ERP software refers to centralised software that is available in real time. Information from various departments and employees is accessible, whether hosted online via a cloud service or on-premises servers. Businesses opt for ERP software because it is efficient, improves productivity, and streamlines various business processes such as accounting, human resources, inventory, customer relationship management, and more. So, what is the future of accounting ERP? What are the emerging trends and technologies?
The Primary Functions of ERP Accounting Software
ERP software constantly evolves and improves due to its long history of successfully streamlining business processes.
Some of the functions of accounting ERP software:
- Automation of tasks
- In-depth financial reporting
- Data security
- Data sharing
- Record keeping
- Single touch payroll
The Future of Accounting ERP
Cloud computing, which minimises downtime and improves security and real-time data access, is just one feature that has dramatically enhanced ERP software. However, that’s just the beginning of the future for ERP software. So, what can we expect to see going forward?
Artificial intelligence has proven invaluable. In accounting, ERP software enhances insights, user experience, personalisation, automation, and business processes. Rather than using software add-ons, expect ERP software to eventually have these capabilities embedded into the system. For example, by collecting and scanning unstructured financial data, AI could identify patterns and predict trends faster and more efficiently than humans. This makes ERP an invaluable tool for forecasting and analytics.
While two-tier ERP isn’t new, it’s gaining momentum. This system allows companies to deploy different software for the head office and the various branches. A one-size-fits-all approach can be wasteful since these offices have varied needs and specialisations.
With this two-tier approach, companies can address different core needs and specialisations and exchange necessary data between the two systems. This method is simpler to implement and more adaptable to changing and growing businesses. The two-tiered system allows the main office to access essential financial insights, maintain oversight, and ensure compliance. In contrast, the smaller offices can carry out their financial tasks efficiently using software from the same vendor.
Mobile accessibility, once a luxury, is now essential. Mobile functionality improves operational efficiency by allowing employees to perform time-sensitive operations from anywhere, anytime, through smartphones and tablets. Critical data can be gathered and shared immediately, not just upon returning to an. The advantage of mobile ERP accounting software is these features allow for more agile financial decision-making and avoid delays when it matters the most.
Beyond configuring basic settings such as currencies, time zones, and languages, higher levels of personalisation allow users to adjust the software to meet their specific needs and way of working. This software learns user patterns and preferences, suggesting shortcuts to boost efficiency. Also referred to as low-code/no-code personalisation, this feature enables employees to adapt the software to their needs without the assistance of a developer.
These accounting ERP trends and technologies are gaining popularity and becoming essential. Leading accounting software companies are already implementing these trends, and undoubtedly, your company will benefit. To learn more about accounting ERP software for your business, speak to the industry leaders today, or register for a free online product demonstration.