Nowadays, the rise of online community has completely changed the way we do business. It demands to have information at fingertips in order to make informed decisions. Hence, managing accounting information can surely helps a lot to improve your decision-making process and also saves a lot of time and energy. It is a basically a structure used to store, manage, process and retrieve the financial data to ensure the highest level of accuracy in a company’s financial transactions and record keeping.
In the present complex industrial world the management of accounting has become the integral part of the management as it gives the data driven inputs, makes the cost analysis, guides & advises management at every step. Accounting management system not only increases the efficiency of the management, it also improves & increases the efficiency of the employees as.
- Automated, flexible financial process:
A modern general ledger is more than a standard chart of accounts which lets you manage, analyze & present the financial information in the way you want without adding complexity to your chart of accounts or using external reporting tools. It adapts to the optimal business structure & workflows rather than limiting the business flexibility, or force to re-implement the software or re-write the custom code. This software easily lets you to manage the multiple entities, Real time GAAP (Generally Accepted Accounting Principle), IFRS (International Financial Reporting Standards), FASB (Financial Accounting Standard Board), regulatory & compliance reports, multiple Ledgers, Custom workflows & system
- Business Insight:
An accounting management system provides in depth, real time insight into the business, allowing to capitalize on new business opportunities or quickly recognize the need of corrective action. You will be benefited by having the thorough picture of the financial performance of your organization, from high level summaries down to the underlying transaction. To gain a greater business insight the system lets you categorize each transaction by customer, product, and location. It creates reports & dashboards that automatically combines operating dimensions with financial data so that the results can be analyzed for each operating unit, location, project & more. Slice & dice the financial & operational data in the way you want with out using any external tools & also the self service statistical reports can be availed.
- Cloud Architecture:
The AMS has the cloud based architecture, so as to lower the IT cost, technical risk & improve productivity. It gives you the flexibility to choose the best in class solution that focuses on ease of integration with other software solutions to meet the needs of the business, which delivers the productivity by reducing the hardware & software cost , IT time, expense for maintenance, upgrades & support. It reduces the technology risk with enterprise, class security, disaster recovery, back up & performance monitoring.
The Accounting Management System should automate and streamline core financial management functions such as:
- Accounts receivable (order to cash)
- Accounts payable (procure to payment)
- Financial close
- Time and expense capture
- Fund accounting
- Project accounting
- Revenue recognition and management
- Provides accurate information related to budget and actual figures, thus enabling the business owners take proper cost controlling measures.
- Provides timely feedback of current operational activities, which provides better control over the activities of the business.
- Assists in measuring the performance of various departments within an organization.
- Identifies profitable and non-profitable products and services. For instance, if a product is making a loss, it can speed up the process of discontinuing that product and results in saving money.
- Provide comprehensive accounting-related reports
- A complete financial reporting that includes income statements, balance sheets and cash flow reporting
- Total visibility to every transaction along with a detailed trail that shows the time of each entry
- Allow you to create role-based access that controls user access to records and changes
- Also attach digital documents like electronic copies of business documents or scanned copies of signed agreements.