ERP stands for Enterprise Resource Planning, an integrated solution used to manage company’s various resources. ERP enables businesses to store product planning, manufacturing, inventory, sales, marketing, accounting and other resources in a single database. The key features of ERP is the ability to see what is going on with your business as it happens.
Here are the indications that you need ERP now:
Failing to get accurate information for decision making
Lost or corrupted data
Using manual and multiple systems for same task
Having to store same data into more than one system
Increasing customer complaints about poor service
There are numerous benefits of incorporating ERP into organizational operations. Following are the top benefits:
A single integrated system
Improved data access and security
Streamlined processes and workflows
Reduced operation costs and complexity
Improved decision making
Accrual expense is a liability that represents an expense that has been recognized but not yet paid. A liability is set up on the balance sheet that will disappear once the expense has been paid.
Deferred expenses are the opposite of accrual expenses. A deferred expense is a payment of future expenses that have not yet been incurred. Deferred expense is an asset because the money has already been spent and there will be a benefit to company in the future.
Revenue recognition is an accounting principle that refers to how revenue is recognized when it is realized or realizable and earned. Accrual basis of accounting is used in recognizing revenue. There are three major exceptions to the revenue recognition principle.
Recognize revenue during the production process
Recognize revenue after the manufacturing process but before the sale actually takes place.
Recognize revenue when the cash is actually received.
With breakthrough capabilities for the general ledger component of NetSuite cloud ERP, SuiteGL addresses the needs of finance teams. From small and mid-sized companies to Fortune 500 multinational organizations, SuiteGL gives finance departments more flexibility in their ERP accounting software. SuiteGL enables NetSuite customers and NetSuite Solution Provider to transform the general ledger from a static subsystem into a dynamic business asset. Specific business requirements and changing conditions make it more adaptable. SuiteGL help businesses refine their business processes, improve efficiency and enrich reporting.