1. Home
  2. ERP
  3. Financial

By: Peter Poletti

Posted:

Financial Functions & Features

The Financials module provides features and functions that allow accountants and financial managers to ensure financial transactions are tracked and properly recorded, and that this information is available via reports and other data retrieval tools. Traditionally, this module includes the general ledger, accounts payable, fixed assets, cost accounting, cash management, accounts receivable, and financial reporting submodules. Financial Functions & Features are an important module of the comprehensive ERP RFP Template for Discrete Manufacturing.

The ERP RFP template with Financial Functions & Features for ERP is a Microsoft Excel spreadsheet (.xlsx) featuring a total of 3761 decision criteria. The ERP RFP template allows you to quickly and easily prepare the business, functional, and technical requirements sections of the solicitation package you'll send to ERP software vendors. It ensures for:

  • complete response from each ERP software vendor
  • deep and accurate evaluation of submitted ERP proposals
  • impartial side-by-side comparison of ERP solutions evaluated
  • rational and documented selection of the best matching ERP system

The ERP software comparison report can save you up to 90% of the time you would have otherwise spent comparing all the ERP solutions from scratch.

The Financial Functions & Features comprise the following elements:

  • Accounts Payable (A/P)

    Accounts payable schedules bill payments to suppliers and distributors, and keeps accurate information about owed money, due dates, and available discounts. It provides functionality and integration to other areas such as customer service, purchasing, inventory, and manufacturing control. The software should support the following functionality: AP company policies and procedures; suppliers/voucher master data; payment controls; invoice processing and aging analysis; payment processing; journal voucher processing; AP ledger posting; check processing; AP transactions and controls; and AP reporting. Accounts Payable (A/P), Financial Functions & Features
  • Accounts Receivable

    Accounts receivable tracks payments due to a company from its customers. It contains tools to control and expedite the receipt of money from the entry of a sales order to posting payments received. The software should support the following functionality: AR company policies and procedures; customers/voucher master data; bill processing and aging analysis; credit management; cash/payment application, receipt processing; journal voucher processing; AR ledger posting; multicurrency accounting and conversions; AR transactions and controls; and AR reporting. Accounts Receivable, Financial Functions & Features
  • Financial Reporting

    Financial reporting enables robust analysis of company performance through delivered reports. These reports will allow individual business units to view their financial information, while parent companies can roll up all business subsidiaries and view the consolidated information. Additionally, solutions should provide user generated reporting tools that are easy to use and provide sufficient depth of and access to the financial data to permit comprehensive analysis. Financial Reporting, Financial Functions & Features
  • Cost Accounting

    Cost accounting analyzes corporate costs related to overhead, products, and manufacturing orders. It provides a variety of costing approaches such as standard, FIFO, LIFO, average, target, and activity-based costing (ABC). The software should support the following functionality: cost data; cost allocation definitions; cost allocation process; cost management; cost and sales price calculation; activity based costing (ABC); and activity based cost tracing and tracking. Cost Accounting, Financial Functions & Features
  • Fixed Assets

    Fixed assets manages depreciation and other costs associated with tangible assets such as buildings, property and equipment. The software should support the following functionality: fixed assets records; asset transactions; asset depreciation; depreciation books; revaluation and interest calculation; and tax reporting. Fixed Assets, Financial Functions & Features
  • Budgeting

    Budgeting involves budgetary controls, budget accounting, budget development, and budget allocation. The software should provide sufficient tools to enable detailed budget development and analysis. Additional functionality should be available to integrate with project management software applications either natively or with external interfaces. Budgeting, Financial Functions & Features
  • Project Accounting

    Project accounting uses financial practices to monitor the schedules and spending of projects. Project Accounting, Financial Functions & Features
  • General Ledger

    General ledger keeps centralized charts of accounts and corporate financial balances. It supports all aspects of the business accounting process. In this module, financial accounting transactions are posted, processed, summarized, and reported. It maintains a complete audit trail of transactions and enables individual business units to view their financial information, while parent companies can roll up all business subsidiaries and view the consolidated information. General Ledger, Financial Functions & Features
  • Cash Management

    Cash management involves the capability of the system to record cash charges or deposits, recording of cash payments and receipts, cash projection reporting, calculation of expected cash uses/sources, current cash availability, etc. It monitors and analyzes cash holdings, financial deals, and investment risks. Cash Management, Financial Functions & Features

TEC Advisor can save you up to 90% of the time you would have otherwise spent figuring out on your own which ERP solution is the best for your needs.

Compare Now!
Functions and Features