Why you need an Integrated Banking System with ERP?
It is undeniably true that an efficient ERP system sees business as a whole and thus has become a common necessity for every small or big business today. In order to ease the daunting process of managing all the core operations of a business, organizations are implementing ERP system. But, have you ever thought about a better alternative for the conventional ERP system? What is lacking with the current ERP systems? Are SMEs really ok with the current features of the ERP solutions available or they need more? What part of the business is still not touched/explored by ERP solution providers?
Ever thought of Integration of banking system within the ERP? Yes, an association of an efficient ERP system with a smart banking solution can transform the way accounting works today and will provide the flexibility required to perform delicate, detail-oriented financial tasks needed by a business to work efficiently.
According to the present practice; most of the businesses are using ERP systems integrated with applications that manage the processes going within the organisation like, managing day to day work, accounting, stocks, handling the efficiency of workforce, security of company’s financial data, and human resources etc. but, they have to rely on other sources for managing the lion’s share of their financial payments which seems to be a major problem. Thankfully, this is not a concern anymore as now business banking and ERP systems have come together under one roof. Let’s understand why businesses are in need of an integrated banking system within the ERP.
Fast and easy payment reconciliation: right now, all the payment reconciliation is done manually. They compare the status of every individual payment by opening the items and mark a check as claimed or unclaimed. However, now all this can be done automatically. With this interesting feature, all the transactions done inside the ERP software by the users are automatically reconciled and are reflected in their bank account statements. Now the users do not need to look over the end report for identifying outstanding payments or to measure the discrepancies between the transactions shown by the software and the transactions shown by the bank reports.
Multi-modes of payment: Earlier, businesses used to pay to their client or customers through cheque or by visiting the bank’s website and then transferring the amount. But, this process is hassle-free now. Users can pay or get paid through their ERP software only by connecting their bank accounts with ERP system and use various payment modes like NEFT, Cheque, and DD, etc without visiting their bank portals.
Easy disbursements: Salary/Expense disbursement has always been a cumbersome process for businesses. Therefore, an integrated banking solution is all that they needed to ease this process. Now, users can pay a number of employees together in just a few clicks by linking their bank accounts, with all the attendance, leaves, reimbursement & other payroll data already present inside the ERP makes the whole process easy and hassle-free.
Get paid faster for your invoices: We all have a lazy/busy client/ customer who always delays in making payment on time. With banking system integrated into their ERP system, they can make payments seamlessly with their ERP system only without going to their respective banks.
Payment scheduling: With integrated banking system into ERP, users can schedule their payments and get reminders when the time of payment has come. Centralized account management: With all your accounting and financial information at one place, you can keep a track on the amount credited or debited from your account, time, date, and reason of transaction.
Conclusion: Integration of business banking with ERP is the solution that eases the financial activities of our business and helps in maintaining all our accounts at one single platform. Read about Banking features integrated within Marg ERP here!