Best ERP Accounting Software 2022

ERP Accounting Software FAQ

What is ERP Accounting Software?

ERP Accounting software & systems allow business to streamline and automate their accounting and bookkeeping processes, whilst remaining compliant with local accounting laws and restrictions. Accounting systems provide companies with a structured system which enables them to access different accounting tools including general ledger, expenses management, invoicing, payments, revenue recognition, reporting and more.

Some ERP accounting systems also provide additional functionality too, such as project management, programme management, production, stock management, inventory management and more. When an accounting system provides more functionality than financial management, it is also called an ERP system or ERP software.

Why do companies choose ERP Accounting Software over pure Accounting Software?

Your business needs more than just accountants to run, well unless you're an accounting firm...

Instead, it's most likely that you:

A) Are a manufacturer of goods

B) You distribute goods to other businesses or end consumers

C) You provide services

D) You do all A, B & C.

In either scenario, you need to manage resources by which we mean physical goods or raw materials, or people and you need to do that in an effective way so that you can make a profit and grow.

The problem with accounting software is that it's good at the finance and accounting part, but not so good at the management of people and resources.

A really effective business is good at both resource management and accounting and uses both hand in hand to move forwards.

ERP systems on the other hand, enable you to synnchronise and pass data, tasks and commands from one departments to another, saving you time, increasing data and reporting quality and helping your company to do more with less.

What is the Best ERP Accounting Software?

There are hundreds of ERP accounting systems available on the market which are designed to fulfil the needs of different types of businesses. The needs of a retail business based in one country will be totally different to the needs of a global professional services company and as such - the best accounting system for your needs will very much depend.

Above, we have mapped out some of the most popular accounting software solutions for different sizes of businesses. Some of the best accounting systems include Xero, Quickbooks, SAP, Microsoft, Oracle and Netsuite. However, we recommend doing your research and due diligence before taking our word for it.

How much does ERP Accounting Software cost?

ERP Accounting software varies in cost and can range anywhere from $20 per month to several thousands. Typically ERP accounting software is priced for on a user basis - so you will pay a monthly fee or one time cost for every user which you need to purchase. You may also find that you need to purchase additional tools to complement your accounting software including business intelligence or reporting software, expenses management software, billing or payments solutions, integrations into other systems and much more.

Depending on the size and complexity of your business, you may also need to fund the implementation or setup of your accounting system to meet your needs. For a simple accounting tool, implementation may be free of cost but can range from a few thousand dollars, right up to several hundreds of thousands for larger businesses.