Question

1.What kind of role should the CFO or controller take in the implementation and support of an enterprise resource planning (ERP) system?

2.Do ERP systems capture information other than financial information?

Answer 1

Role CFO or controller take in the implementation and support of an ERP system.

1. Better information management through business automation :- It bring a degree of automation to the business by allowing employees across the organisation to access shared data without the need to maintain manual data.

2. Proper workflow :- It simplified the process and better able to acquire the relevant information which is necessary for the job.

3. Simplicity in business accounting :- A lot of time and effort can be easily reducedwith the use of ERP

4. Transparency throughout organisation :- Data is maintained safely, access of data can also be givenonly to the people who have authority which makes secure as well.

5. Customer satisfaction :- It helps in maintaining up to date data and facilitate real time data and deals with customers efficiently.

2.) yes, ERP system capture information other than financial information

1. Providing insights from customer information :- ERP incule CRM to track all customers interactions. Coupling these interactions with information about orders, deliveries, return, service requests etc provides about customer behavior.

2. Standardizing HR information :- many Enterprises, especially those with multiple business units, lack a simple way to communicate with employees about benefits or to track employees hours and expenses.

3. Facilitating government reporting :- ERP SYSTEM can greatly enhance an organization ability to file the necessary reporting for government regulations, across finance, hr and supply chain.