The Report is not just about balance sheet and cash flow statements it has gone beyond that. Management always worried about how the company is doing between periods to make better decisions, it requires strong reporting capabilities from the business system.
ERP system simplifies reporting and streamlines management
A Single version of Truth
Companies that rely heavily on spreadsheets to keep financial information often do so for convenience this key figures help you to see where your business stands. ERP Software provides a visual representation of the standard accounting equations and also precludes the need & use of distributed spreadsheets.
ERP system centralizes and standardizes accounts which is vital for accurate reporting, it gives a clear view of what you are earning, what it costs to sell, and spots trends of inflow and outflow of cash. Through software, you can reduce the time required for period reporting at the consolidated level.
Centralized database is necessary for data duplication reduction and an increase in efficiency of an enterprises functioning. All of your enterprise will be managed from a single point and reported back in a report format plus a detailed view is always available on hand.
Maintain Data Correctly
By implementing ERP or MIS Software you can have the precise data which is updated daily on your fingertips. This also helps maintain data correctly and to check that there is no data duplication.
Combinations Made Easier
An ERP database is just one source of data for corporate reporting, The data needs to be combined with other databases to produce a meaningful report. That’s just not feasible or reliable for a company that doesn’t have an ERP system.