The ERP Finance Module functions as the main controlling centre in most of the ERP software systems. Many small and large scale organizations reap rich benefits through this finance module. In the present day business scenario important financial decisions are made on the basis of the current updated data and information, and not from the previous records. The data reflects the true picture of the overall organizational activities being carried out irrespective of the geographical locations of the business.
The future of the organization largely depends on these useful data. Keeping a focus on the financial targets, the components of the ERP Finance Module work in synchronization that improves the profitability and the level of efficiency through the well integrated software solution. This ERP integration encompasses all the important aspects starting from planning, budgeting, material management and manufacturing, checking of inventories, vendors and suppliers till the just-in-time delivery of the finished goods to the customers and also generates important financial reports. ERP Financial Module helps in speeding up the manufacturing processes by monitoring the cash flow that ultimately results in higher productivity and better profitability.
1. The General ledger module which is the basis of the accounting system deals with the present and future financial requirements of the organization.
2. The G/L Security Module provides the controlling power of accessing the general ledger accounts to limited users.
3. G/L Consolidations enables the transferring and merging of the General ledger account and the transaction information between different organizations and provides a standard feature of consolidated data and information including the particulars of audit trails.
4. Inter company transaction module helps to access the General ledger accounts and the Account payable transactions that affect other organizations due to automatic distribution of transaction between the organizations.
The transaction based ERP Accounting module involves all the accounting functions starting from the voucher creation to the balance sheet with accurate evaluation of profit and loss in lesser amount of time. Monitoring the income and expenditure through budgeting and variance analysis, defining cost centers and cost allocations, evaluating the arrears of payables and receivables with ageing analysis, the module ensures the total functioning of the accounting department with utmost accuracy and efficiency.
The module starts functioning by the creation of accounts through purchase and marketing. It provides the updated financial figures to the authority along with the voucher entries on a regular basis. Bridging the gap between the sales and procurement processes, this module generates the documents of amount payables and receivables. It also monitors the fund manipulations by properly defining the source and the application of funds through balance sheets, voucher entries, schedules, entry of debit/credit, various receipts and payments etc. finally generating the financial reports.