Financials


ACCOUNTING
Fintechs, Bank Transactions, Fixed Assets, e-Books myDATA, e-Invoicing

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OPEN ACCOUNTS & CREDIT CONTROL
Organize & plan collections, Credit control

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PROJECTS & CONTRACTS
Project Management

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EXPENSES & COST CENTERS
Costing per Activity, Cost allocation, Operating cost analysis

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BUDGETING & CASH FLOW
Dynamic budgeting tools & automated cash flow from multiple sources

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FINANCIAL REPORTING
Revenue & cost analysis, Liquidity KPIs, capital structure, profitability, etc.

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Financial department task map

ACCOUNTING

FINANCIAL MANAGEMENT

  Daily tasks

  • Entering Expenses
  • Customer Invoicing
  • Customer contact for collections
  • Bank contact
  • Monthly payroll
  • Tax payments

  Closing periods & reconciliation

  • VAT reconciliation – VAT declaration
  • Balance agreements with customers and suppliers
  • Schedule vendor payments
  • Accounting reconciliation - Monthly Balances

  Organize & Control

  • Credit control
  • Monitor cost centers
  • Payment approvals
  • Contract monitoring
  • Balance Sheet & Results

  Forecasting & Planning

  • KPI Metrics
  • Profitability analysis
  • Cash flow forecast
  • Budgeting & review
  • Organization of processes

Accounting & Tax management

Financial Technologies are technologies for the automation of business processes related to finance.

ERP as a bank teller - Online payments, Online statements, Export data, Import (avoid typing entries)

Tax-Free Integration - Integration with transaction tax refund providers for global shoppers

Credit Cards Processing - Automatic approval of credit card transactions - Automatic clearing

Courier Integration - Shipping management, deliveries, PoD, cash on delivery, traceability

Mobile xVan & FlyPos - Credit card use for “on field” sales with xVan application

The user can connect securely and be informed about the movements online.

Online direct payment to the Bank

Bulk automatic payments from a list of approved payment orders

Import transactions – recognized & imported with no re-typing

Information – Bank statements

Acquisition

  • Inventory
  • Purchase - Import from abroad
  • Stock capitalization
  • Capitalization of expenses

Depreciation

  • Tax, Accounting, Management depreciation types
  • Regular, extraordinary & idleness depreciation
  • Linear, Descending, Total method

Changes

  • Repair
  • Return
  • Supplier Discount
  • Inactivation
  • Gratuitous loaning
  • Transfer to another cost center
  • Sale – Destruction - Self consumption
  • Stocking

End-to-end solution for updating the “myDATA” platform of Tax Authorities.

  • Sender functionality
  • Receiver functionality
  • Offsetting entries
  • Bulk processing of records
  • Algorithm for automatic matching and characterisation of summary records
  • Automation - security - discrepancy checking
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  • Automated delivery of documents
  • Safe electronic archiving
  • Proof of delivery & reading of sent documents
  • Update of e-Books (“myDATA” platform)
  • Tax incentives & investment exemptions
More...

Open accounts & credit control

Organize & plan collections

  • Formulation and implementation of credit policy
  • Separation of accounting from receivables

  • Send automated e-mails, SMS and balance agreement letters
  • Reminder letters for overdue balances with different levels of severity
  • Creation of a periodic communication plan for debt collection with appropriate prioritisation
  • Easy recording of contact details by the assigned executives
  • Checking repayments, payment promises, defaults, scheduling future communications
  • Recording of complaints and dissemination throughout the business of the picture of customer cases
  • Tools for analysing and monitoring the efficiency of collections (repayment ratios, collection targets, number/duration of calls, etc.)

Credit Control

Clients rating

  • Evaluation of credit behavior based on financial KPIs
  • ABC Analysis
  • ICAP rating based on overall market / industry data

Credit Control examples

  • Credit limits - Dynamic sliding ceiling - Risk
  • Maximum order amount
  • Days of late payment

Types on control

  • Online
  • Remotely
  • Amount levels per role, e.g. Up to Χ amount at CFO
  • While ordering in the field (mobile SFA)
  • Via web app (Entersoft Request-For-Approval)

Projects & Contracts

Information

01

  • Data collection form all parts of a project
  • Online updates
  • Project P&L
  • Drill down

Project design

02

  • Research
  • Task definition
  • Resource planning
  • Budget

Project execution

03

  • Planning and assigning of tasks
  • Task execution

Assessment Invoicing

04

  • Timesheets
  • 3rd party expenses
  • Automated invoicing of services

Expenses & Cost Centers

  • Activity Based Costing (ABC) for activities, products, distribution channels, customers

  • Allocation sheets with %, weights or dynamic criteria (e.g. allocation of administrative costs to branches, based on their contribution to turnover!)

  • Online or retroactive allocations with the possibility of identifying cost centres per 'line' of expenditure

  • Drill down at the origin of costs

  • Budgeting by cost center and early control of overruns

  • Ready P&L

Budgeting

Monitoring the Budget of all departments within the system with a range of tools for ease of compilation (historical data, bulk application of arithmetic operations, transfer to excel, etc.) and automated ready-to-use reporting of budget execution progress in cubes and dashboards

Expense budget
Purchasing budget
Depreciation budget
Production budget
P&L budget
Sales goals
  • On line / real-time monitoring of budget execution
  • Timely control of points of revenue delay and cost overrun
  • Timely prediction of future liquidity problems
  • Forecast of production costs and profitability of products
  • Measures (WHAT is monitored) & Dimensions (BY WHAT it is monitored)
  • User rights, checks, approvals history of changes, areas of responsibility
  • Calendarization models e.g. based on item seasonality
  • Top-down setup, with distribution of totals at dimensions (by level)
  • Starting from amounts of previous years (+/-)
  • Microsoft Excel integration (copy, edit, paste)

Cash flow

The system creates the cash flow picture online in an automated way, using the payment methods and all the repayment forecast data in each subsystem and integrates it into the system:

  • Actual cash holdings (using also "valeur")
  • The expected repayments of invoices and securities based on their maturity
  • The expected cash flows based on commercial agreements (turnover credit, etc.)
  • The planned inflows and outflows based on the expected servicing of open purchase and sales orders and the settlement agreed therein
  • The tax return and/or tax refund forecasts
  • The estimated conversion into future cash of budgeted income and expenditure
  • The possible occurrence of exceptional events (risk-opportunity scenarios)

It presents all these in 4 distinct columns (based on "certainty") and provides drill downs for justification/analysis of the origin of the amounts. At the same time it enables with simple criteria dynamic change of display for groupings and expected liquidity totals by: Bank, Contract, Project, Branch, Cost/Profit center, Time period (day, week, 15-week, month).

Financial reporting

 

Financial reporting through Excel

Liquidity KPIs

Revenue & cost analysis

Download the PDF file

with the Detailed Certification Report of the Entersoft Business Suite

Entersoft Business Suite ERP, ERP for Mixed Mode Manufacturing completed the certification program of Technology Evaluation Centers (TEC), the world’s leading online provider of software selection tools, services and research materials, that help enterprises evaluate and select the best enterprise software for their needs.

Entersoft is one of the very few business software vendors in Central and Eastern Europe to have its software certified by TEC. Entersoft Business Suite ERP proved that it competes dynamically in the global business software market, empowering its expansion to more countries.