ERP Finance: Top Features, AI Benefits, and Vendors in Australia

ERP Finance is the financial management core of an ERP system, integrating accounting, budgeting, analytics, and compliance within a single platform that serves as the business’s central source of truth. In Australia, where finance teams balance BAS, GST, STP Phase 2, and disclosure reporting, this unified approach replaces spreadsheets and manual reconciliations with automation and real-time visibility.

Globally, finance leaders now prioritise scenario planning, agile governance, and AI adoption to navigate uncertainty and accelerate performance (Deloitte, 2025). This article explores the top features, AI-powered benefits, and leading ERP Finance vendors transforming financial management for Australian businesses today.

Top 6 Features of an ERP Finance System

The top features of an ERP Finance system provide an integrated framework for managing accounting, budgeting, compliance, and analytics in real time. These capabilities unify financial data, automate reporting, and enhance decision accuracy across Australian organisations navigating complex tax and regulatory requirements.

1. General Ledger & Chart of Accounts

The general ledger (GL) is the foundation of every ERP Finance system, recording all transactions across departments and entities in real time. It ensures transparency, consistency, and traceability across every business activity.

Key functions include:

• Automated journal entries and system-generated audit trails for compliance and accuracy.
• Flexible chart of accounts (COA) structures that adapt to business units or cost centres.
• Real-time updates that eliminate reconciliation delays; when a sales invoice is posted, revenue automatically updates in the general ledger.

These features help finance teams accelerate period closing and maintain alignment with AASB standards while improving confidence in reported results. Today’s finance leaders increasingly prioritise real-time consolidation and governance capabilities, using ERP systems to align financial control with faster, data-driven decision-making across entities.

2. Accounts Payable & Receivable

ERP Finance systems automate the entire invoicing and collection cycle, reducing manual intervention and increasing liquidity visibility.

Core capabilities include:

• Automated invoice generation, approval workflows, and vendor self-service portals.
• Scheduled payment runs, integrated bank feeds, and auto-reconciliation features.
• Configurable reminders that support timely receivables collection.

For Australian businesses managing BAS and GST compliance, automation in payables and receivables ensures accuracy and faster turnaround. Industry adoption of AI-enabled cash flow management is accelerating globally, reflecting the shift toward predictive automation that improves payment discipline and shortens reconciliation cycles.

3. Budgeting & Forecasting

Budgeting and forecasting tools in ERP Finance unify operational data with financial plans, enabling leaders to model multiple business scenarios and forecast outcomes more precisely.

Key capabilities include:

• Integrated planning modules that combine financial, sales, and HR data.
• Real-time variance analysis and rolling forecasts based on AI-enhanced analytics.
• Scenario planning tools that adapt to market volatility and demand shifts.

30% of finance leaders are strengthening advanced scenario-planning capabilities to anticipate changing needs, often using AI-driven insights to guide better decisions (Deloitte, 2025). Embedded forecasting features ensure alignment between strategy and execution, helping Australian teams respond dynamically to inflation, supply-chain, or cost pressures.

4. Asset & Expense Management

ERP Finance simplifies fixed asset tracking, depreciation, and expense monitoring within one framework that complies with Australian Accounting Standards (AASB).

Core capabilities include:

• Automated depreciation calculations and maintenance tracking.
• Distinction between CAPEX and OPEX for clear reporting and budgeting.
• Configurable asset categories aligned with compliance reporting standards.

These functions allow finance teams to maintain accurate asset valuations and long-term visibility over lifecycle costs. Many leading finance organisations, especially those with distributed entities, use cloud-based ERP platforms to optimise cost management, where 51% of respondents in Deloitte’s study cited using cloud solutions to improve cost efficiency.

5. Consolidation & Multi-Entity Accounting

ERP Finance consolidates financial statements in real time, beneficial for organisations managing multiple subsidiaries or business units.

Core functions include:

• Automated intercompany eliminations and multi-currency conversions.
• Configurable reporting hierarchies for local and global operations.
• Cross-company journal posting and centralised audit trails.

This unified structure ensures accuracy and faster close cycles. Across industries, integrated consolidation frameworks are becoming essential for leadership reporting, enabling finance teams to analyse performance at both entity and group levels, turning compliance reporting into strategic forecasting.

6. Reporting & Analytics (Power BI integration)

Modern ERP Finance systems embed analytics tools like Microsoft Power BI and Excel pivot dashboards to transform financial data into actionable insights.

Core capabilities include:

• Automated report generation for BAS, balance sheets, and performance dashboards.
• Drill-down visualisations linking operational and financial data.
• Real-time metrics for monitoring profitability, liquidity, and compliance trends.

These analytics integrations allow finance teams to respond swiftly to economic volatility while maintaining ATO and GST compliance accuracy. The growing integration of AI-driven analytics in ERP platforms underscores how financial reporting is evolving from static record-keeping to continuous performance intelligence. 

As these core features define financial control, the next evolution lies in intelligence—where AI transforms ERP Finance from process automation into predictive insight and strategic decision-making.

How AI Is Changing ERP Finance

AI is transforming ERP Finance by turning traditional accounting and reporting into predictive, data-driven intelligence. According to Deloitte’s Finance Trends 2026, 63% of finance teams have deployed AI tools, but only 21% realise measurable value, revealing the challenge of full adoption.

For Australian organisations, AI strengthens compliance accuracy, accelerates BAS and GST reporting, and empowers finance leaders to make faster, evidence-based decisions.

AI Automation for Finance Operations

AI automates repetitive financial processes that once required hours of manual effort. 49% of finance leaders now use AI to identify cost-reduction opportunities through automation (Deloitte, 2025), particularly within accounts receivable and payables workflows.

Key capabilities include:

• Invoice matching to purchase orders and automatic payment reconciliation.
• Expense categorisation powered by machine-learning algorithms.
• Optical Character Recognition (OCR) for extracting invoice data from PDFs or receipts.
• Automated bank reconciliation for faster month-end closing.

For Australian businesses, AI-driven ERP Finance systems can also classify BAS and GST transactions automatically. The technology reduces reporting errors and accelerates submission timelines under ATO compliance frameworks.

Predictive Analytics and Forecasting

AI predicts financial outcomes with greater precision than traditional models. Key capabilities include:

• Predictive cash-flow forecasting and profit-and-loss scenario analysis.
• Real-time anomaly detection across ledgers and transactions.
• Integration with advanced data analytics tools such as Microsoft Power BI and Copilot for live data insights.

25% of finance leaders plan to leverage AI-driven insights to guide better decisions (Deloitte, 2025). This predictive intelligence helps CFOs move from static budgeting toward continuous forecasting, linking every decision to real-time data.

Smarter Decision-Making and Compliance

AI connects financial, operational, and regulatory data into unified, real-time views. Key capabilities include:

• Analysing thousands of transactions to flag anomalies and validate tax calculations.
• Automated compliance checks to ensure accuracy across ATO and GST frameworks.
• Agentic AI solutions providing predictive analytics and decision support for finance leaders (Deloitte, 2025).

In the Australian context, these systems strengthen ATO and GST compliance by automating rule checks and reconciliation across BAS reports. These intelligent capabilities are now embedded in leading ERP Finance platforms such as Odoo, Microsoft Dynamics 365, and Oracle NetSuite, marking the next evolution of finance automation.

5 Best ERP Finance Vendors in Australia

The best ERP Finance vendors in Australia are those that combine local compliance, scalability, and intelligent automation within unified, cloud-based platforms. Each vendor in this list was evaluated across five dimensions: localisation for BAS, GST, and ATO reporting; integration strength across finance, projects, and supply chain; AI and automation maturity; scalability for SMEs to enterprises; and proven customer outcomes.

Rather than a strict ranking, this guide highlights five vendors. Each excels in a different segment to help Australian businesses identify the ERP Finance system that best aligns with their scale, industry, and compliance needs.

To give you a compact view, here’s a table summarising the top vendors by key focus,  strengths and best-fit users:

1. Oracle NetSuite

Oracle NetSuite is a cloud-based financial management platform built for scaling mid-to-large enterprises that require automation, multi-entity consolidation, and real-time financial visibility. It integrates accounting, planning, tax, and reporting into one unified suite, giving leaders a single source of truth across global operations. Powered by AI and automation, it helps finance teams forecast trends and make informed decisions through real-time dashboards, embedded analytics, and predictive modelling tools that improve forecasting accuracy and operational control.

Key features and strengths:

• Reporting & dashboards: SuiteAnalytics provides real-time transparency, GAAP-template financial statements, and role-based dashboards with transaction-level drill-downs for CFOs and controllers.
• Planning & AI forecasting: Company-wide budgeting and “what-if” scenario modelling with AI-generated commentary improve forecasting cycles and variance insights.
• Banking automation: Bank Feeds automatically import balances and transactions from institutions across Australia and New Zealand, applying reconciliation rules and journal postings.
• Electronic payments (EFT & direct debits): Electronic Bank Payments supports ABA and ANZ formats, multi-bank routing, and Positive Pay validation for fraud prevention.
• Advanced financial controls: Advanced Financials adds expense allocations, amortisation schedules, and statistical accounts to manage budgets versus actuals.

Best for: Mid-to-large firms with complex reporting and multi-subsidiary finance requirements.

2. Microsoft Dynamics 365 Finance

Microsoft Dynamics 365 Finance is an enterprise-grade ERP system designed for large organisations that demand advanced control over financial planning, consolidation, and analytics. As part of the Dynamics 365 suite, it integrates natively with Supply Chain Management, Project Operations, Business Central, and Field Service, creating a single source of truth for finance, operations, and performance data. The platform is purpose-built to deliver AI-driven insights, support multi-entity operations, and connect seamlessly with Power BI for real-time financial intelligence.

Key features and strengths:

• AI and predictive insights: Automates forecasting, budgeting, and payment predictions through intelligent cash flow analytics and predictive customer payment insights.
• Advanced financial management: Streamlines financial close, supports multi-currency and multi-company consolidation, and ensures accuracy across complex enterprise structures.
• Business performance analytics: Integrates with Power BI dashboards for real-time reporting, improving financial transparency and executive decision-making.
• Automation and efficiency: Features AI-driven invoicing, credit risk control, and subscription billing, reducing manual processes and accelerating collections.
• Regulatory compliance: Supports global tax and reporting standards across 57+ countries, with local Australian compliance enabled through partner-developed add-ons.

Best for: Large enterprises requiring global-scale finance management, AI forecasting, and deep integration with Microsoft’s ecosystem.

3. Odoo for Finance

Odoo is designed as a modular, finance-ready ERP ecosystem rather than a single accounting app. Its fully integrated applications, i.e. Odoo Accounting, Odoo Invoicing, Odoo Purchase, Expenses, Documents, and Sign, provide a unified environment for managing everything from daily transactions to compliance and reporting. Finance teams gain real-time visibility and automation across billing, reconciliation, approvals, and document management within one centralised system, eliminating fragmented workflows common in SMEs.

Key features and strengths:

• Integrated finance suite: Combines accounting, invoicing, purchasing, and document management in one platform for seamless data flow and traceability.
• Australian localisation: Supports BAS, GST, FBT, Peppol PINT e-invoicing, and STP Phase 2 + SuperStream, with BAS reports “rounded down to the nearest dollar” for ATO compliance (Odoo 19 Release Notes).
• AI automation: Powered by Odoo 19’s unified AI workflows, including AI Agents for document queries, AI Fields for auto-filling data, and Draft with Odoo AI for generating summaries, emails, and insights to enhance financial accuracy and efficiency.
• Scalability & affordability: Flexible licensing and modular setup let SMEs start small and expand without high upfront costs.
• Compliance-driven updates: Annual localisation releases ensure ongoing alignment with Australian tax and payroll regulations (Odoo 19 Release Notes).

Best for: SMEs seeking an integrated, compliant, and cost-efficient finance system.

4. Microsoft Dynamics 365 Business Central

Microsoft Dynamics 365 Business Central Finance is a mid-market ERP platform built for growing Australian businesses that have outgrown entry-level accounting tools. As part of the Microsoft 365 ecosystem, it connects finance, projects, supply chain, and operations into a single, cloud-based platform. Deep integration with Outlook, Excel, Teams, and Power BI enables finance teams to manage transactions, budgets, and reports directly within familiar interfaces while maintaining compliance and control.

Key features and strengths:

• Integrated finance and projects: Connects accounting, purchasing, and job costing with project tracking to ensure every cost and revenue entry flows into the general ledger automatically.
• Local compliance for Australia: Automates BAS, GST, and ATO reporting, supports Peppol e-invoicing, and integrates EFT payments with major Australian banks, ensuring audit-ready accuracy.
• AI and Copilot automation: Uses AI for cash flow forecasting, reconciliation, and report summarisation, with Copilot enhancing decision-making through predictive insights.
• Power BI and Microsoft 365 integration: Enables real-time dashboards, Excel-based analysis, and seamless collaboration via Teams for faster reporting and approvals.
• Multi-entity consolidation: Consolidates financial data across multiple ABNs with intercompany posting and automated eliminations, reducing errors and reconciliation time.
• Digital finance foundation: Embeds secure e-document workflows and payment automation to meet Payment Times Reporting and future regulatory changes.

Best for: Mid-sized Australian businesses upgrading from standalone systems like Xero or MYOB, seeking integrated financial visibility, AI automation, and Microsoft 365 connectivity.

5. MYOB Acumatica

MYOB Acumatica is a cloud-based ERP platform designed for Australian businesses that need a unified system to manage accounting, payroll, inventory, and project operations. Built on Amazon Web Services (AWS), it combines financial control with scalability and compliance, delivering ATO-ready reporting, BAS/GST automation, and integrated payroll management. The platform recently won Best Software-as-a-Service – Outside USA at The Cloud Awards 2024-25, recognised for its scalable, flexible, and industry-specific capabilities for growing enterprises in Australia and New Zealand (MYOB, 2024).

Key features and strengths:

• Financial management: Centralises accounting, cash flow, tax, and intercompany transactions with real-time dashboards and automated reporting (MYOB Financial Management).
• Payroll compliance: Streamlines onboarding, rostering, and payslips with secure, cloud-based payroll fully compliant with ATO and Fair Work requirements (MYOB Payroll Management).
• AI-powered automation: Features an AI Assistant, Automation, and Advisor that automate data entry, detect anomalies, and generate insights for faster, more accurate decisions (MYOB AI ERP).
• Inventory & project integration: Connects inventory, service, and project accounting workflows, providing real-time visibility into costs, margins, and performance across locations (MYOB Project Accounting).
• Security & scalability: Offers single sign-on, two-factor authentication, and AWS-backed infrastructure for enterprise-grade protection (MYOB ERP Software).

Best for: SMEs and mid-market Australian companies seeking affordable, compliant ERP with built-in payroll, automation, and cross-department integration.

As more Australian businesses adopt ERP Finance systems, from Odoo and Business Central to NetSuite and MYOB, the next question becomes: how does ERP Finance actually differ from traditional accounting software still used by many local teams? Understanding this distinction helps decision-makers evaluate whether an upgrade is about replacing, integrating, or expanding beyond accounting.

ERP Finance vs Accounting Software: What’s the Difference?

The main difference lies in scope and intelligence. ERP Finance integrates finance with every business function, sales, inventory, HR, and more, so teams can share real-time data and automate workflows across departments. Accounting software, by contrast, focuses narrowly on bookkeeping and financial statements, helping SMEs manage ledgers, payables, and receivables.

See the table below for more details on how to distinguish between an ERP for finance vs accounting software:

ERP Finance FAQs

1. Is ERP Finance suitable for SMEs in Australia?

Yes. Modern ERP Finance systems like Odoo and Microsoft Dynamics 365 Business Central are cloud-based, scalable, and designed for long-term adaptability, making them suitable for small to mid-sized Australian businesses. They automate BAS, GST, and payroll compliance while offering tools for budgeting, forecasting, and real-time visibility. SMEs gain enterprise-grade control with modular pricing, selecting features that align with their growth stage.

2. Does ERP Finance replace my existing accounting software?

It can either replace or integrate with your existing systems. Many Australian companies start by connecting Xero or MYOB to ERP Finance (i.e. Odoo & MYOB, or Xero & Odoo) to unify data across sales, projects, and finance. Over time, full migration creates a single source of truth, reducing duplication, manual entries, and reconciliation errors. Whether you upgrade gradually or go all-in, ERP Finance ensures real-time visibility across every department while keeping your accounting data accurate and compliant.

3. How to implement ERP Finance?

Implementation follows three essential steps:

• Assess your needs and select the right ERP vendor with expertise in Australian localisation.
• Migrate your financial data, set up GST/BAS frameworks, and configure modules for accounting, payroll, and analytics.
• Train your team and optimise workflows through continuous support and AI-driven automation.

In conclusion, ERP Finance unites accounting, automation, and AI-driven insights to help Australian businesses achieve real-time compliance, accuracy, and growth. From understanding top features and vendors to planning implementation, every step leads toward smarter, integrated financial control. Talk to Havi Technology to plan your ERP Finance journey with a trusted Australian partner.