ERP Modules

The Scoop on Financial Enterprise Resource Planning Modules

Most Enterprise Resource Planning or ERP solutions contain some type of Financial module.  Financial ERP modules generally provide functionality to manage the lifecycle of assets, manage an organization’s cash and treasury, control finances and reporting, and keep companies in compliance with government regulations and requirements.   An Asset Lifecycle Management Financial ERP module helps businesses account for all of their assets, track procurement, track asset maintenance, and log logistics information.  A Cash and Treasury Management Financial ERP module helps businesses manage collections, control cash, manage payments, manage investments, and control financial related risks.  A Financial Control and Reporting module helps businesses manage accounts payables and accounts receivables.  This module also enables businesses to generate reports to forecast and plan for the future based on the past.  A Compliance Financial ERP module helps businesses make sure that they are in compliance with the state and federal government.   For example, a food and beverage manufacturer has to comply with the FDA (Food and Drug Administration).  FDA compliances are generally built-in to a food and beverage Enterprise Resource Planning solution making it easier for the manufacturer to ensure they are in compliance.

Financial ERP modules interface with other modules that are part of the Enterprise Resource Planning solution.  For example, an ERP’s Financial module will share data with that ERP’s Supply Chain Management (SCM) module and the ERP’s Human Capital Management (HCM) module.  This sharing of data can happen because all of the modules that make up an Enterprise Resource Planning are integrated and share one common database.  Global businesses typically need Financial ERP modules with robust functionality.  Global businesses have to meet financial reporting requirements established by each country location.  An Enterprise Resource Planning solution with a Financial ERP module that contains multicurrency functionality is a necessity for global companies.

No matter what industry a business is in, most all businesses can’t do without a Financial Enterprise Resource Planning module.  However, it’s important to make sure that the Financial ERP module you select meets your business needs.  Explore the functionality that each Enterprise Resource Planning Financial module has to offer.  It’s also a good idea to seek an industry specific Enterprise Resource Planning solution.  This type of ERP solution will typically have the financial module functionality your business needs.

Written by :

kristine H