Epicor ERP Finance Module
Epicor ERP is the definitive solution to your enterprise resource planning woes. Through a comprehensive system, you gain much more than a financial management software – you gain a fully integrated system that includes accounting, analytics, payment processing, pricing management, invoicing and much more that can streamline your entire business process to better coordinate resource management, remove wasteful logistical bloating and increase overall production efficiency.
What is an ERP Finance Module?
An ERP finance module is a software program that gathers financial data and generates reports such as ledgers, trail balance data, overall balance sheets and quarterly financial statements for company-wide consolidation. ERP Finance Modules are one component of an ERP system that can seamlessly share data points with other core functions of the business, such as customer relationship management, production planning, purchase management and much more.
Some of Epicor ERP’s Financial Management Software Features
The Epicor ERP Financial Management software module is powered by a series of unique global engines that allow you to easily navigate the financial and regulatory burdens that exist in various countries. Designed to help you automate processes, ERP Accounting modules cross-reference data that is normally siloed in specific departments. Epicor financial management provides meaningful insights from real-time data the returns you will see an immediate difference in your company’s ability to diligently respond to red flags that arise.
The various engines that exist within Epicor ERP include:
- Rules-based posting engine – This enables you to configure rules for how transactions from subledgers are managed within the general ledger.
- Configurable tax engine – This allows you to define tax rules and calculations to meet the needs of unique tax requirements and jurisdictions internationally, and update them as often as you need to.
- Legal numbering engine – This contains a global legal numbering engine that manages legal numbering of every single printed transaction that you send to customers and suppliers. Some of the transactions that the legal numbering engine affects are purchase orders, sales orders, promissory notes, credit memos, AR invoices, and payments
- Multicurrency engine – This provides you with the ability to define unlimited currencies, print reports in both functional and base currencies, enter transactions in any currency and process payments or receipts in any currency, as well as revalue transactions within the General Ledger, Accounts Receivable, Accounts Payable, and Bank Accounts.
- Rounding engine – This allows you to configure rounding rules that may be created for specific customers, countries, currencies, and in support of local businesses or legal practices. It supports up to three decimal places for high precision.
Epicor ERP Accounting Module: General Ledger
The Epicor General Ledger (GL) is an powerful tool in its own right. The Multiple Books functionality provides you with unlimited financial books to support budgeting and forecasting, statutory and government accounting versus management accounting (i.e. US GAAP and non-GAAP), and comprehensive consolidations. All of its features come together to provide you with the ability to handle your subsidiaries in a fully integrated view of the financial reality that your company operates in.
Epicor Financial Management allows for up to 20 user-definable segments within the Chart of Accounts (COA), which can be used to record, store, allocate, and report on important financial data at a highly granular level. The system also allows for users to define the frequency at which balances on accounts are captured and stored, and update account balances as frequently as required by the organization.
Within Epicor Financial Management, you’re able to merge balances (and underlying transactions) from one or more books into a single consolidated view of financial information while simultaneously creating the supporting elimination journal entries as a result of the process.
As you can see from this mere glimpse into the true power of the Epicor ERP Finance Module, you gain a nearly infinite amount of financial possibilities when leveraging the Epicor ERP software. If this has raised questions that you would like answered, please feel free to contact our implementation team to learn more today!