General Ledger Management
This module enhances visibility into virtually all standard financial transactions such as
accounts, receivable, accounts payable, payroll, and sales orders. Additionally, accounting
software packages allow finance professionals to quickly and easily conduct consolidations by
dynamically combining multiple ledgers (such as those from different departments or business
units) into a single, complete financial statement.
Controlling and Budget Management
With an accounting software solution, financial teams can achieve and maintain tighter control
over departmental and corporate budgets, and conduct more rapid and accurate internal and time
accounting, cost accounting, product costing/cost of goods sold assessment, and more.
Cash Management
Many businesses struggle to correctly anticipate their cash flow requirements. Accounting
software applications, and their cash management capabilities, can help a business more
accurately assess both their current and future cash needs. Additionally, it can automate
reconciliations, as well as the processing, execution, and Lacking of all transactions that directly
impact available cash levels.
Financial Forecasting
Effective financial management is about more than just analyzing past trends, it’s about using
that insight to enhance future planning. With an accounting software system, a business can more
accurately predict and estimate potential profits and pending losses, revenue and cash flows, and
other important financial events. They can then use this information to define and implement
more successful corporate strategies.
Fixed Asset Management
Tracking a fixed capital asset portfolio can be a complex process, particularly for those
businesses that own an extensive amount of real estate or capital equipment. But, with an
accounting software solution, the evaluation, acquisition, operation, maintenance, and valuation
of all types fixed assets is dramatically simplified.
Compliance Management
Because financial regulations have become much more stringent in the last several years, most
accounting software applications provide complete transaction audit trails, as well as rules-based
controls and advanced reporting capabilities that help facilitate compliance with Sarbanes-Oxley,
BASEL II, and other laws and guidelines.
Advanced Financial Planning
In the past, most companies have created their financial and business plans by analyzing
historical data, to uncover patterns and trends that may provide some indication of future events.
However, that approach provides only a portion of the insight needed. That’s why some
accounting software packages have incorporated advanced planning tools that simulate potential
business scenarios, such as mergers and acquisitions. This can help a business better predict how
major decisions will impact their financial standing.
Kavungya answered the question on May 14, 2019 at 07:05