A company without the right balance of every essential department is bound to meet its fate with necrosis sooner or later. Whether you are trying to manage your employees or customers, the accounting department in any business or ERP system always holds its importance no matter what. And in order to take account management to the next level, the essential ERP accounting modules always plays a crucial role in it.
Many accounting ERP software already offers a number of potential accounting modules. But how much do we know about them? And what are the top ERP accounting modules that can actually lift your account management practice in the real sense? Well there is an old saying
Life is like accounting, everything must be balanced
wiseoldsaying.com
And so if not anything else, the right ERP accounting software along with its prudish ERP accounting modules keeps the financial management side of your business balanced. So today, we will be trying to discuss some of the top & essential ERP accounting modules for your ERP accounting software. The best accounting extensions that are competent to take the responsibility of ensuring advanced account management bringing the best out of your implemented core ERP solution.
Why Do You Need An Accounting ERP Software In Your ERP System?
Businesses around the world tend to use computer-based accounting software for various reasons. Each of their purposes is as essential as the others. Starting from needing the accounting software to manage your company’s balance sheet to looking after the inventory or budget management, accounting software has its diverse form of users everywhere.
More so, for a business owner in a tight budget, they wouldn’t want to hire a highly paid accountant, rather would look for a cost-effective ERP accounting software to get the job done. And any small business or enterprise nowadays mostly decides to implement a full-fledged accounting software as it would help them:
- Overview complete details of expense transactions
- Create the right estimation of the company budget or overdue
- Monitor sales transactions
- Track purchase transactions
- Produce invoices & receive various payments
- Calculate proper sales tax & other relevant details
- Generate insightful accounts report for better decision making
- Manage inventory and reimbursement hassle-free
Related Article: Importance Of An Accounting Software In Business
Best ERP Accounting Modules That Hoists Your Account Management
The main purpose of any accounting extensions of accounting software is to boost the capabilities of it even further. And so the modules that we are going to highlight today also uplifts the aptitudes of the implement accounting software to a great extent.
Payment Gateway
We know there are tons of popular payment gateways & its alternatives out there. And today if you have a business site but don’t have the option to make payments through the reliable gateways in it then if not all but this would definitely make you lose customers to a certain extent. And from an accounting software’s perspective, you would require a reliable payment gateway integration to make the payment making & receiving option smoother.
So the Payment Gateway module of the accounting software enables you to avail seamless payment options with popular gateways like PayPal & Stripe.
Key Capabilities
- Lets you receive payments directly from the invoices sent
- PayPal & Stripe enabled for free-flowing transactions
- Be able to choose your desired deposit bank account
- Payment options to make your users pay even from the frontend
- Enable users to make payment with more reliability
Related Article: How To Integrate Payment Gateways And Earn Money With Guest Posts
Payroll
If you are running a company then you must have employees. And managing employees can be a tough task especially when you have to follow & maintain a proper way of salary payment. Failing to do so may result in dissatisfaction among employees and promote an unorganized way of handling their payroll. And we wouldn’t want to do that now, would we?
So for efficient payroll management of employees through your accounting software, the Payroll module automates the complete employee salary system ensures an easy way of operating company payroll.
Key Capabilities
- Overview & manage complete employees salary from your dashboard
- Track pay calendar to record salaries, wages, bonuses seamlessly
- Salary invoice printing option for future reference
- Generate insightful reports for better decision making in future
- Add information to set up & automate fixed deductions, allowances, and taxes into employee salary profile
Related Article: A Complete Payroll User Guide To Automate Salary Management System
Inventory
Keeping a track of the inventory and stocks can be a challenging task to manage without having to have a lending hand. Gone are the days when people used to keep track of store inventories manually. As it would increase the chance of human error resulting in loss when misinformation about the availability of products is forwarded ahead.
So to ensure an easier stock and inventory management system of your product, the Inventory module works seamlessly with your stocks, invoicing and more.
Key Capabilities
- Get a complete overview of product stocks at one place
- Configure and customize each product of your choice for complete control over it
- In-built search option for better product filtering
- Instantly generate detailed automatic inventory reports
- Import new products to inventory using CSV file
- Automatic tax calculation support
Related Article: How To Manage Your Business Inventory Better With Inventory Management Solution
WorkFlow
In the working environment of a company, one of the foremost things that improve productivity is the ability to maintain a proper workflow. Whether you are working on a small project or managing a remote team, a strict workflow is what you need to have to ensure the team is performing and you are getting the desired outcome from it.
So, in order to automate the workflow managing triggered actions based on your needs, the Workflow module is what you need to get your stuff done quicker keeping all your team members on some page.
Key Capabilities
- Set specific events based on CRM, HRM, & Accounting modules
- Create events like adding sales and purchases or deleting contacts
- Automate useful actions like sending mail, assigning tasks, adding activity, scheduling meetings, and so on.
- Manage & control the complete workflow from a single page
- Has an interactive UI to set all triggered actions like meeting schedules, email dynamic
- Automate inbound emails with a bonus module IMAP
Reimbursement
There are several office expenses of employees that may get unnoticed when you are running a company. Employees often find the process of requesting for those expenses complex. And people require a solution where they can allow the employees to ask for the expenditures easily.
So in order to make the request of employee expenses simple, the Reimbursement module is here that manages those various employee-related reimburse payments of office hassle-free.
Key Capabilities
- Create & request for employee expenses of office from a single place
- View real-time payment status update of employees
- Complete automation of reimbursing payment requests
- Choose the receipt from which the payment should be made
- Get a comprehensive dashboard that overviews all payment
Related Article: How Reimbursement Can Solve Your Expense Reporting & Management Issues
Your ERP Accounting System Deserves The Best ERP Accounting Software
Well, it is not a hidden fact anymore that the rise in popularity of accounting software is getting an all-time high each year. But in the act of urgency, in most cases, people often tend to make the mistake of picking a less suitable ERP solution for finance & accounts management. Now, this could lead to companies not get the services that they expect from the software. Not all solutions provide the same scalability and suitability for an ERP system. And when it comes to your account management getting taken care of, you simply can’t just rely on any ERP accounting software.
Even for these awesome ERP accounting modules of a free accounting plugin, you need to pick the best ERP accounting software to not to worry about the stability or compatibility issues while its integration with the extensions. You wouldn’t want to waste your time trying to make the modules work having all kinds of software conflicting issues all the time.
So if you like what you see in the modules above and want to make the best use of it, then there is this all-in-one ERP solution, WP ERP that would provide you with an intelligent and advanced ERP accounting management software, along with its already exceptional in-built HR, & CRM management system. More essentially this solution would enable you to have the pleasure to enjoy the true experience of these top accounting modules. So in case, if you would like to give it a shot, then you may want to:
because your ERP Accounting System truly deserves the best.
You can find out the setup & configuration user guide of this innovative WordPress Accounting software right here ⬇︎
Still, not sure how to set up your WordPress ERP solution for account management? Here is a guide to get started with it from scratch.
So what other ERP accounting modules are you using in your ERP system? Do you feel we have done justice in presenting these top accounting extensions? Do share your thoughts in the comments below.
