It's no secret that enterprise resource planning software can help a business in many ways. While ERP solutions can help streamline processes and reduce waste at every level, they can also help you improve revenue streams. At the end of the day, it's so important that you're able to get the most revenue you can as your business grows. Let's take a look at how ERP finance and accounting tools can help. 

Analyzing business data
ERP systems provide a central hub of information in every area of your business. Naturally, sales is a major component, and this data can make a huge difference. ERP software can help you analyze your revenue streams to identify emerging patterns.

Seasonality and decreasing sales for specific products are several examples of patterns that ERP can help identify. Armed with this information, you can make smart strategic moves to take advantage of these opportunities. Avoid making too many products with waning popularity, and schedule production of season products accordingly. ERP business intelligence tools can also identify products that are growing in popularity, can capture relevant data to help you make new strategic moves to meet new opportunities. 

Recording revenue transactions
Revenue recognition is a principle that requires revenue to be shown during the period it's earned, rather than when the payment is actually received. It's a cornerstone of the accrual basis of accounting. Using the robust business accounting program of a modern ERP system allows you more flexibility when recognizing sales, while still working within Generally Accepted Accounting Practices (GAAP) standards. This flexibility is extremely helpful for manufacturers, who often mix product sales with service sales. 

Synchronizing production with demand
Demand planning is always challenging for the manufacturing field. The more information you have about upcoming customer orders, the more accurately you can determine how many units to make. ERP software can provide a great benefit in this area, helping you prepare your operations to meet this demand. 

Customer communication is important in this area. By collecting information on past orders and prompting your team when they need to reach out for updated orders, an ERP solution can help you prepare for demand and schedule your production to meet it, ensuring that you minimize waste and meet all deadlines. 

At Accent Software, we help manufacturers make the most of their revenue streams with Microsoft Dynamics NAV. We can help your team undergo a dramatic digital transformation with Dynamics NAV and follow up with training and consulting wherever they're needed. Visit our website to learn more about how we can help.