The finance and accounts module within an ERP software offers detailed statistics and reports on a business’s financial status. Every business requires a robust solution to address financial errors and challenges, and this module provides exceptional solutions for finance-related issues. Financial procedures are often complex, with intricate steps and calculations, making them difficult to manage without the right tools. ERP for Finance & Account Management helps to ease this task.
ERP software for finance and accounts is a powerful asset for any industry, resolving various operational difficulties. This module manages and generates reports on general ledgers, assets, receivables, cash flows, and more. This empowers businesses to track financial data and information, providing absolute control over their finances and achieving Digital Transformation.
ERP systems for finance and accounts enhance the overall financial health of an industry. PACE360 ERP, in particular, has transformed the finance and accounts operations in numerous sectors, including the steel, plastic, and mining industries. By automating processes, PACE360 ERP has streamlined operations, leading to significant improvements in efficiency. ERP for Finance & Account Management from PACE360 ERP has positively impacted these industries, revolutionizing their financial management.
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Enhanced Financial Control through Integrated ERP Systems
The finance and accounting department is essential to every business, regardless of their unique working methods. Financial managers universally aim to:
– Improve profit margins
– Minimize expenses
– Promote savings
– Ensure investment safety and optimization
– Increase the firm’s value
From estimating capital requirements to managing cash flow and controlling finances, the responsibilities of the financial team are vast. ERP systems consolidate data, providing a unified platform for these tasks.
An integrated ERP system enhances cost accounting by enabling managers to accurately define budgets and allocate costs for raw materials, labour, transportation, and other overheads.
Whether it’s processing vendor payments, managing employee wages, or conducting financial forecasting, an ERP system streamlines all finance department activities. By using a single ERP system to oversee multiple departments, businesses can reduce costs, boost productivity, and improve processes.
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Improved Financial Tracking and Management with ERP
ERP financial management software efficiently handles customer payment schedules, revenue tracking, and credit management. With built-in CRM (Customer Relationship Management) systems, it automates reminders and minimizes customer complaints.
The increased tracking capabilities and user-friendly automated payment systems allow for easy management of billing, payments, and revenue.
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Real-time-visibility of Financial Data
Well-organized processes and optimized resources enable businesses to better explore future opportunities for enhancing profitability. ERP systems for finance offer fast access to detailed information, allowing businesses to identify the best strategies for growth.
An ERP finance module ensures the confidentiality of financial data, allowing you to control access and manage information securely. Multiple reporting options and modules reduce the need for spreadsheets and paper files, enhancing security.
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Integrated and Automated Data Across Global Operations
ERP software provides immediate data synchronization, improved data quality, and an up-to-date view of the organization at the push of a button.
Generating, consolidating, and managing company-wide business processes becomes seamless with an ERP system. Shared management tools and integrated financial modules track accounting data according to international standards, supporting multiple languages, currencies, companies, and charts of accounts.
ERP systems gather financial data from various departments to generate reports like the general ledger and other financial statements. The seamless integration of data makes ERP indispensable for modern businesses.
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Greater Financial Control with GAAP-Compliant ERP
While typical accounting software may not comply with GAAP, a comprehensive ERP solution usually does. GAAP, adopted by the US Securities and Exchange Commission, provides a systematic methodology for recording transactions and events.
A robust ERP solution promotes productive financial reporting compatible with multiple accounting standards, including GAAP.
PACE360 Module of ERP is capable of following
| Inventory (Item) – Sale + Purchase : Account | Fixed-Assets Accounting with Depreciation | Purchase – Bill Discounting Realization and Crystallization of |
| Active / Non Active Master items / parties | Division (Cost Center / Profit – Center) – A/C | Discounted Bills |
| Budget Accounting (On-line / Off-line) | GST Set – Off / Return | Agent Accounting |
| Built – in Audit controls | Foreign Exchange Pur. / Sales | Transporter Bill Passing W.R.T. Invoicing Lorry Receipt (LR) Module |
| Multi Currency Support, Foreign Exchange Variance | Multiple Audit Closure | Joint Venture Parallel Accounting |
| Funds Flow/Cash Flow | Inter cost center Secondary Allocation | Insurance – Transit and Fixed Assets |
| Bill-Passing Advice / Audit – Report Generation | WIP Shop / sub-ContractorValue Added Accounting | Depot / Branch/C&F/ Consignment Agent |
| Bank Advice & Cheque Printing Module | Dealer Security deposit and Incentive schemes | Interface for EFT (Electronically Fund Transfer ) |
| Post-Dated Cheques (Payments / Receipts) | Flexible Finance Allocation | Letter of Credit – Purchase / Sales |
| Loan Accounting (Fixed Deposits / Investments) | Supplementary Invoice of Retrospective Rate Changes | GAAP and IFRS Compliance |
| Bank Reconciliation, Interest, Bank-Limit Utilization | Captive capitalization | Bank Guarantee, Earnest Money, Security Deposit |
| Provision Accounting (On-line / Off-line) | SBU Accounting with self balancing J.V. Multiple Trial Balancing | |
| Sale Bill (Invoice) Discounting |
Features of the ERP for Finance & Account Management
The finance and accounts module of an ERP system is designed to help businesses effectively track and manage all financial records of the company including profits. Since businesses thrive on profits and investments, it’s crucial to monitor these elements closely. Properly monitoring the funds invested in the business can achieve successful production and generate significant returns.
The Finance and Account modules of an ERP enable businesses to identify the sources of their profits and assess the returns on their investments. It offers a range of tools and strategies aimed at enhancing profitability across the industry.
ERP software for finance and accounts analyzes historical transaction data to devise various methods for boosting profits. Business leaders with a strong grasp of management can leverage these tools to maximize their financial outcomes.
Financial Analysis
The finance and accounts module provides a comprehensive overview of a business’s financial status, with all relevant information readily accessible on the dashboard.
All financial transactions are recorded and stored on a central server, ensuring that information is available at all times. The module retrieves this data and generates detailed analytic reports.
These reports are presented in a user-friendly format, enabling the management team to easily understand and act on the insights provided. Financial analysis is a key component of the finance and accounts module, supporting informed decision-making.
Billing and Invoicing
The finance and accounts module automatically generates bills and invoices, ensuring they are properly formatted and free of calculation errors. This module ensures minimal human error at every point of calculation leading to accurate account statements.
Invoices are systematically stored in a central repository or server, making them easily accessible to authorized personnel. Each client’s and customer’s invoices are organized in their respective folders, preventing any misplacement.
Digital storage of bills and invoices eliminates the need for physical paper trails, leading to substantial operational cost reductions for the business as well as making the business paperless. Moreover, bills in foreign currencies are automatically converted to the local currency for easier comprehension. Thus, ERP for Finance & Account Management helps manage multi-currency billing giving business a global exposure.
Ledger
Managing ledgers becomes effortless with the finance and accounts module. All entries are directly recorded in the General Ledger (GL), which provides comprehensive transaction details, including date and time.
Accounts Payable Management
Accounts Payable handles all funds the business owes to vendors or investors, facilitating cash flow management and maintaining accurate financial records. This ensures efficient processing of invoices between the business and its vendors.
Accounts Receivable Management
Accounts Receivable tracks fund customers owe to the business, managing customer invoices, outstanding balances, and cash flow. Automating Accounts Receivable processes enhances efficiency and simplifies payment collection.
Benefits of the Finance and Accounts Module in an ERP System
The finance module within an ERP system automates processes, leading to a significant increase in productivity.
It provides real-time financial and account information at any moment, enhancing decision-making capabilities.
Automation within the ERP financial module boosts efficiency by eliminating human intervention, thus minimizing calculation errors.
Centralized information storage allows businesses to easily access data from multiple geographic locations.
The finance and accounts module integrates seamlessly with other ERP modules, sharing valuable business insights.
Proper organization and management are simplified, as invoices and bills are automatically calculated.
This module helps businesses estimate potential profits, aiding in strategic decision-making.
The finance and accounts module is a critical component of Enterprise Resource Planning software. It provides a comprehensive overview of the business’s financial status, enabling informed decisions based on the insights it offers. All financial transactions are securely recorded and stored, preventing the misplacement of important invoices or bills.
The module also supports multi-entity and multi-division configurations, with main-ledger and sub-ledger settings tailored to each entity or division.
The Finance and Accounts Module of the ERP also comes with additional features including multiple mechanisms to prepare final balance sheets, dashboards for better data interpretation and other reports.
Payment Management
- To automate the workflow of payables to prevent any delay.
Finance
- Classification of Chart of Account, General Ledger, Trial Balance etc.
Automated Ratio Analysis and Cash flow Management to check business health.
Audit Trails and Fund Flow Management
Taxation
- All Tax computations including Goods & Services Tax (GST), Excise, TDS, TCS, Service tax and VAT can be configured.
Banking Processes
- ERP for Finance & Account Management handles the entire operations of banking processes in a automated way. These including Receipts and Payments, Automated Bank Statement Reconciliation, Cheque Management, Electronic Fund transfer, Term Loans Tracking
Letter of Credit (L.C) Management
- Complete management from Document Entry, Confirmation, routing and Discounting. Auto allocation of purchase and sales amounts in L.C, Auto bank vouchers have calculated interest amounts and bank charges.
Bank Guarantee, Commodities & Hedging
- Manage bank guarantee limits issued by banks.
- Commodity Trading and Currency Hedging transactions and dashboards
Production Costing
- Vertical-specific and customer-specific treatment to derive Production Cost
Cost Allocation
- Fixed Costs and Variable Cost allocation as per industry standards.
Fixed Assets
- Tracking the complete lifecycle of an asset, from purchase, movement, depreciation and sale management.
Asset Dashboard
- ERP for Finance & Account Management through its user friendly dashboard gives a complete overview and lifecycle of an asset.
Budgeting & Cost Control
- Budget Plans, Entry, Approvals, Amendments. ERP for Finance & Account Management also provides Budget Reports and Variance Dashboard
