Through data integration, Enterprise Resource Planning (ERP) solutions assist businesses in streamlining their accounting needs. It gives you a clearer picture of all aspects of your business, allowing you to make faster and more accurate decisions that influence your company's operations.
Financial data insight supports cost efficiency and increases the organization's financial production. This article will discuss some of the advantages of utilising an ERP system for your accounting department.
Chart of Account is an organized List of Accounts consisting Assets, Expenses, Liabilities, Revenues & Equity. It is an index book of accounting with an allocated “from and to” codes for every group. Every accounting group will have an associated code given to it, within which they can do the accounting transactions for better understanding.
The Chart of Account works as an index for all the financial accounts that a company would have in their business. In a nutshell, it works as a tool for the company to keep all their financial accounts, general ledgers at one place.