A good Accounts Payable solution keeps payables of a business in good standing. A strong accounts payable module keeps the business updated with the information regarding what a business owes and to whom it owes and when there is a need to pay.
Accounts payable module should ensure payments at the right time that eventually guarantees uninterrupted supply of goods and services from the vendors. Accounts Payable Module of provides ease and flexibility to manage payables by introducing cutting edge automation available. Following is the brief list of what a business can achieve by using Accounts payable module:
- Ability to pay through checks, EFT or record payments through Wire and Credit Cards
- Ability to record payables, invoices and payments in different currencies
- Flexibility to define credit limits to warn or stop further processing
- Flexibility to use different Pay-To, Bill-To and Risk (for credit limit) business partners
- Automatic calculation and GL entry of taxes (HST, GST, PST)
- Ability to define own tax rules and use different GL for different taxes
- Easy extraction of aged creditors report
Inflow of cash is lifeblood of every business. The purpose of a good Accounts Receivable module is to keep the track of what is owed by the customers, for how long it is owed, what are the due dates at any specific point in time. It should also provide the ability to receive payments in the customers preferred method of payments.
Our Accounts Receivable Module of offers a great way to manage a business’s receivables. Following brief list highlights what can be achieved by using Accounts Receivable Module:
- Ability to send invoices by using automatic email workflows
- Flexibility to define price list structure and maintain different price and discounts for customers
- Flexibility of deriving different tax calculation based on different delivery address for the same customer
- Easy extraction of Receivables aging report for any point in time
- Ability to record payments segregating the channel like checks, wire, credit card, EFT
- Ability to automate bad debts process and minimizing the risk of loosing traceability
The term financial reports is typically used to refer to an Income Statement a Balance Sheet or a Cash Flows Statement. A Financial Reporting solution should be able to provide these reports for each business unit whenever it is required by the managers. It should also provide the ability to the decision makers to slice and dice data based on different statistical properties or on different accounting dimensions.
Get a comprehensive ability to the users to extract and analyze data in a manner that suits their decision-making needs. Following brief list provides examples of what can be achieved in terms of Financial Reporting:
- Availability of layouts of strong financial reports including Income Statement, Balance Sheet, Cash Flow, Trial Balance.
- Ability to connect to Business Intelligence for the purposes of both Financial and Non-Financial Analysis
- A range of pre-configured dashboards to enable user to use their choice of dashboard for decision making
- Out of the box multi currency ledge and trial balance reports
- Availability of large set of quires that provide an excellent way to view and extract financial information
- Library of hundreds of reports supplied as standard, including legal reports
Budgeting and Accounting
Budgeting is the process of planning, managing and controlling spendings on different heads. A strong budgeting solution should ensure that the business will always have money required for the business operations and investments. Accounting on the other hand referred to recording of financial events that happen over the course of conducting a business.
A good ERP solution ensures accuracy and completeness of accounting transactions. A comprehensive solution for budgeting and accounting. It also provides a great deal of flexibility in these areas. Followings is a brief list of benefits that can be achieved in budgeting and accounting areas:
- A is multi-language, multi-company, multi- site, multi-currency, multi ledger, and multi-legislation ERP solution.
- Provides an accounting model for each company that can support up to 10 ledgers
- Ability to use up to 9 dimensions for each ledger
- Flexibility to share Chart of Accounts and Ledgers across several entities
- Flexibility to define Operational and Analytical Budgets
- Flexibility to manage unlimited number of versions of budgets with different status based on company, site and currency
- Out of the box inquiries to enable comparison of the budget, commitments and actuals with a configurable level of detail
Preparation of bank reconciliation refers to the process of matching credits and debits in a business’s bank account with the business’s books or more precisely a ledger. For a business with large number of transactions, this process could be tedious without an accounting software. A good ERP solution should provide the capability or preparation of bank reconciliation statements, a feature to import bank statement into accounting software is also desirable for many businesses.
A powerful and flexible way of preparation of bank reconciliation statements. Following are some of the key features for the bank recondition statement.
- Availability of tools for manual reconciliation for example sorting and searching by amount, type, description, date, reference
- Ability to create adjustments from bank reconciliation module
- Capability to import bank statement files. Structure of the bank statement file is user definable with a dedicated function.
- Functionality to run a process to automatically match each bank operation in the statement to open items or payments according to user-defined search criteria.
- Capability to generate and post payments after completion of the matching
Ready to take your financial reporting to the next level with our solutions?
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