Unlock Your Enterprise Resource Planning (ERP) ERP financial reporting systems are able to take your accounting, inventory, and customer relationship management (CRM) departments and combine them. ERP financial reporting systems help streamline efficiency and save a company money What is ERP financial reporting? Enterprise Resource Planning (ERP) is a tool that allows businesses to track multiple different aspects of their data in one consolidated system. Companies are always looking for ways to get faster, more accurate reports in areas such as accounting, inventory, and customer relationship management (CRM). ERP systems are able to take each of the separate departments and combine them. The integration of the different fields is made possible by using a common, shared database that is able to support numerous functions. By combining these into one central location, it becomes possible to communicate more efficiently between departments. It also allows information or data to be shared throughout the company more simply. Learn How to Get More Out of Your ERP Reporting Compatible ERP Financial Reporting Systems Include: SAP Dynamics 365 PeopleSoft Oracle FRx NetSuite Colleague XA CYMA What does all this mean for your business? All of this means that each group can access the same information for their specific needs. For example, sales and marketing could both want to generate reports tracking the details of how a specific item sells. The sales department may be looking to try and find out which age groups favor which products. This can help them know their customers’ buying habits and adapt to how they approach each potential customer. Likewise, marketing could also find this information very valuable. It would provide a marketing team the ability to create promotions that target a specific demographic. This would save money and make their programs more effective. As the enterprise part of the name would suggest, ERPs started out being designed for and used by larger businesses. However, as they have become more functional and cost-effective, many different types of companies have implemented them. One of the aspects that have improved their affordability is the advancements in cloud storage technology. By eliminating costly servers, the cost of an ERP is able to be significantly cut. What are the limitations of ERPs? With as many benefits as an ERP provides, they do have some challenges and limitations. While the cost has come down, installing a new system requires a large commitment. The upfront cost is sure to be recouped over time, but some companies find it difficult to justify the initial expense. ERPs also have some limitations in the types of reports that can be produced. Usually, the reports are created as an Excel file. From there the reports need to be individually customized or modified to work properly in each department. As the reports are worked on, the chance for error and mistakes increases as well. These reports can also take an extended period of time to be generated. The purpose of the Synoptix software utilities is to overcome the limitations and drawbacks of ERP systems. Our software can work in connection with almost any ERP financial reporting system. This gives each company dashboard functionality which will simplify and speed up the processes of creating, distributing and analyzing some of their most vital reports. Each department will be able to get far more in-depth reports in a matter of seconds. These are fully customizable for each department and will be far more useful and valuable than raw data. Synoptix data organization tools and reports unlock the potential of your existing ERP, giving you the tools you need to push your organization to the next level.