Finance

Finance

Financial systems aren’t just about making sure money is properly tracked. The right system monitors company resources, supports daily and long-term organisational activities, provides insights for improvements in productivity and profitability, and empowers key stakeholders with the information they need to make decisions about the organisation.

As with any team or system within a company, there are times when growth or roadblocks signal a need for improvement. These changes help realign the existing team or system with current resources, short and long term goals, and current or anticipated needs. So what does the right financial system look like?

Advantages of a Finance System:

• Efficiency
  It makes efficient use of your financial team
• Complete Financial Obligations
  You are able to fulfil your financial commitments
• Digitalised and Integrated
  Your system is error free and integrates with other systems.
• Improves Accountability
  It provides accountability for internal organisational efforts
• Increases Confidence
  It gives stakeholders confidence they are basing decisions on accurate facts and figures
• Greater Visibility
  You are never in the dark about your financials

Credit Control

• Automated
  Streamline debt chasing processes by automating many of the day to day credit control tasks such as reminder letters and placing overdue accounts on hold.
• Protects
  Promotes good cash flow management allowing you to prepare for the future.
• Faster Payments
  Minimise late payments with convenient “Pay Now” buttons on emails, invoices and statements directing customers to pay via Worldpay or Opayo.
• Clear and Accurate
  Improved visibility of actionable and retrospective data leads to more refined forecasting and financial planning

Paperless

It is easy to think that the purpose of going paperless is simply to help the environment.  Whilst this is an extremely positive part, it certainly isn’t the full story. Imagine you had no filing cabinets, no boxes full of paper in store rooms, the ability to send documents at the click of a button and any paper that does still arrive, once processed can be recycled accordingly. This is what a paperless system brings to an organisation.

Some Advantages of a Paperless system include:

• Saves Time
  Time spent filing, organising and searching for paper documents is reduced allowing time to be spent on more productive tasks
• Saves Money
  Removes the need to purchase expensive pre-printed stationery or printer ink/toner, along with reducing the reliance on printers themselves which can also come at a hefty cost.
• Environmentally Friendlier
  Helps the environment by removing the need for all the things that consume power, require manufacturing processes that are bad for the planet or just accumulate ‘stuff’
• Protected
  Boosts security by allowing sensitive data to be stored electronically behind robust and efficient protection
• Effective
  Facilitates the transfer of information by seamlessly sending and receiving documents electronically at the click of a button, even allowing for intelligent software to read incoming electronic documents and process them accordingly meaning nothing need ever be printed (Invoice recognition)

Invoice Recognition

With automated supplier invoice processing software, not only can you gain complete visibility and traceability into the history of invoices, but you can also gain details such as the date the invoice was received, time the invoice was processed, and if the invoice was rejected for any reason, whilst also ensuring all processed documents are correctly approved through the proper channels.

• Increased visibility and control
  Allows businesses to digitally submit, view, and approve invoices with the touch of a button, providing full visibility and control over vital financial data.
• Reduces errors
  Takes away the risk of human error because unfortunately, tasks such as data validation or inserting information into systems are more prone to error with humans at the wheel than automated systems.
• Facilitates productivity
  Takes care of the small stuff allowing your team to focus on the important and more productive elements of the day to day that keep those vital cogs turning.
• Real-Time
  Aids real-time visibility of data to help in strategic decisions being made quicker and based on reality rather than projection or retrospective thinking.

Financial Consolidation

Have you ever wondered what it would be like to work with software that basically handles financial consolidation for you? One that lets you start the entire process of preparing financial statements with a single mouse click?

This is exactly what consolidation and group controlling software makes possible. By automating as many aspects as practicable, our financial consolidation software can reduce your workload and guide you through every step of financial consolidation in a targeted-oriented, audit-compliant manner. Predefined processes, an intuitive interface, and a transparent data model make each individual step simpler. Put your trust in our tried-and-tested software – your auditor will appreciate it too!

• Accurate
  Reliable representation of simultaneous and step consolidation.
• Streamline accounting processes
  Simultaneous presentation accounting standards.
• Matrix consolidation
  Consolidation of segments, consolidation of business units, consolidation of regions etc.
• Automated processes
  Completely automated procedure across all consolidation steps and group structures of any depth.
  
• Multi-Currency
  Foreign and group currencies and Disclosures.
• Fully integrated
  Complete data integration within one data model.
• Easily maintained
  Simple to update structures, chart of accounts, and master data.
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Intercompany Trading

If you have companies that trade within a group, then it can become quite a laborious task to represent this trading transactionally. With intercompany trading software this process is simplified, automated and streamlined with zero reliance on duplication of entry and full auditability.

• Automated documents and nominal transactions
  Create VAT Invoices or Nominal Journals based on company-to-company VAT relationship
• Enter Purchase Invoices
  and apportion to other companies
• Streamline allocations
  Post cash and pay invoices in subsidiary companies
• Straightforward stock transfers
  Carry out stock transfers with appropriate financial transactions automatically created
• Simplify orders between companies
  Allow inputting of a sales order (or purchase order) in one company to create a purchase order (or sales order) in another company
• Simplify invoicing between companies
  Allow inputting of sales invoice (or purchase invoice) in one company to create a purchase invoice (or sales invoice) in another company
• Support foreign companies
  Handles companies in foreign base currencies
• Flexibility with the Nominal Ledger
  Exclude Nominal codes where Intercompany VAT invoices are not required