Enterprise Resource Planning (ERP) System

Definition

ERP is a software commonly used by companies for business process management. This system helps in managing and integrating a company's financials, operations, supply chain, reporting, human resources, and various other business-related areas.

Example

Netsuite, SageIntaact, Quickbooks

Why it matters

The ERP system is one of the major storehouses of detailed, accurate, timely, and actionable information needed for financial reporting, financial planning, and budgeting process. It acts as the source for all of a company's financial data that goes into the three financial statements. It contains details of various types of transactions that further flow into financial statements. It also plays an important data source for the audit process.

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