ERP Finance Module: The top 5 features
Enterprise Resource Planning (ERP)is a system that integrates finance, accounting, human resources, and operations into a comprehensive business solution. The finance module is an essential part of our ERP system, allowing businesses to manage their financial operations more efficiently and provide critical insights into the organization's financial health. In this article, let's explore the top 5 features of finance modules in our Globe3 ERP system:
1. General Ledger
Globe3 ERP Finance module features the General Ledger (GL), a comprehensive system that records all financial transactions, including expenses, revenue, assets, and liabilities. It provides a centralized location to track and analyze financial data, allowing businesses to gain a complete overview of their financial position.
Users can create and manage multiple ledgers within the GL, with various account groups and subgroups, to categorize and organize transactions efficiently. All financial data is stored in the GL, and entries can be made directly or anywhere within the application. The GL in Globe3 ERP Finance module also allows users to define financial periods and generate critical financial reports, such as balance sheets, expense tracking, and cash flow management. Audit trails and compliance typically fall under financial reporting and control in a finance module.
2. Accounts Payable
Accounts Payable (AP) feature in Globe3 ERP Finance module enables businesses to manage their bills and payments effectively. It allows users to create and manage vendor accounts, record bills and invoices, and track payment due dates. Payment terms and schedules can be set up, and automated payment processing can streamline payment workflows and improve data security and privacy.
Automatic payments like rent or utilities can be established for regular bills or invoices. Users can set the system to create payment batches on designated dates. This feature also enables electronic payments via external payment processors.
3. Accounts Receivable
The Accounts Receivable (AR) feature, another critical Globe3 ERP Finance module component, allows businesses to manage their customer invoices and payments efficiently.
The users can create and manage customer accounts, produce and transmit invoices, and monitor payment deadlines. The AR functionality also facilitates automatic payment processing, including sending payment reminders or account statements and generating recurring invoices, thereby enhancing the efficiency of payment workflows for businesses.
4. Fixed Asset Management
Fixed asset management involves tracking and managing the organization's fixed assets, for example, manufacturing equipment, buildings, vehicles, machinery, and office space, which are long-term assets that are not expected to be converted to cash within a year. It will consider depreciation calculations, compliance requirements, and tax implications.
5. Tax Management
Tax management is an essential component of the Globe3 ERP finance module. It involves managing an organization's tax-related activities, including calculating and recording taxes, filing tax returns, and complying with tax regulations. Tax management is essential for ensuring compliance with tax laws and regulations, minimizing tax liabilities, and avoiding penalties and fines.
How Globe3 Financial Management ERP Software able to help?
Globe3 ERP Finance Module provides comprehensive tools to manage a company's financial transactions and generate accurate financial reports. Our module offers a wide range of highlight features that are helpful for your business growth in today's fast-paced and competitive marketplace. Visit Globe3.com to learn more about our Finance module and other industry ERP solutions or Contact Our Experienced Consultants to answer all your queries.