Financial Management (FM)
General Ledger Accounting
- Accounts Receivable
- Accounts Payable
- Asset Accounting
- Bank Accounting
Financial Management provides real-time fiscal information anywhere and on any device. When needed, we make it easy to communicate financial information to external partners. Our flexible accounting and finance tools can gather data and generate reports—which improves insight, automation, and compliance within your organization. We help you develop expansive functionality that supports multiple locations, currencies, companies, and tax codes. We empower managers by streamlining business intelligence so you can achieve optimal fiscal performance.
Freedom from Duplicate Data Entry Troubles
Removes the process of tallying information between separate systems
In-depth Insights from Real-time Data
Provides you with in-depth visibility into the fiscal health of your organization.
Complete Transparency of Financial Information
Accessible, complete, and accurate monetary information
Robust Reporting Capabilities
Includes built-in and customizable filters that can be applied as needed for quickly generating accurate financial reports
Fewer Human Errors
Reduces the risk of generating incorrect invoices or paying more or other accounting issues that arise from inappropriate data input.
Financial Data Security
Provides multi-layer security to the stored information and provides role-based access to authorized users to prevent security breaches
Simplifies the activities related to accounts payable and accounts receivable, removes cash flow issues, and improves cash management
Manage All Your Accounting and Financial Needs
An efficient way to manage financial information, monitor costs, measure revenues, and oversee other aspects of your accounting process
General Ledger Accounting
All general ledger accounts that are used for reporting are managed through general ledger accounting. Chart of Accounts can be set up in the system which are accounts that will be used for the preparation of financial statements. Most of the transactions are recorded in sub modules and they are reconciled with the general ledgers in real time. Transactions that can be done in direct in General Ledger Accounting include journal vouchers which are posted to adjust or correct transactions. Reversals can also be done from general ledger accounting. Balances in general ledger accounts can be displayed and trial balances extracted from the system.
Accounts receivables is a sub module that captures all transactions with customers and manages customer accounts. Separate customer accounts will be maintained and when transactions are posted in customer accounts, reconciliation accounts in general ledger are updated with the figures in real time. Transactions in accounts receivables include invoice posting, credit memo posting, down payments, invoice payment, dunning and executing customer reports.
Accounts receivable allows your business to manage all of the funds customers owe them. It will track customer payments as well as manage invoices and cash.
Accounts payables is a sub module that captures all transactions with vendors and manages vendor accounts. Separate vendor accounts are maintained and when transactions are posted in customer accounts, reconciliation accounts in general ledger are updated with the figures in real time. Transactions in accounts payables include invoice posting, credit memo posting, down payments, invoice payment, automatic payment program and executing vendor reports.
Accounts payable will manage all of the funds your company owes to your vendors and other creditors. An accounts payable feature integrates your payable data with your purchasing system so you can take control of your cash flows. Automating accounts payable will save you money and time on labor hours as well as avoid human errors.
Asset accounting manages all transactions realted to assets for an entity. When transactions are posted in asset accounts ,reconciliation accounts in general ledger are updated in real time. Transactions in asset accounting include asset acquisition, asset retirement, asset sale, asset transfer, asset revaluation and asset depreciation.
Asset management gives your organization better visibility in terms of utilization, costs and maintenance. For example, keeping track of the depreciation of your assets can help you forecast expenditures and create budgets. If you are aware that your equipment is aging and may need maintenance soon, you can plan accordingly for those payments.
Bank accounting captures all transactions with the banks. Bank reconciliation is done to reconcile all transactions recorded on bank statements comparing them to transactions in the system.
All SAP FI sub-modules are integrated and transactions are updated in real time which means accurate financial statements can be extracted from the system at any time.