What is a major difference between accounting and finance operations in an organization? Accounting focuses on future value and planning, while finance focuses on past and present transactional data. Accounting keeps track of large investments, while finance records smaller sums of money. Accounting focuses on past and present transactional data, while finance focuses on future value and planning. Accounting records smaller sums of money, while finance keeps track of large investments. How can ERP reduce the amount of time needed to collect data for routine financial reports? By providing sophisticated data visualization tools that bypass the need to perform calculations By using Excel spreadsheets rather than a calculator to save time and reduce errors By allowing team members to access real-time data from one consolidated location By fostering competition between finance and accounting team members Performing data analytics for financial planning Tracking accounts payable and accounts receivable processes and managing the general ledger Ensuring compliance with generally accepted accounting principles Automating the creation of budgets and forecasts 2 What type of software tools best fulfill the needs of a service company? Service-based businesses require detailed information about inventory status. Service-based businesses benefit from detailed tracking systems for invoicing, sales, management, and employee information. Service-based businesses require accounting software but not financial planning tools. Service-based businesses need little support from ERP software due to the interpersonal nature of the business