What is an ERP system?
ERP System Definition
ERP System Definition: "Enterprise resource planning" is integrated business management software which automates back-office functions. ERP software can be used by enterprises to manage multiple functions, or mid-sized and small business for lighter weight business management customized for your industry.
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In a fast-changing business world, you need software and systems that can keep up with your organization. With so many choices and approaches to consider, it’s only logical to ask, “What’s the right ERP system for me?” The evolution of ERP has created new opportunities for efficiency, productivity, and insight that can transform your financial management—particularly solutions that embrace cloud computing. As you formulate your own ERP systems definition and conduct your evaluation, we encourage you to consider the following parameters:
The right ERP software provides accounting functionality built on a multi-dimensional general ledger. That translates into better visibility into your finances and operations. Flexible reporting shows you your information the right way. Deep functionality is essential, too, so you can automate important activities like procure-to-pay and order-to-cash.
There is one certainty with your business—it changes. Don’t get locked into an inflexible ERP system. Many companies start with multi-entity management, revenue management, and project accounting right off the bat. Others add these functions later on. As your business evolves, make sure your ERP system does as well.
Extending your financials
Instead of being trapped in monolithic suites, look for an ERP solution that lets you easily connect your financials with Salesforce, tie in other solutions, configure the system to your exact requirements, and even build your own applications.