The New ERP – In the late 2000 the Enterprise Resource Planning – II started growing as software which is web based which gave the user the ability to access the systems of ERP. The expansion started from the conventional optimization techniques to the process involved in transactions than the usual purchasing and selling of products. It holds the data related to the resources to help collaborating one enterprise to other. This has become more flexible than the initial ERP.
What is the change? – The confinement wall of working within the system has broken and it started travelling without any barriers to other systems as well. The time has come where developers now a day are trying things such that the integration of mobile devices with ERP might be possible in no time. Many vendors are trying their hands in other applications along with mobile devices. ERP is now managing many functions and working on a variety of roles like decision making, globalization and transparency.
Characteristics – The ERP accounting software has the following important elements because of which it is widely used in any industry and suits to manage any business demands. It is a system that works in the real scenario without depending on the regular updates. It can be used as a common database that works centrally and can support any kind of applications. It gives a standard look and a consistent feel over the modules. The ERP software installation is an elaborate application where the data is integrated with the help of the IT department. Also, the implementation process is long and cannot be done is simple steps.
Functional areas – The functional areas are referred as the ERP modules by many systems. In financial accounting from general ledger to payables like vouchers and payments every detail related to the finance is managed and consolidated as per the group and particular discipline. In relevance to the management accounting every budget detail is systemized related to costing and its management. Fe costs are estimated based on activity. In human resources management everything is managed from recruiting to retirement, training to separation for the respective jobs, benefits to payroll.
In manufacturing industry every engineering detail is recorded from billing on materials, checking the work orders, quality control to proper execution of manufacturing process. With order processing every order related to cash, pricing, inventory, sales and related reports all are maintained. In supply chain management all the details related to planning, scheduling, purchasing and warehousing are all managed. In Project management all the steps from planning to execution are worked out in a breakdown structure covering all elements like time and billing.