In this world where everything is getting the advantages of advancement of technology how can finance sector be left behind and that is the reason why ERP was introduced. ERP is the software which is tailor made for performing various financial functions for a company; full form of ERP is Enterprise Resource Planning. ERP can be used by a firm to perform functions like treasury management, preparation of general ledger, logistics management, purchase scheduling, receivable management and so on.
The biggest advantage of Enterprise Resource Planning is that it helps the company in improving the efficiency by speeding up the whole process and also provides the flexibility. However it suffers from few drawbacks also like it is expensive to implement also it is not suitable for every industry and that limits its uses