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Top 7 Core ERP Features & Their Benefits
A recent study revealed that as many as 84% of all IT leaders surveyed were planning to invest in an Enterprise Resource Planning (ERP) system. While the study’s results are astonishing, they’re also unsurprising. That’s because ERPs have long boasted a host of features and benefits that are revolutionary for businesses.
ERPs are like Swiss Army knives for business operations. ERP features handle everything from automating tedious tasks to cutting down on manual labor and minimizing errors—making organizations more efficient in the process.
But what are these ERP features exactly and how can they benefit your business? Let’s dive into it.
ERP Features & Their Advantages
There are a few key aspects of ERP that make it one of the most desirable software integrations for businesses globally:
1. Error-Free Data Accuracy
According to a report by Gartner, accounting errors can be reduced by as much as 75% when companies digitize their accounting processes.
By centralizing information from all departments in a unified database, ERP software ensures that all end users have access to a unified source of truth. Doing so helps eliminate duplicate entries and manual errors while enhancing overall data integrity.
2. Project Management
Project management is one of the most sought-after ERP features. Through smart processes and automation of tasks, ERP systems simplify the management of projects of all sizes.
ERP systems can delegate tasks and track them in real-time. This eliminates communication gaps among teammates and avoids resource wastage.
3. Automation
When it comes to ERP features, automation leads the way as a top reason for businesses to implement software. That is because by streamlining repetitive tasks such as invoicing, payroll, and inventory management, businesses can reduce errors and cut costs.
Automating repetitive processes means your accounting team can free up time to work on things that matter most, like forecasting and financial planning.
More so, using finance reporting automation strategies is not just an advantage in this day and age, but a necessity for accounting teams who want to get ahead.
Xledger’s core functionality is designed to help your organization automate processes at scale, streamlining workflows and reducing manual tasks.
With Xledger’s powerful automation tools, your business can automate:
- Data entry
- Reconciliation
- Reporting
- Creation and distribution of invoices
- The entire AP workflow
- Payroll processing
- Compliance
- Project accounting
Curious to learn how else Xledger ERP software can help? Schedule a demo today.
4. Cloud-Based
Some ERPs like Xledger operate as cloud-based platforms. In other words, the software and database are hosted on a non-local server provided by Xledger.
By being cloud-based, businesses don’t need to set up costly on-premises infrastructure or have to wait for lengthy installations to implement the ERP. It also means that end users can access the ERP software easily and quickly from anywhere in the world through a web browser.
Another significant advantage of cloud-native ERP is that operators always have access to the latest features and system updates, without having to deal with the risks associated with updating systems on-premises.
5. Staying on Top With Reports
In the past, creating a financial report used to be a tedious and resource-consuming task. If an executive wanted to know how a particular area of the business was doing, their accounting team would have to collaborate with different departments. They would have to input figures into spreadsheets, crunch the numbers, check for errors, and finally process them into a report.
ERPs significantly simplify that process by allowing reports to be created instantly and with a very low risk of error. Reporting is one of the most used ERP features, not only for accounting teams but for every department that uses it.
- Do you need to know how sales are doing?
- Do you want to see if there is enough inventory for the holiday season?
- Curious to forecast whether this high season will help you grow an extra 5% this year?
These questions and more can all be answered instantly and with the click of a button when using ERP.
6. Live Dashboards
Reports are key to evaluating your business, but analyzing them and looking over the numbers can sometimes be a time-hog. That’s where live dashboards come in handy.
ERP software dashboards allow businesses to access business data in real time and empower executives to see data in a variety of visual formats. This is very convenient, particularly for businesses that rely on real-time operation data such as:
- Manufacturing and supply chain
- Retail
- E-commerce
- Healthcare
- Finance services
- Hospitality and tourism
- Logistics
- Construction
- Real estate
- And more!
With live dashboards, ERP operators can instantly identify business trends and top-performing products or be alerted about low inventory stock that needs to be replaced.
Being one of the leading ERPs in the United States, Xledger dashboards are highly customizable allowing your organization to make well-informed decisions quickly and with confidence.
To learn more about how Xledger ERP software can provide your business with actionable insights driven by live dashboards, schedule a demo today.
7. Integration
There are millions of business applications and SaaS that are used by organizations to work smarter and better. While all of these apps have added a host of benefits for business operators, having so many separate systems and trying to get them to work in liaison with each other can be a challenge and cause bottlenecks in your organization.
That’s why one of the most convenient ERP features available today is the system’s ability to integrate several functions into a centralized and easy-to-use platform. Modern ERP software like Xledger is a one-stop shop for various business functions including CRM, sales, HR, marketing, finance, and more.
This means needing to purchase and manage less software, while also having standardized training across the organization. Making it easy for departments to connect and work together without bottlenecks, connectivity issues, or disconnected APIs.
To make things better ERP systems also have the capability to integrate APIs into their workflow, ensuring that businesses still have the flexibility they need to build the ecosystem that is right for them.
This is also another area where Xledger stands out as a true cloud-based financial software designed to link seamlessly to external applications. Due to its cloud-based technology, Xledger can easily integrate with other software applications to suit your unique requirements. Our API is open, so we can integrate it with any other system.
These are some of the most notable integrations Xledger supports:
- GoldFinch
- SalesForce
- Microsoft Dynamics CRM
- JPMorgan Chase Bank
- Wells Fargo Bank
- Bank of America
- Azure
- Zapier
- Zendesk
- Power BI
- Stripe
All The ERP Features You Seek in One Place With Xledger
Xledger is a leading ERP in the United States due to its comprehensive host features and flexibility to customize and integrate with other systems. CEO’s and CFO’s across a wide array of industries choose Xledger as their ERP for its flexibility and unparalleled customer-centric approach.
Some of Xledger’s most sought-after ERP features include:
- Live dashboards
- Intuitive reports and analytics
- Asset management
- Core accounting
- Budgeting & forecasting
- Automation of accounts receivable/payable
- Time & management
- Expenses
- Integration
- Cloud-ERP
- Procurement & inventory
- And much more!
Learn how these and other ERP features can benefit your business by scheduling a free demo today.
Want to Learn More About ERP Features?
Check out these value-packed resources:
- What is ERP? A Comprehensive Guide
- Cloud ERP Software: Top Solutions & Benefits
- If This Happens It’s Time to Change Your Online ERP System
