Here are five ways having an ERP system simplifies ERP reporting and streamlines processes:
1. Accurate, Centralised Data That Everyone Can Work From for ERP Reporting
For many companies, they rely heavily on the use of spreadsheets to store, analyse and retain data on financials. Not only does this mean multiple versions of data being used by various teams, it’s also very prone to error when it comes to analysis, and incredibly time consuming for the person responsible for gathering that data and putting it into a readable and useful format.
With ERP reporting, you know your data is stored in a single place, acting as your single source of truth. ERP reporting allows you to gather, analyse and share company data in just a few clicks – so you can make informed commercial decisions that support growth.
2. Reduce Any Human-Errors with ERP Reporting
By introducing ERP reporting, you can be confident that your data is properly collated using correct information pulled from your system and eliminate human-error from manual data entry. With reports that require manual input, it relies heavily on inputting data from a number of sources by keying in figures and information.
With ERP reporting, you can rest easy that your reports are formed from data that is automatically pulled from different areas of your system that you know to be current and accurate.
3. ERP Reporting Eliminates The Need for Repetitive Tasks
Instead of members of your team repeatedly collating information for reports on a yearly, monthly or even daily basis, you can remove repeated jobs which halt productivity.
With ERP reporting, you can schedule a report to run at a specific date and time which is convenient for you, for reports which are frequently needed. With many sophisticated and customisable ERP systems, like Dynamics 365 Business Central, report layouts can control content and format, including which data fields appear and how they are arranged, text style, images, and more. No more running reports on an ad-hoc basis and amending layouts to suit a brief.
4. Data From Various Sources is Captured for ERP Reporting
ERP systems have powerful integration capabilities, especially systems like Dynamics 365 Business Central with the Microsoft suite, including Power BI and Dynamics 365 For Sales for example. So with ERP reporting, you can integrate data from multiple sources into a single data platform to enable true performance measurement across a common set of data elements with ease – something you simply cannot do without ERP.
5. External Reporting Made Simple with ERP Reporting
In the same way ERP reporting can support your business with centralised data for reporting internally, it makes life much simpler when it comes to reporting for those externally too.
Regulators and other external organisations do not get access to the ERP system but need data from it nonetheless. Having a single source for all outbound data means you don’t need to double-down on the same data, it’s all there – you simply export and use as needed. Not only that, with systems like Dynamics 365 Business Central, you can grant external accountant access free of charge, making theirs and your life far, far simpler and speeds up typical accounting processes for everyone involved.