We are living in a knowledge economy. This means that in future, the competitive edge would be enjoyed by those organizations that are better able to manage their knowledge assets. However, managing a knowledge asset is not just a concept, rather it requires a whole set of infrastructure to ensure that the organization is better able to leverage upon its knowledge. This paper is intended to look at the software for the accounting, finance and HR departments of an organization and their effectiveness. The information system that is being used in the accounting and finance department is Oracle Financials.
Oracle financials, on account of its unified accounting, taxation, banking and payment model system, is capable of developing the financial reports and meeting tax requirements in the most efficient manner. Moreover, it also ensures that the relevant information is available to the concerned employees in timely manner. It has built in modules like Asset Life Management, cash and treasury management, financial analytics, cash-to-credit, financial control and reporting, governance, risk and compliance.
Thus, it enables efficient management of accounting processes as well as finance procedures. The HR system that is commonly used by the organizations is SAP ERP Human Capital Management. Major activities performed through SAP HCM includes managing payroll for the employees. It also helps in developing the pool of employee expertise so that it can not only be used for better task allocation as well as for internal hiring. It’s another important feature is training and development. It also helps in maintaining the record of various trainings and future training needs.
To sum up, the information systems being used accounting and finance department and human resource departments are helping respective departments to make their processes streamlined and more efficient.
References
James, D. , Russell, S. , & Seibert, G. (2001). Oracle E-Business Suite Financials Handbook (Osborne ORACLE Press Series). New York: Mcgraw-Hill Osborne Media. Kramer, C. (2006). Mastering HR Management with SAP. Bone: Sap Press. (2001). Oracle E-Business Suite Financials Administration. New York: Mcgraw-hill Companies.