

Payment management

Necessary tools within your ERP system will allow you to manage your accounts and monitor which transactions have been finalised. Real-time ERP systems will simplify the process of searching the history of your accounts, payments of these accounts and checking the statuses of payments.

Cost accounting

Cost accounting is a helpful tool that should be present in a proper ERP system.  It can assist in the management of your company’s budget and the setting up of cost control programs.  

Investment accounting

Managing of your accounts that are directly linked to investments can easily be executed through the proper ERP software.

Controlling

Systems must easily be set up where a company’s cost expenses can be managed in relation to the company’s budget for the financial year.

Consolidation

Consolidation or merging of all your financial statements should be an easy and uncomplicated task with the help of the right software.

Always ensure that you choose a system that will fit your company’s profile and take care when making your decision. Shop around and take part in a few free trial ERP systems to help you simplify your decision. Click here for a White Paper on the perfect ERP system.