We get asked the question every now and then why EFP is still needed when their ERP system can consolidate their financial data, automate entries, and perform reconciliations.
True enough, ERP systems have a way of consolidating financial master data by combining transactional data that are stored in various tables into a single, large table. ERP systems can even automate certain entries and eliminate subledger to general ledger reconciliations.
However, while ERP systems support reconciliations to a certain degree, it can only do so superficially. ERP systems also do not have a way of validating balance sheets. Some data cannot even be traceable between sources which means that the finance team in the end will still have to manually validate balance sheet accounts. In addition, finance teams will also have to manually perform all the reconciliations not supported by the ERP system.
Epicor Financial Planner (EFP) facilitates a seamless flow of information across systems by importing data directly from your ERP system or any other source. With EFP, you can even automate journal entries and voucher postings. EFP will allow you to read balances from your general ledger allowing you to validate your balance sheets.
Because an ERP system does not eliminate the need for the business to record, support, and approve journal entries, EFP allows you to record entries and other supporting documents in a single platform. It even allows you to have reportable fields that are not currently supported by your ERP system so that you can enhance visibility across the organization.
To end, EFP is a very good supplement to your ERP system so you can maximize your use of it. EFP is a purpose-built software designed to streamline and enhance the efficiency in your current processes as well as a tool that will allow you to intelligently automate tasks that were once manually performed in spreadsheet-driven processes.
Are you currently running on E9, E10, Enterprise, iScala or P21 and are curious to know how EFP can work for your organization? Visit www.dsp.se or email firstname.lastname@example.org to request for a free 30-day trial.