ERP for Accounting
It’s hard to be a CPA firm in today’s market. Competitors are popping up everywhere, threatening to steal your business. Complex regulations, high client expectations and poor staff retention add more responsibilities to your already full plate. You can’t even think about growth strategies when you’re struggling to keep your head above a mounting pile of spreadsheets and documents.
Understandably, facing modern accounting challenges requires modern technology. Instead of trying to force Excel or QuickBooks to perform intricate tasks, invest in a solution designed to take on advanced accounting processes. Enterprise resource planning (ERP) software is equipped with sophisticated financial management and reporting tools to give you full control over fiscal operations. Below, we explain how ERP can solve the biggest challenges facing CPAs.
For many CPAs, the nine-to-five work schedule isn’t enough time to get everything done. Accountants often work sunup to sundown during monthly closings. The worst part is that most of this labor is going towards tedious tasks, such as manual financial consolidations. Clients want specialized services and advice, but accountants are too busy sifting through paperwork.
With ERP software, you can ditch your spreadsheets. ERP consolidates reports, data and books into one place. This ensures everyone is working with the same numbers and finding the information they need at a moment’s notice. You can also automate critical accounting processes. Data inside your ERP system can be instantly populated into reports and leveraged to simplify budgeting and planning. The general ledger (GL) automates the allocation of funds throughout multiple accounts and tracks activity and balances. With automated processes and real-time fiscal data at your fingertips, you can maximize efficiency and stop working overtime.
CPA firms are facing new challenges that their current software can’t overcome. The ever-changing demands of taxation and compliance require nuanced reporting and full visibility. Global accounting processes involve multiple currencies, languages and regulations. Clients are quick to move on to competing firms if they don’t receive a high quality of service. QuickBooks and other introductory accounting platforms can’t handle this level of complexity.
ERP, on the other hand, includes robust financial management tools to tackle complex accounting requirements. The software serves as a central hub for all your fiscal activities, such as budgeting, cash management and detailed allocations. Unlike QuickBooks, ERP is also built to comply with a large range of Generally Accepted Accounting Principles (GAAP) and provide full audit transparency. With a complete, real-time view of financial health at your fingertips, you can answer any question your clients throw at you.
Epicor ERP provides nuanced accounting control. Its GL allows users to establish unlimited books and instantly access the details of any account. With unique global engines, you can streamline fiscal and legal operations around the world. The multicurrency engine can support an unlimited number of currencies, and the configurable tax engine lets you define comprehensive tax rules and calculations to meet international requirements.
Businesses are having a tough time filling their accounting offices, but the right technology could provide a path to bring fresh talent into the door. According to one study, 80% of millennials say workplace tech is a deciding factor when considering a new job. QuickBooks and Excel don’t have the mobility, insights and user experience to entice the next generation of accountants. However, ERP vendors capitalize on cutting-edge developments to create modern solutions.
With cloud ERP, your employees don’t have to be tied to a desk all day. While you can’t easily view and edit spreadsheets on the go, ERP that’s hosted through the cloud lets you access dashboards and reports from your mobile devices, so you can get work done on your way to visit clients or answer their questions away from your office. Epicor also includes personalized home pages which allow each user to populate their dashboards with the reports and charts they need to execute daily tasks.
Additionally, Epicor supports modern collaboration. Epicor Social Enterprise (ESE) serves as an interactive stream similar to a social media platform. ESE can be used to share budget documents and provide notifications when a task is completed in the budgeting cycle. This helps everyone on your team work together and stay on track.
A robust ERP solution simplifies financial operations to help you meet a wide range of accounting challenges. No matter how your CPA firm grows and changes, Epicor ERP has the agility and scalability to support your business.
At Datix, our team’s strong accounting background and ERP expertise give us the skills to implement solutions for CPAs and financial services companies. We’re an Epicor Gold Partner with over 20 years of experience in executing a diverse array of ERP projects. From start to finish, our certified consultants work with you to solve pain points and optimize business performance.
Ready to update your accounting software? Contact Datix today to learn more about how Epicor can transform your CPA firm!