Epicor Financial Management SoftwareA Financial Foundation For Business Success
You’ve all heard it thousands of times before: the most important part of a house is its foundation. The foundation of a good ERP system is its Financial Management applications.
The challenge most manufacturing, distribution, and professional service organizations have with implementing the Epicor Financial Management software, for the most part, will be to understand how the “Quote to Cash” (flow to your right) financial transactions impact the General Ledger throughout the process? This is where EstesGroup’s experienced financial consultants and our Peak Epicor Implementation Methodology will make a huge difference in how your organization will successfully use this ERP accounting system.
The Primary Epicor Financial Management Software
Within the realm of ERP software, understanding the core functions of the accounting system is essential for efficient financial management. This robust ERP accounting system offers a diverse range of capabilities that empower organizations in managing their financial processes seamlessly. In this comprehensive list, we’ll delve into the key functions that make this system a crucial asset for businesses across various industries.
An Introduction to the ERP Accounting System’s Functions
This is the financial foundation of your ERP system. Epicor’s GL allows for as many segments as you need and also incorporates dynamic segments that can reference business entities in your GL, like Customers or Projects. And with total control of the posting rules you can customize your GL to work any way you need.
Embedded with the Sales Order and Shipping Modules the AR process is just a few clicks. But also incorporating advanced billings, deposit billings, and embedded with the customer data to keep a simple and quick view of your AR statements.
Systematic 3-way matching with your PO, Receipt, and Supplier Invoice. Variances need not apply as they will not be allowed to post.
You deal with multiple countries and multiple currencies. Epicor ERP provides a simple currency management solution that allows you to import today’s exchange rates and revalue your transactions back to base currency.
The application lets you define the depreciation strategy that best accomplishes your objectives for both tax and financial reporting, while meeting your operational requirements.
Easily build and track progress against budget books vs. actual books to see how the business is performing against forecast. Create a sales book for additional analysis or GL reporting for isolated groups without exposing all of your financial data.
Often times receivables need to be classified as deferred revenue and scheduled to be recognized based on time or events that occur. Epicor’s deferred revenue accounting gives you several options on how you want to operate including some automated routines to make life simple in a typically complex process.
ADVANCED FINANCIAL REPORTING (AFR)
Allows the creation and distribution of professional financial reports to company stakeholders. Epicor advanced financial management allows the management and viewing of financial data in a user-friendly and easy to use environment.
Cash provides your company with the flexibility to take advantage of opportunities and the security of meeting unexpected challenges. Cash Management is a proven, reliable application that lets you monitor and forecast your cash position at any time, in any currency.
Automatically computes cost allocations and creates GL journal entries, streamlining accounting and improving accuracy, particularly in the time-critical closing cycle.
Helps eliminate administrative effort, increasing efficiency by providing a secure environment for the recording and management of multi-currency expenses across projects, jobs, and service orders as well as purely internal expenses.
Milestone Billing, % Complete Billing, Cost To Date billing, Project Contracts, Actual Cost Billing, Blended Modes and more are all unlocked with Epicor’s Project Module with Project Billing.
Assists your business in consolidating operations such as procurement and accounts payable as well as offer enhanced tools to improve operational visibility across companies. Automation of inter-company supply and demand transactions as well as financial recognition optimizes enterprise performance to shorten lead times on key product lines.
Manage repetitive billing cycles such as subscriptions, rentals, service contracts, and more.
EstesGroup financial consultants will ask the tough questions above as well as hundreds more to make sure your company’s financial foundation is rock solid.
It starts with doing a Business Process Review (BPR) with your Financial Management team and finishes with doing a complete Conference Room Pilot (CRP) with your entire ERP implementation team that ensures our success. Be prepared to change. Understanding “best practices” helps you bring about the changes that will differentiate your business from the competition. Here are a few questions to begin:
- What Inventory Costing Methods do you use today and why?
- How do you value your Work-In-Process Inventory and when/how do those transactions impact your GL?
- What Deferred Revenue customers/transactions take place in your organization today in accordance with the “Quote to Cash” process?
- What Financial Reports are you not getting from your current system that you need and why?
- How do you handle “Sales Tax” transactions today – AR & AP? If so, which states?
- How is shipping information transferred to AR for Invoicing? Do you accept Credit Card payments?
- Do you use GL Sub-Ledgers? If so, which Sub-Ledgers post to the GL as well as when?
- How do you want Multi-Currency transactions to be handled throughout the “Quote to Cash” process?