Cost Estimate and Accounting in ERP
April 3, 2025
The costing module is one of the important controlling modules which enables effective internal cost control and accounting. All functionalities regarding cost analysis and cost allocations are provided by this module. The cost accounting module is highly integrated with budget and general ledger modules as well as draws input and provides output to various logistics…
Cash management module provides information relating to cash flow of the organization, by processing and analyzing all cash and bank transactions, arising out of payment of supplier’s invoices, receipt from sales invoices, stand alone payment and unallocated payment/receipts. Cash management module also allows analyzing financial transactions for a given period of time and provides information…
An ERP system is a process and not an end in itself. Perfunctory Implementing of ERP system will not boost efficiency. Reasons for failure of an ERP project such as lack of commitment from management and employees, lack of communication, knowledgeable employees not available for the project, are mostly organizational issues and have nothing to…
ERP packages contain several modules, such as finance, sales and distribution, materials management, manufacturing and production control, human resources, plant maintenance and quality management. Main characteristics of ERP system is that all its modules function in an integrated manner. Due to integrated nature of functioning, a few master tables are referenced frequently all across the system and databases, and shared by different applications, functional areas and sites. Data incorporated thereon need to be accurate, complete, timely and consistent. The quality of data as inputted in master tables, is a major reason for success or otherwise of an ERP system.
Collection of master data may be broadly classified under the following categories.
It may be reiterated that the above list is not exhaustive. The process and terminology used for maintaining master data in different packages, also differ.
Master data management is not a one time affair of data take on. Data quality for master tables is needed to be persistent on a long term basis. Discipline, ownership and process of master data governance are a critical success factor for sustainability of the system.
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