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Can ERP systems solve EOFY challenges?

Have you ever encountered any of these issues in your end of financial year processes? Read more about how ERP systems solve EOFY challenges in this story.

It’s that time once again.

The end of financial year involves many processes that can be challenging to many businesses, especially those without an efficient and effective system in place.

There are lots of to-dos that we’ve listed down in our guide to EOFY and when financial year closing comes around, some scramble to get their documents in order.

Here are just some of the common EOFY challenges that businesses face:

  • Inaccurate and outdated financial data 
  • Unforeseen difficulties that suddenly show up during the closing process 
  • Errors in financial documents that have gone unresolved  
  • Faulty communication and information dissemination between departments 

This is where ERP systems can come in.

ERP systems solve EOFY problems that you’ve been dealing with year after year and ensure you have a smooth and successful tax time.

Here’s how they do it:

1. ERP systems capture data in real-time

With an ERP solution like Sybiz VisionMYOB Advanced, or MYOB Exo in place, you don’t have to worry about inaccurate and outdated financial data.

The system keeps up-to-date information that the employees input and is in sync with different modules within the platform.

A constant stream of up-to-date information also ensures that there are fewer errors, discrepancies, and redundancies in your data.

2. ERP systems can help you create a more effective closing process

It is highly recommended for a business to set a clear SOP (standard operating procedures) when it comes to closing the financial year, one that anticipates different scenarios and problems that may come up during the process.

An ERP system can help businesses create streamlined EOFY processes because it provides easy input and access of data for employees, visibility for all departments, and automation of certain tasks.

3. ERP systems break down data silos for clear communication and collaboration

Communication and collaboration difficulties can be minimised with ERP systems because employees from other departments can access the information in one centralised platform.

You no longer have to request and wait for files from other employees or departments because the data is visible to you as well.

4. ERP systems can assist with reporting, analytics, and business intelligence

Most ERP systems have built-in reporting features that provide relevant insights for your business with just the click of a button.

During EOFY, different financial reports must be reviewed and submitted, this function speeds up the process.

On top of this, ERP systems are configurable and compatible with more sophisticated analytics and business intelligence applications.

MYOB even has an MYOB App Marketplace where you can discover different business intelligence software to integrate into your MYOB Advanced or MYOB Exo system.

So, there you have it.  

Those are just some of the ways that ERP systems solve EOFY problems.

For those with ERP systems, optimising your solution is the best way to speed up year-end.

Luckily, there are upcoming training sessions and resources, like a Sybiz webinar and MYOB articles, that will guide you through EOFY processes within the systems and teach you the best habits to ensure a successful EOFY.

If you don’t have an ERP solution, now is the best time to review and start assessing to help you determine whether an ERP system will help your business improve efficiency, information & profitability. Could investing in an ERP solution be one of your big plans?

Contact the AlphaBiz Team for your EOFY questions at admin@alphabiz.com.au or at 08 9277 2226. 

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