ERP Application And Analysis In Financial Management

As the world steps into a time that is full of internet, knowledge, information, fast changes and intensive competitions, Information Technology is being broadly used. More and more companies have equipped themselves with ERP (Enterprise Resource Planning) system. For these companies, the valueof using ERP is to enable quick response to market changes and better efficiency and profit by systematic planning and controlling, together with optimizing process and effectively allocating resources. As a management system, ERP realizes its functions (from forecast to statistic analysis) through financial management. So it is more important to utilize ERP system in financial management. After applying ERP for some time, a company will have deeper understanding of the system. However, the company needs to continue improving and updating financial management approaches. Because market environments, company's structure and business strategy are keep changing. The emergence of new business, process and approaches is generating new requirement for ERP system. One way to fulfill the new requirement is updating the system itself; Another way is to explore and better utilize existing (ERP) functions. Optimizing ERP system needs not only accumulated user experience but also successful business models. So companies will be able to complete their financial management approaches and enhance the management level.This paper will discuss the necessity of applying ERP, ERP management core concept, ERP evolvement and how ERP restructure information resource. The paper also analyzes the ERP application in financial management, ERP's features and issues during the application. Then it introduces our company's ERP application plan and discusses what influence the system will have on company's financial management. Because computerizing in financial management is a focus in ERP application across different industries, this paper also analyzes the process of ERP application in our company's financial management and solution plans. In the end, the paper shares some application experience which can help the company further improve the ERP application in financial management.