AC 645: Accounting Cycle And Enterprise Resource Planning

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Accounting Cycle and Enterprise Resource Planning
By: Jessica Skrdlant
April, 2015
Bellevue University
AC 645 Accounting Information Systems
Professor McElhaney Executive Summary The accounting cycle is the critical cycle for recording and controlling of the financial aspects of the corporation. This cycle includes transactions, journal entries, posting, trial balance, adjusting trail balance, closing of books and financial statement preparations. These statements are a requirement when the company is publicly traded and regulations are required that they are fair and free of material errors. ERP is business software that processes business activity in a real-time environment. ERP system cover the functional areas: financial and …show more content…

ERP software can assist with these requirements, limit errors, monitor information by double checking correct entry, set security features so that information is properly entered and is authorized.
Enterprise Resource Planning (ERP) Enterprise resource planning (ERP) is a business management software that is utilized by enterprises to collect, store, manage and interpret data from all business activities that include: product planning cost, manufacturing or service industries, marketing/sales, inventory management and shipping and payments. EPR can be described as an enterprise-wide set of management tools that balance demand and supply by containing the ability to link customers and suppliers into a complete supply chain, employing proven business processes for decision-making and providing high degrees of cross-functional integration among sales, marketing, manufacturing, operations, logistics, purchasing, finance, and human resources (Wallace, 2001). ERP uses databases that are often in real time to track business resources including: cash, raw materials and production capacity. Applications monitor the status of orders, production, payment and …show more content…

Conclusion ERP software can assist corporations in the effective management of resources and maintain smooth operations. The accounting cycle can be integrated into the ERP systems so that all aspects can be maintained and verified. Requirements to maintain system to verify that all transactions are valid, authorized and properly recorded is required when completely the accounting functions and financial statements. Enterprises that have used ERP systems have seen increase in growth, effective production and increased sales. Customer service is increased with proper pricing, shortened delivery time and products available when needed. Managers have better access to budgets, inventory and employee performance measures. EPR software will continue to involve and managers will have access to software that fits there needs. Reference
Ere-source Infotect. (2013). ERP Information Center. Retrieved from: http://www.eresourceerp.com/ERP-benefits.html
Wallace, T. F., & Kremzar, M. H. (2001). ERP : Making It Happen: the Implementers' Guide to Success with Enterprise Resource Planning. New York:

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