5 ERP Tips for Hospital Financial Management

In hospital financial management, an ERP (Enterprise Resource Planning) software system is one of the most valuable parts of managing your finances and accounting processes. While an ERP is extremely valuable, proper financial management is a quality process which your organization must engage in continually; the software you use is a supplement to your core processes, not a replacement for them. The following are tips for managing your financial processes with an ERP software program:

  1. Continual Reporting – A major issue organizations face with financial and accounting control is the periodic reporting required by traditional software and paper controls. The right ERP system can be implemented to give management up-to-date financial reports whenever needed. This increases you controls and prevents opportunity for financial errors.
  2. Integrate Grant Reporting – Grants require reporting on costs, results, and other activities done with their money. This is extra important in recurring grants and other fundraising. The right ERP system will be able to dial in and report grant and fundraising spending on an individual employee level.
  3. Manage Asset Life-cycles – Depreciation and replacement are two of the most important aspects of managing your equipment and other assets. The right ERP implementation gives your management teams access to information regarding the age and use of assets, as well as replacement costs and other information.
  4. Manage Mergers and Acquisitions – Combining corporations causes financial issues, lots of them. The right ERP solution will enhance your operational and reporting controls over the entire process, integrating with and importing information from previous systems and streamlining financial controls in the new business after merger.
  5. Manage Talent – Labor costs are significant for your organization, and when it comes to managing travel costs, conference and education costs, and other aspects of HR, your ERP implementation needs to integrate HR and financial control systems and deliver seamless control over your labor pool.

These are just 5 uses your organization has for the right ERP implementation. To discover if Belmero’s People Soft ERP support is right for your financial and accounting controls, please contact us.

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