Past Dated Transactions
An ERP solution promises an outstanding reporting possibility. A report is a user-friendly feature facilitating your management to understand how things are working.
Your organization evaluates her progress via various indicators broken down into periods such as quarters and months, and can easily figure out the available information.
Similarly, your organization's management would not necessarily care about an ERP software or its implementation details. Mostly, the management's interest would be focused on evaluating the processed information--reports. The management members are themselves industry experts and they widely take strategic decisions based on the key indicators of the reports.
Once reports are evaluated, decisions are made accordingly. Once you submit periodic reports to the management, statutory authorities, and regulatory agencies, you cannot change what you have already submitted.
Having a software that allows you post transaction on the past would also allow your users to intentionally or unintentionally:
- post a transaction into the past
- edit a past transaction
- delete a past transaction
Depending upon the type of your business, some or all of the following could apply to you:
- It is easy to make mistakes and unfair to blame someone.
- You do not have the control on how software would report progressively.
- Same piece of information is constantly changing, bringing new inconsistencies everyday.
- Employee productivity is decreased.
- An employee having hidden malicious intentions would gain extra advantage that could be used against your business.
- It would greatly reduce the overall efficiency of your organization by doing extra work to correct mistakes.
- Having different versions of the same report of the same date printed on different occasions would confuse decision makers and can even bring your organization to legal trouble.