Can a general ledger solutions be better than CRMs?

A general ledger is a software program that helps businesses track their financial transactions and account balances. GL software can help businesses manage their finances, including reconciling financial reports, entry management, and balance management. The general ledger is a critical financial information tool used for business decision-making.

CRM and ledger have the same idea in design: a robust real-time multi-asset data accounting system for information extraction, transformation, and loading. But GLs are designed not the fintech standard, PCI DSS protocols. So, they have even greater securing and ISO standards than typical CRM, handling payment processing and P2P transactions. 

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Main features of the general ledger solutions and CRMs

The main features of general ledger software and CRM include summarizing the organization's financial accounts, and client information, creating income statements and balance sheets, and managing trial balances. Both products are available in a wide variety of options to suit businesses of different sizes. Small businesses may use bookkeeping software that is designed for simple data entry or basic financial reporting.

Larger businesses may look to ERP systems that provide a full business management suite, which includes a general ledger accounting module within its financial management section.

Common features of both systems: 

• Multi-asset ledgering and automated data management systems
• Client management and demand-payments analysis
• Back-office for teamwork
• Communication and support tools for client management, analysis, and reporting;

Features that CRMs can not offer: 

• Client services from vendors offered
• Card issuing, money transfer
• Banking and money remittance services
• Loans, credits, and deposits
• Working with FIAT and synthetic currencies with manual currency exchange rates

What businesses use general ledger solutions?

The benefits of general ledger software are many and varied. Perhaps most importantly, it provides a complete record of the financial management of your business, which becomes critical to decision-making. Additionally, the general ledger interacts with other applications such as accounts payable and accounts receivable tracking, meaning that you can get a comprehensive view of your finances.

And finally, you can use the software to produce company financial statements like income statements and balance sheets.

• Ledger software is essential for e-commerce businesses: it provides a complete record of the financial management of small and middle businesses, where you need to combine the POS and kiosks into one system. 
• The general ledger is used in accounting systems: The general ledger interacts with other applications such as accounts payable and accounts receivable tracking.
• You can create company financial statements with the help of general ledger software: Income statements and balance sheets are among the many possible reports you can produce using this type of software.
• General ledger software is important for healthcare because it helps healthcare organizations compile financial data across different facilities and business units.

SDK.finance develops general ledger solutions that can cover all the functionality of both CRM and ledger in one product. We also offer the flexibility of infrastructure setup making our software run both on-premise and cloud with AWS, Azure, or Oracle settings. Boost your business growth with a higher potential for ecosystem unification.