Benefits of Integrated Accounting Software
April 14, 2021 4:00 pm | by John Adams
There is no doubt that the many benefits of integrated accounting software has made it become one of the most indispensable tools for businesses of all types and sizes.
As a business owner, you would know that as your business expands it becomes increasingly more difficult to manually manage the financial and moving components of your business. If you are running multiple software applications for different functions of your business – such as Accounting, HR/PayRoll, CRM, Inventory Management – you would also know how challenging it can be to streamline the data and flow of information between seperate applications.
This is where integrated accounting software comes in, and has many benefits to offer that enables organisations to bring all components of the business together in order to streamline operations and facilitate growth.
SapphireOne ERP, CRM and Business Accounting software has been designed for this specific purpose – as an all-encompassing integrated accounting solution which includes multiple key modes and functionalities within the one application.
However, before we get into the details of integrated accounting software and its many benefits, let’s start by understanding what integrated accounting software actually is.
What is an integrated accounting system?
As the term suggests, an integrated accounting system is an accounting software that effortlessly combines and connects all major business functions into the one application, without the need for additional plug-ins or manual data manipulation.
In short, it eliminates the need to maintain separate books and software applications for different functions such as CRM, ERP, PayRoll and HR, Job Costing, Project Management, Inventory Management & more. For example, as all functions are run within the one application, it will automatically transfer the data from your Order Management mode into your Accounting mode, saving time and ensuring that your data is kept up-to-date at all times.
What are the benefits of an integrated accounting software package?
An accounting system can deliver great benefits to any business, however these benefits are amplified with an integrated accounting system, which automatically receives and transfers a constant flow of data across all your business operations.
- No More Additional Plug-Ins
An integrated accounting software eliminates the need for additional and often expensive software or plug-ins to fulfil all your related business requirements, as everything is housed within the one application. This means no more manual data transfer or manipulation, and reduces the risk that the systems will not pass or update the information correctly. - Seamless Transfer of Data
As all functions are run within the one application, the system will automatically transfer the data between all modes. This not only saves time and effort, but also reduces the chances of any human error. Plus, the system receives a constant flow of data, keeping it up-to-date at all times. - Ensure More Reliable Data Entry
Standalone accounting software requires you to manually enter your Customer, Vendor, PayRoll and Inventory data from one application to another. Not only is this a timely process, it often results in duplication or incompletion of data, and there is no guarantee of the reliability of data as this process is prone to human error. Implementing an integrated accounting system eliminates the need for any manual data entry and removes all challenges of double or missing entries and reduces chances of human error. - Speed Up Decision Making
The manual data entry process that is required for standalone accounting systems increases the chance that you will not have the updated financial information needed to make quick and informed decisions. An integrated accounting software means you can easily avoid this issue as it provides you with a real-time view of all transactions as they happen. The information from each module automatically flows into the accounting system as the transactions occur and remains updated at all times.
SapphireOne best integrated accounting software
“Accountants & financial controllers all have their personal preferences. However, SapphireOne is a RocketShip.” – Moyle Bendale Timber
SapphireOne’s ERP, CRM Business Accounting software includes eight core business modes, guaranteed to cover all key business functions for medium-large size businesses within the one integrated accounting software application.
These eight modes include Accounts, Inventory Management, Projects, Assets, PayRoll and HR, Management, Utilities and WorkBook – all seamlessly integrated within the one application. The modes include the below key functionalities, just to name a few!
Accounts – Financial Accounting Software
SapphireOne integrated accounting software is an all-in-one solution for efficient and compliant accounting operations. The Accounts Mode includes functionalities such as Bank Reconciliations, Direct Bank Entries, General Ledger, Client and Vendor Transactions, Multi-Company Accounting, Customer Relationship Management, Document Management and Comprehensive reporting.
SapphireOne business accounting software is also ATO Single Touch PayRoll certified, and enables employers to report salaries, wages, bonuses, pay-as-you-go withholding (PAYG) directly to the Australian Tax Office after each pay event.
CRM – CRM and Accounting Software
SapphireOne CRM and accounting software facilitates collecting, organising and managing customer information, and is also integrated into our ERP to provide a well-defined overview of your customer.
A few features of our CRM and accounting software includes Customer Profiles, Document Management, Calendar, Notes, SoftPhone Integration and Voice Recording.
ERP – Integrated ERP Software
SapphireOne integrated ERP and accounting software is a complete business management software suite. It automates and integrates core business processes such as Financial Accounting, Inventory, Supply chain, Job Project Management, Asset Management, PayRoll/HR, CRM, Document Management, Soft-Phone and support for multiple foreign currencies and companies.
PayRoll and HR – Integrated PayRoll and HR Software
SapphireOne integrated HR and PayRoll software covers diverse online PayRoll requirements, and seamlessly connects to SapphireOne Accounting Mode for easy data transfer and updated information. Our easy to use PayRoll and HR features include management of PayRuns, PayRoll Reporting, Rostering, Employee Details, Employee Benefits, Award Entitlements, Leave, Remuneration Inquiry, Allowances, and Tax Scales to name a few.
Inventory Management – Business Accounting and Inventory Management Software
SapphireOne Inventory Management software provides all features required to perform inventory management. SapphireOne Inventory Sales menu encompasses all the business-related documentation required to manage and provide goods and services to your client – such as Materials Requirements Planning (MRP), Client Quotes, Client Orders, Picking Slips, Packing Slips and Client Invoices.
SapphireOne Inventory Purchases menu also gives you the full functionality for entering transactions, and ordering and purchasing of goods/services, including Vendor Orders and Vendor Invoices. Once verified, these transactions flow automatically through to the SapphireOne Accounts Mode to seamlessly create Client and Vendor accounting entries.
Job Projects – Integrated Project Management Software
SapphireOne Job Projects facilitates the tracking of revenue and costs which are related to a specific task or job. By linking these items through the use of a Project ID, SapphireOne allows for easy and accurate assessment of the profitability of jobs, matters, projects or engagements undertaken.
The Job Projects Mode includes key functionalities such as Gantt Charts, Resource Management, Inventory Allocation, Timesheets, Transaction Inquiries, Rostering and Scheduling, Reporting and more – all seamlessly linked to your Accounts Mode for accurate financial tracking and analysis.
Bringing it all together
Integrated accounting software is rapidly becoming a necessity for all businesses. After all, having all functionalities integrated within the one application means that there is no information in isolation, and integration leads to smooth flow of information between all functions of the business.
To find out more about SapphireOne integrated ERP, CRM and Business Accounting Software and the benefits of integrated accounting software, please feel free to get in touch with a member of our team – we’re always here to help!