Developing effective and customizable reporting Plus, organizations often turn to IT departments to update ERP functionality and customize data causing delays and strained resources.ħ. They lack support for GAAP and tax depreciation, audits, and tax law updates, and can make data extraction and re-entry a tedious necessity. They must be an integral part of an organization’s strategy for maintaining operational effectiveness, efficiency, and reliability in financial reporting.ĮRP systems lack the level of detail needed for safe compliance. Today’s fixed assets systems must do more than ensure compliance. Today there is a greater need for real-time visibility between departments that handle tax and GAAP accounting books. Sharing crucial tax information across departments is more difficult with older ERP systems or custom spreadsheets. The flow of information from multiple departments, reconciliation of data from disparate systems, and manual processes are regularly faced by organizations as they attempt to close their books, leaving little time for analysis or strategic financial initiatives.
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