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Why Use Automatic Financial Analysis/accounting Compared To Manual Methods

Posted on Posted in Trends

First of all manual financial/accounting analysis is the basic method. No matter the involvement of computer simulations at some point you are still needed to do manual calculations and feed them in. Some software’s try as much as possible to make everything automatic. Let’s ask ourselves what is NetSuite erp? For more information on Netsuite ERP consultants visit Elevate2. This is a software developed by the NetSuite Company to cater for all your business financial accounting. The software analysis all the invoices, inventories, account balances and any other material which is fed in. It gives an end result of a firms profits, debts and other important ratios. But why make use of such a software rather than employing manual calculations? Information in the software can be accessed from anywhere in the World and at any time.

The NetSuite erp software is quite easy to use at time efficient. It handle a bulk of calculations within a very short period of time. This enables the software to make minimal errors. If at all any errors are made it is easy to identify them and correct them using the software. The software weds out unnecessary values which would be quite hard for a human to weed out. In the case of a manual approach to handle a bulk of documents and calculations it would take the manual process quite a while. Manual processes are also prone to massive errors which at times end up being unnoticed .This ends up giving a wrong interpretation of the business data.netsuite

Ensures security of business details and accounts. Once the information is fed in manually the NetSuite erp software automatically stores the data in the system. In order to increase the data security the information may be copied to other storage software’s. Since the software arranges data in a well neat order it is quite easy to retrieve a document on demand. In the manual system the inventories, invoices, cheques, cash books etc., ends up being filed. These files are prone to tear and wear, insects but most of all the effects of nature. If no back up exists once they are destroyed it is their end. For instance some legal requirements may require business transactions dating back ten years or more. The NetSuite erp software ensures that a bulk of information is available at the click of a button. This makes the software more superior compared to manual methods.

NetSuite erp software, reduces the overall costs in a firm. Manual methods tend to be costly at the end of it all making them a liability. The software speeds up the process of procurement since documents are exchanged online and a post office or messenger need not be used. The accountability levels of the firm increases since information in the software is hard to forge. Erp has also been linked to quick decision making in a firm since required information is readily available. In total all the above facts leads to increased profits and a reduction in the overall costs.