1. Introduction
Enterprise Resource Planning (ERP) is an information system integrates accounting, financial, production, sales, and human-resources, and other management information of the whole organization. ERP system can be customized to the requirements of individual companies. In recent years, the fusion between ERP and on-line banking system has been blooming fast. Major bank groups like Bank of America Merrill Lynch and HSBC are promoting related services to clients.
In this report, a general introduction on ERP banking technology with examples is provided.
2. Integrated Treasury Management Banking with ERP
Established with ERP, Treasury Management System focuses on cash management in company. Banks serve corporate clients in terms of accounts payable, accounts receivable, and liquidity management. With integrated treasury platforms of banks, corporate clients can maximize benefits from accurate massive payments and collections management.
2.1 Payments Management
Traditional paper payment processing, e.g. invoices and checks, are inefficient and costly. Bank of America Merrill Lynch applied e-Payment system based on ERP, named the “Paymode-X”, integrates online accounts payable and payee management system. Accounts payable systems are directly linked to the bank. Payment data is exchanged between companies and the bank in a single file, facilitating auto-reconciliation of accounts payable aging in ERP systems.
Companies can set up different payment approval levels into Paymode-X system based on their structures. During the approval process, general ledger information and purchase order data are shown for management to review invoice payment. Moreover, Paymode-X allows invoices be split across cost centers.
2.2 ...
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...ooperation between information technology specialists and accountants. With intellectuals’ collaborations, the ERP systems can be designed and implemented with consideration on both aspects of computer technology and company operation.
Works Cited
A New Era of Corporate Banking, Treasury Management International Ltd. 2010, p: 3-4, p: 12- 13
Maximizing Cash Management with SAP® ERP Financials, Galileo Press, p: 199-202
Paymode-X website, retrieved in July 2010:
http://www.paymode-x.com/
Risk in ERP Implementation website, retrieved in July 2010:
http://www.intosaiitaudit.org/17th_RisksinERPimplementation-2.pdf -
Technology And Treasury Management: Working Capital Management, Denise Bedell, June 2011
The 2010 guide to Technology in Treasury Management, Euromoney, March 2010, p: 4-5, 15, 26
Treasurytoday, Bank of America, October 2010, p. 5
Third Star Financial Services is an “un-banked” business that was built from a foundation of several money transfer operations that can be transact through an agent or an online facility since 1996. Third Star’s goal and objective is to develop and implement an enterprise architecture platform for the organization that is more streamlined and leaned with consistent policies and procedures throughout the company. A consolidated, centralized and standardized single version of the business structure and a modernize technology that can provide ease and flexibilities to their new and existing customers, in addition to their support staff and management teams.
This paper addresses the issues being faced by the ERP Systems, how the problem was approached and led the search for answers to the achievement of the objectives. The subsequent are the queries that have been addressed in this research.
ERP is a huge resource managing tool used by companies today. Some systems preform general ledger, accounting and order management for the company. ERP systems are a great asset and greatly improve a company, so a company should defiantly look into implementing ERP systems! However, Gartner estimates that 75% of all ERP projects fail. Why is there so much of a high failure rate? This paper will take an in depth look at reasons to why ERP systems fail.
SAP comprises of several modules such as marketing and sales, product design and development, human resources, finance and accounting, utilities for marketing and sales and production and inventory control. Having all these modules combined in one software of which to some extent can be modified to fit the business targets, SAP ERP software collects, combines, analyses and generates data from the separate entities as one collective report that can easily be read and understood. The single generated report enables organizations or companies to have defi...
ERP (Enterprise resource planning) implementations are a common way for a business to gain an edge in their systems, if done correctly. An Enterprise resource planning is “business management software – typically a suite of integrated applications that a company can use to collect, store, manage, and interpret data from many business activities, including:
Example. If a user wants to pay for a product for which his or her company has already been invoiced and which the company has received, the user need only enter the vendor and the invoice being paid. The software already has this information stored. Then the user can print a check and send it or use electronic payment.
[9] Stephen A. Ross, Randolph W. Westerfield, Jeffrey F.Jaffe and Bradford D. Jordan. Modern Financial Management, pp. 307-309;341.
In order to survive in this competitive business world, every business must produce or offer not only a better product or service, they must also offer better customer service, reduce their production costs and overhead costs, have a more well-planned management system, a highly reliable infrastructure, and the list is endless. Many of these can be achieved through a customized enterprise resource planning system (ERP). ERPs serve as “one comprehensive database to house all of the company’s corporate information”. However if these systems are not used correctly with the necessary change in management of people and technology it can result in failure.
To introduce a new ERP in a company many risks will follow with it. With risks that follow countermeasure or prevention should be put in place to minimize or evade these risks. The implementation of new ERP for Campbell shows us how they benefit from these changes but do not talk about the risks. Therefore, we will focus on the risk analysis and the recommendations of dealing with those risks. According to (Sumner, 2000) paper, risks that come with a new ERP systems implementation are insufficient training and reskilling, failure to redesign business processes to fit the software and many more that will be discussed in the report.
To conclude, a sophisticated accounting system like ERP plays an important role within a company like JPL. The system facilitates a company-wide integrated Information Systems covering all functional areas such as manufacturing, sales and distribution, accounts, payables, receivables, inventory, and so on. ERP provides complete integration of the system not only across departments but also across the entire company. Not only that, ERP also provides an opportunity for improvement and refinement in the business processes on a continuous process.
Since 1990 ERP systems have revolutionized how companies make decisions, ERP has become an integral part in management accounting as it has efficiently helped managers to use and analyze data and apply the analysis to accomplish the company’s goal of cost reductions and increased revenue.
With development of the information system management, ERP system has been familiar with more and more people. What is the ERP? ERP is short for Enterprise resource planning; generally speaking, it is an Integrated Information System. From the definition of Wikipedia, ERP is business management software—usually a suite of integrated applications, that a company can use to store and manage data from every stage of business, usually it includes several components, such as forecast and planning, manufacturing, marketing and sales, inventory management, etc. This paper gives you a whole idea of what ERP system is, with states its benefits and importance, and also, using Colgate as an example, to analyst its SAP system.
ERP has become a nightmarish idea for many companies in previous years, and since its first appearance until almost 25 years later lots have been said about the system. Plenty of failures in the headlines of news-articles together with a high price has made companies think of the actual use of this new system, often articles state the amount of loss a company made by implementing ERP systems. While scholars have proven the ERP system to work. Plenty of large corporations have shown proven benefits from implementing the systems. However failure stories tend to stick better in public opinions.
“An Enterprise resource planning (ERP) systems are software systems for business management, supporting areas such as planning, manufacturing, sales, marketing, distribution, accounting, finance, human resource management, project management, inventory management, service and maintenance, transportation, and e-business”.( Haag, Cummings, Phillips, S, M, A (2007). Mangement Information Systems. New Yory, NY: The McGraw-Hill Company Inc..)
Today, there is a range of computerised systems in the market that business can use to keep track of their finances; few of the most recognised for their performance are Sage, Microsoft Dynamics, Oracle, QuickBooks, SA...