Getting the Most Out of Your ERP

An ERP banking integration is vital to running a business in 2023, so is your finance team getting the most out of your software platform? In this article, we explore this in depth.



ERP software systems unlock a host of benefits. They grant better supply chain management, cut down costs, and automate the flow of the company’s data as a whole. In 2023, ERP systems have become critical components of companies and are as crucial to their continuity as the electricity powering their computers.


Because it is absolutely vital, it’s worth asking yourself whether you’re getting the most out of your current system. And if not, is there an alternative that covers even more elements, such as a banking API integration? In this article, we cover all of this and more.



What is an ERP?

ERP stands for Enterprise Resource Planning system. It’s a platform that manages day-to-day business necessities for a company. It allows all of an organization's functions and data to be in a single place. 

This includes everything from accounting to finance, supply chain management, product manufacturing, and even human resources. Basically, ERP automation handles much of the hum-drum (though important) company mechanics that, in the past, were done manually.


The dominance of ERP software is startling, and it’s only increasing. Did you know that in 2019, the global ERP software market grew by 9%? Because of this, the value of ERP integration software rose to a whopping $39 billion. A good example of an accessible ERP software that many companies use is NetSuite, which (as of 2022) had over 32,000 users in 217 countries and is growing by about 6000 users a year. That’s just one company, and there are several others (Sage, SAP, BC365) with high figures too.


Since there are various ERP solutions, it’s always worth asking whether you’re getting the most out of yours.



Opportunities Unlocked by ERP Embedded Banking Integrations 

 

Let’s explore the benefits of ERP embedded banking further. Key reasons to use an ERP embedded banking solution include:

Efficiency


ERP software offers greater efficiency by automating your core processes and providing real-time operational and financial performance visibility.

Accuracy


Eliminate duplicate entry and input errors when your bank account information is automatically entered into your software for account reconciliation. 

Visibility


An ERP embedded banking integration can allow you visibility into real-time transaction information from your ERP. This will allow you to see your previous day and intraday balances with near real-time transaction information directly from your bank allowing you to have better cash management. 

Enhanced Control


It gives you enhanced control over your business operations by putting everything into a concise space. In short, effective ERP software puts all operations at your fingertips.  It also allows you to create customized workflows and approval processes to allow you to control how payments are made. 

Cost Savings


An ERP embedded banking integration will save your finance team time on making payments, accounting and audit hours. 

Automatic Journal Entries & Reconciliation


Allows for tasks to be automated to save time while reducing manual errors. Using an ERP embedded bank integration can automate the writing of journal entries and automatically close bills upon payment. Automated bank feeds allow the reconciliation process to be streamlined and reduce the need for manual uploads. 


Reporting


Lastly, it enhances reporting by converging everything into one integrated, real-time database accessible to everyone who needs it.


ERP Methodologies

Perhaps you’re wondering how exactly an ERP software platform can be used in a practical situation. Obviously, there are many uses, but here’s one that many businesses can relate to and also shows how customer service is improved:


Imagine you’re running a business and are starting a big project. For its duration, the tracking of costs and resources for each individual client involved builds up. It’s important to keep track of this information, as it’s crucial for the billing process. Without ERP software, it can be tricky and tedious to dig up information about said clients. As a result, your business will have a tough time calculating costs and will waste precious time and resources procuring this information. Time and resources that could otherwise be spent productively.


With a project management module on your ERP, you can track all of this information, project by project. It will show the status of projects, the clients assigned, the hours clocked, and subsidiary expenses such as travel. The project management module also keeps this information contained so that it’s accessible. It can furthermore be programmed to automatically create invoices/payslips as the project hits certain milestones.



ERP Challenges: Are You Getting The Most Out of Your ERP?


One of the most important elements is whether everything is connected. If not, it’s a good idea to look into it, as connecting everything will streamline more processes and create a more cohesive business operation. For example, one of the core modules missing from most ERP platforms is the ability to connect the ERP and the bank. This is useful for fast and efficient treasury management and is one area that FISPAN has worked hard to address. As experts in how banks can better serve business clients, FISPAN has crafted the best solutions for connecting ERPs and commercial banks. 

 

Final Words

FISPAN is a leading provider of accounting and treasury management integration software that helps businesses do more with less. With FISPAN, teams can automate processes, manage cash flow, and make better decisions with real-time reporting and analysis. Contact us today or request a demo to see how we can help your business thrive.

 

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