Importance of Finance & Enterprise Resource Planning Systems

Most of business organization depends on finance department to run a business in profitable manner. Finance Department plays a key role in defining success of an organization by conducting analysis and making key decisions every quarterly/half-yearly/annually. Their main responsibility is to increase annual revenue, cutting down expenses, preparing annual budgets, profit/loss statements, balance sheet, controlling monetary funds and valuing their assets.

In Nutshell, Role of finance/accounts team plays a crucial role in defining success of any business organization.
Here are few questions below to get into the subject more deeper,

  • How finance department can do analysis, reconcile, prepare statements to meet organization objectives?
  • How Business deals happens with thousands of customers, and  tons of suppliers? Imagine that Exponentially day-to-day business transaction increases with your trading partners
  • How these transactions are accounted? 
  • How you track your organization assets and how you calculate amortization & depreciation values?
  • How you deal with banks, financial institutions and monitor your cash bank balances?


Imagine is it possible to track 'N' number of business operations manually in this modern age. Everybody do agree with me, say BIG NO and impossible.

Definitely business organization requires Enterprise wide systems and automation tools to stay ahead with their competitors , they want to increase their customer bases.

Now, Enterprise Resource Planning tools comes in place which is handy to solve above mentioned problems for every business organization & which results,

a. Run business effectively & efficiently
b. Faster and Quicker to done with regular tasks
c. Improved customer services
d. Improved decision making & control by top management executives
e. Accurate picture of financial matters

Here i'm going to list few product vendors who dominate in IT market in offering ERP solutions that fulfills every business organization

  • Oracle
  • SAP
  • Microsoft

Comments

Post a Comment

Popular posts from this blog

Query to get FSG report details with row/column set

Below query is to fetch FSG report titles, names, and description along with will give a view to list of row sets and column sets associated with the report. -- FSG REPORTS -- SELECT fst.id_flex_structure_name , R.NAME , R.report_title , R.DESCRIPTION , R.column_set "COLUMN SET" , rw2.structure_id , rw2.DESCRIPTION "COL DESC" , R.row_set "ROW SET" , rw.DESCRIPTION "ROW DESC" , R.report_display_set "DISPLAY SET" , R.content_set "CONTENT SET" , R.row_order "ROW ORDER" , R.rounding_option "RND" , u.user_name , u.DESCRIPTION , R.creation_date FROM rg_reports_v R    , fnd_id_flex_structures_v fst    , fnd_user u    , rg_report_axis_sets_v rw    , rg_report_axis_sets_v rw2 WHERE r.structure_id = fst.id_flex_num AND R.row_set_id     = rw.axis_set_id AND r.column_set_id  = rw2.axis_set_id AND SUBSTR(fst.id_flex_structure_name,1,2) IN ('DC') AND R.created_by     = u.user_id OR...
Read more

Sub Ledger Period Close Exception Report - R12

Image
Sub Ledger period close exception Report is used by finance and accounts department to view list of un-accounted transactions in Accounts receivables before closing GL Period Un-processed transactions will be listed in the report for GL period Report summary shows following details: Against a specific ledger, period, and journal source how many exceptions are there (i.e., unprocessed transactions with count) Detail of transactions which are un-processed will be grouped against journal category and event classes This report helps in resolving exceptions quickly so that exceptions are not left to slow down the period-end close It is automatically submitted by General Ledger when closing a GL period if there are unprocessed accounting events or non-transferred journal entries. 
Read more

Sub Inventory Transfer API.

Image
Sub Inventory transfer is used to move materials from one sub-inventory to another within same organization. This is especially used to 1. Adjust on-hand quantities between sub-inventories 2. Transfer to another sub-inventories for specific business need like additional sales 3. Damages/expiry products can be moved to non-asset sub-inventories to discard it from inventory valuation report and so on., Key elements 1. From sub inventory 2. To sub inventory 3. Organization 4. Inventory item 5. Transact quantity 6. Transact unit of measure 7. Transaction type 8. Transaction action 9. Transact Reference 10. Transact date 11. Lot Number Open Interfaces mtl_transactions_interface - is used to populate sub inventory transfer details mtl_transaction_lots_interface - is used to populate lot details for particular sub inventory transfer Base Tables mtl_material_transactions - is used to get all type of material transactions like sub-inventory transfer, inter-org tra...
Read more