ERP (Enterprise Resource Planning) software offers a powerful way to pair accounting knowledge with strategic understanding and decision making. Accountants with an eye on moving up the corporate ladder should get experience with ERP. But what is ERP, and why is it crucial for career-oriented accountants to explore?
In this blog, we’ll discuss what ERP is, why it’s important, its new trends and developments, and how to stay up to date on ERP solutions and practices.
ERP is software that companies use to organize and manage their day-to-day business operations. When all transactions are housed in a single location, companies can analyze their data effectively and use this information to make strategic decisions.
Businesses can apply ERP insights and analysis to a whole host of issues, such as accounting, compliance, risk management, budgeting, and long-term planning. For larger companies in particular, accountants will find value in seeing how different businesses operate under the umbrella of a larger corporation.
A lot has changed in ERP over the last decade. The biggest shift is a transition to cloud-based solutions. Initially, corporations were skeptical of housing sensitive data on the cloud, mainly due to privacy and security concerns. Now, cloud-based solutions have become the norm.
Another large shift has been a growing emphasis on the user experience. Clunky, complex user interfaces have been replaced by new applications that prioritize UX. There are now mobile-friendly ERP solutions with enhanced features like global search.
While we’re still in early phases of this trend, it’s also clear that AI will have a lasting impact on how we’ll use ERP in the years ahead. Accountants can now identify mundane or redundant operations and automate them. AI is also developing the ability to make strategic suggestions about issues related to contracts and payments.
If you want to stay up to date on ERP trends, start by getting educated about products in the market. If your processes are complex or require extensive customization, you’re probably missing out on a simpler solution and should explore other options. You can also ask peers in your field or even trusted advisors about the latest solutions ERP has to offer.
Listen to the entire podcast (E19: Accounting ERP Evolution with Neil Chua) here:
Gappify, founded in 2016, is a cloud-based provider of accrual automation solutions for mid-market and enterprise accounting teams. The company is headquartered in Oakland, California, with offices in New York City, and Manila, Philippines.
Its team consists of accountants and CPA’s from Big Four accounting firms and software innovators. Gappify is also supported by strategic advisors from some of the world’s most recognized technology companies and is affiliated with the top companies & accounting organizations.
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