Shortlist Best ERPs For Finance and Accounting Management

What Is ERP For Finance and Accounting?

An ERP for finance and accounting helps run your financial tasks from one system. It links core processes like invoicing, cash flow management, payroll, VAT, and tax with other departments like sales, stock, and orders. 89% of software buyers say finance is the top reason to choose ERP.

ERP accounting systems bring all data and processes into one place using key finance features like:

• General Ledger
• Payables and Receivables
• Cash and Asset Tracking
• Budgeting and forecasting
• Reporting and analytics

These features support the finance team’s bookkeeping and financial management efforts. When linked to various other modules and submodules, they help the broader business keep accurate financial records by identifying investment issues and enabling leaders to make better-informed business decisions.

In most cases, deploying an ERP for finance and accounting processes has reduced payroll processing times by up to 80%, increased the speed of balancing accounts, and delivered greater insights on business data through AI and machine learning tools.

Many firms turn to ERP when they feel stuck, have outgrown their singular finance management system (like QuickBooks or Sage 50) or are spending too much time on manual tasks.

For small to mid-size firms, especially those with online stores or POS systems, ERP Software gives the tools to grow with control.

5 ERP Systems With Robust Accounting and Finance Modules

Easily find an ERP for finance and accounting that is customisable to your accounts payable & receivable, payroll, cash flow, and budget control.

Key Capabilities of ERP Finance and Accounting Modules

General Ledger

The general ledger is the core of all financial reporting. It records every transaction, supports double-entry bookkeeping, and gives a real-time view of a company’s financial health. You can also close months and track audits with ease.

Accounts Payable (AP)

ERP systems automate the handling of supplier invoices, payment schedules, and approvals. AP helps manage bills, due dates, and vendor pay. It cuts errors, avoids late fees, and keeps your books clean.

Accounts Receivable (AR)

AR tracks what customers owe. It sends bills, checks payments, and helps collect cash on time.

Financial Reporting

ERP tools create real-time reports like P&L, balance sheets, and cash flow. These reports are updated in real-time and offer drill-down options for deeper analysis.

Budgeting and Forecasting

Build and track team budgets with ease. You can also plan for the future with simple forecast tools and “what-if” checks.

Tax and VAT Management

This tool helps with tax rules and VAT. It supports UK laws like HMRC’s Making Tax Digital. ERP finance and accounting modules help reduce errors and simplify submissions.

Cash Flow Management

See current and projected cash positions. This helps liquidity planning and ensures you can meet financial obligations.

Compliance and Audit Control

ERP systems log each change, track who did what, and limit user access. These steps help with UK GAAP, IFRS, and audits.

How CFOs and Accounting Departments Benefit From ERP

CFOs and finance teams are often the first to spot the need for ERP. Around 23% of ERP users come from finance and accounts, working closely with IT. As firms grow, tools like spreadsheets or basic apps can’t track money or risks well enough.

There are three key reasons why finance teams push for ERP finance and accounting systems:

1. The firm is growing, and leaders need a wider view of cash and revenue
2. Teams want live data to help grow markets or products
3. Teams work in silos, and data is hard to find and share

An ERP system links your financial data with sales, stock, and supply. It brings all key numbers into one place and gives all teams a single source of truth.

With ERP, you can also stay in line with GAAP, IFRS, and HMRC rules. It helps with Making Tax Digital and automates VAT reporting. You stay audit-ready at all times, with logs and clear access rules.

Reports are faster and tied to real work, not just teams or budgets. Finance teams can track job costs, cash flow, and margins in real-time. This helps spot waste, cost spikes, or growth areas early.

ERP links finance with the rest of the business. You get more than reports—you get a full view of how money moves and where value is made.

Limitations of SMB Accounting Systems

While accounting systems like QuickBooks are solid tools for basic accounting, they are restrictive as a business grows. Many small firms outgrow these tools when they add new teams, products, or markets.

One of the main issues is scaling. SMB accounting tools work well for one firm or team. But it lacks the tools to run multi-site, multi-unit, or global firms. As firms add online sales, new SKUs, or start selling internationally, these gaps become more pronounced.

They also have limited features in key areas like:

• Multi-currency use
• Stock and SKU tracking
• Cash flow forecasts
• Buying pattern reports
• Industry-specific tools (like job costing or service billing)
• Integrations with e-commerce platforms like Shopify and Amazon

As teams grow, finance staff end up using bolt-ons, spreadsheets, and manual work. This adds errors and slows down key tasks.

ERP Software vs. Account Management Tools: What’s the Difference?

The key difference between an ERP and accounting software is the scope across the business that the ERP application provides.

Most businesses start with an accounts package for payroll and expense management. But as they grow they soon find it hard to link siloed finance information with sales, production, marketing, supply chain, and returns.

For smaller organisations looking to keep the lights on, accounting software provides a quick-to-adopt and easy-to-use solution for balancing the books without unnecessary complexity.

A 4-Step Plan For Migrating from Basic Accountancy Tools to ERP

Upgrading to an ERP system with a strong finance and accounting module (like NetSuite, Microsoft Dynamics 365, or SAP Business One) brings structure, scale, and real-time insight. However, this is a complex process and requires a dedicated project leader.

To increase the chances of successful migration, it’s best to find a customisable ERP, as out-of-the-box systems may need to be replaced as you continue to grow.

Before data migration and training, important decision-making steps need to be taken. These include budgeting, identifying requirements, finding the right ERP system with a focus on accounting, and aligning finance and operations teams. Once in place, there are four crucial steps to getting your financial data migration right:

1. Prepare and Clean Financial Data

Audit your existing data. Remove duplicates, fix errors, and archive outdated records. Decide how much historical data (e.g. 12–24 months) is needed in the new system.

2. Migrate Key Financial Records

Work with a specialist or use migration tools to transfer:

• Chart of accounts
• Customer and supplier records
• AP/AR balances
• Inventory and asset data
• Trial balances and open transactions

3. Configure Workflows and Reports

Set up processes for billing, purchasing, tax compliance, and cash flow tracking. Tailor dashboards for the finance team and senior leaders.

4. Train Teams and Go Live

Train users on the new system and run a soft launch to resolve early issues. Monitor workflows closely and switch fully once stable.

How AI, Automation & Blockchain Are Impacting ERP Accounting Modules

All businesses that are looking to automate or reduce the volume of manual processes will investigate ERPs. Most find that giving managers and workers access to smarter, clearer informational tools to perform more high-value tasks is a compelling use case.

This approach can also apply to accounts where many still use manual processes for growing volumes of work that will become unsustainable. Deploying an ERP accounting system will also benefit accounts, by simplifying tasks like accounts receivable and payable, while improving cash flow and management.

On the horizon, Blockchain is a transformative ledger technology that will likely impact accounts in the coming years. Blockchain improves the security and reliability of transactions but still requires verification. As business becomes more automated, blockchains and digital assets/finance will increasingly come to the fore to speed up transactions and increase security.

Experts have recently explained how CFOs will increasingly rely on “inhuman accountants” using AI in ERPs to detect fraud and help auditors spot unusual transactions.

ERP For Finance and Accounting FAQs

What Is the Cost of ERP Software For Finance and Accounting?

For a cloud-based ERP system, the upfront and ongoing first-year costs range from £50,000 to £200,000. That accounts for the cost of software licences, implementation, integrations, training, and customisation. Compared to an average annual cost of £50 per user with QuickBooks, an accounting ERP system is a significant investment.

How Long Does It Take to Implement an Accounting ERP System?

Several factors influence the timeline of ERP implementation. That includes business size, accounting team requirements, training, and customisation. In general, implementation for a small firm of up to 50 users will take between 1 week to 6 months. Whereas for larger companies, it can range from 9 months to 3 years.

What Industries Benefit Most from Implementing an ERP For Finance and Accounting Tasks?

Financial control impacts all businesses that import and export goods or have staff members on the books. But there are focused industries that benefit more from the capabilities of an ERP accounting system, like:

• Retail and e-commerce
• Manufacturing
• Wholesale distributors
• Construction
• Healthcare