An integrated accounting system is one of the important application software needed by businesses as it helps them keep records up to date through a system that instantly receives and transmits data across their financial operations. It offers all necessary accounting system functions packed together so there is no need to keep a separate file for ordering, costing, and financial aspects.
With an integrated accounting system, data don’t have to be re-keyed from an order management system to an independent accounting system so there’s less likely human error. There’s also no need for manual reconciliation of records as they are instantly updated. This helped in providing real-time, accurate financial data that will lead business managers to make wise decisions and corrections as they have adequate information as basis.
Compared to non-integrated or standalone accounting, an integrated system will give many benefits that are really essential in doing business. Though there’s lots of available options out there when choosing an effective and suitable Integrated Accounting System, not everything that they need are necessarily needed by your company. Instead, choose a system that offers the following benefits:
1. Single Secured Location
With a single information system where all necessary data are stored, not only would it be easier but also faster for your staff to access relevant data. Restrictions however can still be enforced and what individual employees are allowed to access can be controlled so confidential information can still be set as accessible only to those who need it.
2. Real Time Data
An integrated information ensures that all of the data is up to date. This is important for the different departments in the company from marketing communications through to finance.
3. Improved Communication
With automatically reconciled files, it can be assured that all team members have similar, accurate, and up-to-date pieces of information so they will be on the same page making every exchange of communications smoother, errorless, and better. It also prevents mis-match of data between systems and departments.
4. Reduced Risk of Mistakes
Accurate information will be made available and there is lesser chance of human error as data doesn’t have to be replicated.
5. Reduced Bureaucracy
An integrated system helps you eliminate redundancy. So, it would be easier to decide as multiple management standards will not be implemented anymore.
6. Reduced Costs
Your organization will be able to conduct integrated audits and assessments, as well as improve processes by optimizing resources with the help of an integrated accounting system. It will also save you time by making certain activities faster to do and reduce costs by eliminating the amount of interruption time.
7. Greater Productivity
Without the need to replicate data and wait to receive needed information from other departments, employees can spend focus on accomplishing tasks that will help boost the business’ progress. This way, they can actually fulfill tasks that contribute on the brand’s growth and development.
It’s okay if you still don’t feel 100% confident even after these simple and clear explanations, you don’t have to impulsively buy a system anyway, it is still advisable to take advantage of free trial offers so you can try the software before purchasing it and having a taste of what it’s like and how it can help the business. Treat this period as a testing ground of effectivity, versatility and cost to see if it be helpful to your company.
