Lois & Loic Inc.,a multinational company,has 56 offices all over North America with more than 800 employees.The organization's accounting,purchases,sales,and employee payrolls are generated on separate systems.The organization finds it difficult to obtain the financial statements for tax purposes and the reports for shareholders at the end of a given fiscal period.Also,the employee incentives are not processed as the financial data is scattered on different systems.Which of the following will help the organization in acquiring accurate,consistent,detailed,and up-to-date financial data?

Question

Quizplus · Accepted Answer

An enterprise resource planning system (ERP) integrates all the financial and operational data of an organization into a single system, providing accurate, consistent, detailed, and up-to-date information. ERP systems can help in streamlining financial reporting and provide a centralized platform for managing employee data and incentives. Therefore, implementing an ERP system would be the best choice for Lois & Loic Inc. to overcome their data management challenges.