Many firms are adopting enterprise resource planning

(ERP) systems

• which consist of a number of modules (such as payroll, fixed assets, accounts receivable, and cash management), each of which accounts for specific activities.

• which facilitate data mining and the integration of financial and nonfinancial information across functional areas of the business.

• to automate accounting processes.

• to share data across the enterprise.

• to provide real-time access to company data. LO.1