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What are the main features of ERP accounting software?
When you’re looking into ERP accounting software, it’s important to understand the key features that make it different from standard accounting programs. ERP (Enterprise Resource Planning) accounting software not only handles your company’s finances but also integrates with other business functions like inventory, sales, and human resources. This makes managing your business a lot smoother and more efficient. Below, I’ll go over some of the main features you should know about
1. General Ledger
The general ledger is the backbone of any accounting software. It tracks all of your financial transactions in one place. For example, every sale, every purchase, and every expense get recorded in the general ledger. This helps you keep a close eye on your company’s financial health.
2. Accounts Payable (AP) and Accounts Receivable (AR)
- Accounts Payable: This feature helps you track all the money your company owes. It keeps track of unpaid bills and makes sure you pay your suppliers on time. Imagine you’ve bought raw materials for your business; this module ensures that you don’t miss paying for them.
- Accounts Receivable: This does the opposite. It keeps track of the money your customers owe you. If someone buys from you on credit, this feature helps you monitor who has paid and who still owes you.
