Finance is the backbone of every business. Over the years, technological developments have led to the increased use of ERP Software for Finance & Accounts. ERP, or Enterprise Resource Planning, is employed by infrastructure contractors, construction businesses, machinery suppliers, and many others to plan, track, and manage funds and resources for various projects. Let’s explore why mid to large-scale businesses are opting for ERP for Finance & Accounts to enhance business efficiency.
Handle Receivables and Invoices In businesses, there is a constant inflow and outflow of funds. Managing purchase bills and sales invoices is crucial. Any lapse in payments can directly or indirectly affect business operations. For instance, an unpaid purchase bill might lead to the vendor delaying raw material deliveries to a worksite. Timely clearance of sales bills is vital for maintaining a positive cash flow. ERP software empowers finance managers with a clear financial overview through their ERP dashboard. Cash and bank management functions can be seamlessly performed on a single centralized platform, even for construction projects where site expenses can be linked and handled efficiently.
Manage Taxes Accurate and timely tax updates with financial components in a project are critical to avoid penalties and tax issues. In large projects, numerous financial components can increase the risk of human errors when using traditional accounting methods. GST-ready ERP solutions in India incorporate GST-compliant data into work orders, bills, and essential documents. Automated processes facilitated by ERP simplify tax information updates across multiple databases with a single entry.
Manage Voucher Bookings and Approvals Most businesses employ a voucher system for employees to reimburse expenses incurred during business-related activities like travel, food, or other purchases. An ERP solution aids team managers and finance teams in monitoring and approving vouchers as necessary. This ensures timely reimbursements and promotes a paperless, eco-friendly voucher system.
Salary Remittance Intelligent ERP software assists in managing payroll, attendance data, and supports essential HR functions such as allowances and employee welfare funds. With automated entries, ERP software simplifies the process of preparing salary statements using employee attendance data and standard accounting principles. Integrating bank accounts with ERP facilitates smooth and hassle-free salary remittances for the personnel management team.
Integrate Tally ERP solutions for contractors like JobNext.ai offer seamless integration with Tally for efficient accounting. Tally is a widely recognized accounting solution used by over a million businesses across 100 countries. An integrated ERP ensures that Tally accounts linked to a project are consistently updated, minimizing errors in accounting.
Simplify your business processes for managing finance and accounts with a well-designed, customizable ERP solution. JobNext.ai is a widely used solution that enhances the operational efficiency of large-scale businesses. To learn more about JobNext.ai, visit [Product Features page ] or schedule a demo at [Setup a Demo]