In search of saving time and money, companies have begun to make the switch from managing their data in rudimentary programs like Excel, to relying on modern applications, such as SAP ERP. With its impressive design allowing users to store, sort, analyze, plan, and audit all their financial transactions in one location, the software has helped accounting and management teams to better control, neaten and quicken their procedures. Read on to learn more!
ERPs are software designed to assist you in the management of the different financial operations and components of your company, by compressing the transactions into one accessible location. The software allows users to track, maintain and analyze their data efficiently, and aids in simplifying procedures relating to accounting, finances, manufacturing and more.
Their endless uses and flexibility to represent any complex business model and financial transaction structure, are just two of the countless reasons why companies rely on ERP systems as often as they do.
Before exploring the endless possibilities of what SAP has to offer, let’s understand the advantages of effectively using ERPs in today’s industries. There are three reasons why your company can benefit from an ERP system:
1. Get Ahead of the Competition
With the global ERP market now valued at over $50 billion and continuing to grow at a rampant pace (as reported in a 2021 study), keeping up with the expanding industry and competition has never been as much of a priority.
Companies who have been effective in their ERP usage report a variety of benefits, ranging from an overall boost in efficiency to improved relations with customers and vendors. The use of ERP allows them to advance against competitors at record-breaking rates. On the contrary, companies that have misused their ERP software or had done a poor job found themselves falling behind, their processes no longer as controlled, transparent, and reliable as they’d need to be to succeed.
Considering this, reflect on the ERP system in your company and how often and efficiently it is used. Does everyone on the team understand its benefits and are able to use it without constraint? Keep such things in mind when finding ways to get ahead of the competition.
2. Save Time and Money
With an ERP’s ability of running multiple financial operations in one location, at one time, the unnecessary overhead of manually managing processes and documents across the office is eliminated.
Being as efficient as it is, companies that use their ERP system effectively not only save time, but money as well, even with the initial price of ERPs being costly. How could this be? Well, with ERPs helping users to notice their mistakes in real time, limiting financial risks, and providing users with total control of the process, the system essentially pays for itself!
3. Prevent Human Error
Lastly, the best part of relying on an automated system that stores, sorts, analyzes and helps you plan and control your company’s operations and documents is its near-elimination of human errors. It can flag mistakes and noting patterns and trends in your finances that would take analysts days to work out. It also helps users to resolve problems as rapidly as possible, so when companies begin to make the most of their ERPs, they are only met with benefits.
Learning to work together with your ERP allows for a more responsible management of all financial procedures, especially since ERPs help processes be more controlled, transparent, and auditable.
As a globally leading ERP system, SAP has introduced a variety of bookkeeping functions that have allowed their users to manage accounting and finances in one efficient, neat, and accessible manner.
Being one of the best ERPs to run all company’s financial processes in one system, while managing to both organize and analyze the data entered, companies integrating SAP into their processes have achieved tremendous success. And with a variety of versions out there for both high-end enterprises (such as SAP S4/HANA) and the mid-tier market (like SAP B1), there is a right ERP software just for you.
Unfortunately, despite all its fantastic features, there is one downside to SAP ERP that slows down user operations significantly: the pre-processing phase. Before SAP ERP gets to organizing any financial document, users must input all their documents manually. And while companies with less paperwork might not be as bothered, those with a constant overflow of documents might be overwhelmed by this setback. Luckily, Artsyl is here to help!
Over the years, Artsyl has made it their goal to expand the great SAP ERP system by providing users with a more automated experience. With reports predicting that by 2025, roughly 50% of businesses will transition to automation-based processes, this kind of system becomes a must-have. Artsyl’s InvoiceAction, AP Automation Solution, has a tight integration with SAP ERP and allows users to skip the hassle of inputting accounting and financial documents manually before they are sent off to be processed.
This solution streamlines the processing of any documents you receive from vendors/customers in a timely manner, analyzing the various entries and finally routing them into the ERP. The process is fully integrated with the SAP environment, allowing users to automate their processes, eliminate manual effort, and reduce operating costs associated with getting the right data with ease.
Being compatible with all common ERP fed documents such as invoices, sales orders, receipts, and other transactions, Artsyl’s docAlpha, an intelligent process automation platform, will save you the time, money and effort lost to that extra manual labor.
So, if you are interested in the seamless automation docAlpha and InvoiceAction offers and have enhancing your business’ operations in mind, then consider getting started with Artsyl today. Contact us now!
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