MRP software offers numerous advantages on all manner of different areas within a business. From workforce planning, to procurement and even shop floor data input. MRP software really is a lifeline for any modern enterprise. Whilst you will notice the instant changes to cost savings and productivity. One area that may go unnoticed at first is the benefits of MRP software on accounting.
One of the major benefits of MRP on accounting is the ability to automate data collection. It provides you with the ability to accurately plan your cash flow, which helps to prevent costly mistakes and save money by using real time data that is collected by the system.
Advantages For Accountants Working With Inventory Management
As well as the opportunity to save money and review accounts in real time, there are other benefits of MRP software on accounting, such as:
- Automatic categorisation of inventory movements like cost of goods, price adjustments, purchases made and write-offs within the business.
- Calculate inventory value and stock balances in real time, and add them to your records.
- Ensure stock transactions are accurate and integrated into your system seamlessly.
How Does MRP Improve Cash Flow Planning
One of the biggest benefits of MRP software on accounting is the ability to allow a business to accurately plan their cash flow.
By forecasting both their short and long term expenditure, a business can plan for expected incoming cash, and estimate potential outgoing through the use of real time data analysis. By integrating with accounts received and expenses elements, the system can paint a clear picture of what cash is expected to go in and out of the business at any given time.
Better Protection Against Fraud & Theft
When it comes to manufacturing accounting, one of the benefits of MRP software that is not often thought about, is the ability of the system to prevent or “flag up” potential malpractice or theft.
With information being collected in real time on the system, and with the collection and locking of historical data, every transaction on your MRP system leaves a trace. This makes it almost impossible for employees, or anyone outside the business, to steal from the business’s inventory without being noticed. Saved information on the system can also provide crucial evidence in recording any acts of malpractice.
Whilst not malpractice or theft, MRP software can also help to prevent against accidental data input. This includes double entries and mistakes with data integrity.
How To Tell If MRP Is Right For You?
Your accountant will likely be chomping at the bit to implement MRP software and who wouldn’t? Accurate reports, real time figures, mistake-free stock keeping and much more.
It’s important to remember that MRP software isn’t just beneficial to accountant. Its benefits spread throughout the business to almost every worker. This makes staff and the business as a whole more effective and efficient. MRP software helps to secure jobs and creating a more profitable enterprise in the process.
Want To Get Started With MRP? Ask The Experts At Statii
Our experts are on hand to help you reap the rewards of using our very own innovative MRP software system. Statii is designed for the modern business, streamlining your MRP processes and creating an easy and manageable way to control different areas within your growing business.
You can contact our friendly team online via our web based contact form, on our LiveChat feature or by calling us today on 01623 749739.