Financials & Accounting
Financials & Accounting in abas ERP
Whether you're a small company or a multinational corporation – business success is largely dependent upon accurate understanding and management of your finances. Important strategic decisions are made based on business key performance indicators (KPIs), and a healthy financial foundation enables you to grow, tap into new markets or change your product offering. And, last but not least, countless legal and tax requirements must be observed.
Do you find working with numbers complex and boring? No problem! abas provides a fully integrated finance system that performs many of the tedious tasks for you. It's automatic, accurate, reliable and doesn't have any annoying interfaces to third-party providers.
Manage your finances
Accounts receivable and accounts payable, cash book, payment transactions, open items -- abas financial accounting records, posts, checks and visualizes all business transactions and provides you with a complete overview of the value flow and financial movements in your company. Fixed assets accounting is also integrated in abas, so that in just a few mouse clicks, you can trace the status and value of your fixed assets throughout the entire life cycle.
Entrepreneurial thinking goes hand in hand with effective cost accounting: abas analyzes the financial accounting figures and shows you the products that will really earn you money as well as products or processes that may be negatively impacting your bottom line. You can monitor your expenditures wherever they occurs, compare actual figures with planned figures, and make cost-oriented, strategic decisions.
Protection of liquidity is indispensable for mid-sized companies. abas supports you with predictive planning of your cash funds, compares all liquidity-relevant incomings and outgoings, and determines the available financial flexibility.
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Accurate valuation is extremely important because of its role in linking production and accounting. abas ERP’s material cost posting uses precise calculations to determine the exact value of your inventory, regardless of the state of production that your stock currently is in. abas ERP’s flexible system can work with whatever type of stock issue you use to create a real-time valuation of your inventory.
Financial accounting is a key factor in every business decision you have to make. abas ERP is fully integrated with financial accounting, which provides clear insights into the data and value flow of your company. Any tax code can be defined in abas ERP allowing you to easily comply with any rules or regulations.
abas ERP is fully integrated with fixed asset accounting, allowing you to easily trace all asset acquisitions and depreciations. You can save any relevant information about your assets and access it directly. The accurate documentation of all your assets, including calculated depreciation, makes it easy to comply with relevant tax rules.
Cost accounting! Keeping costs down is the best way to increase profit margins. With abas ERP cost accounting monitoring your costs is simple, allowing you to easily manage your costs. Evaluations are provided to help you make well-informed decisions. Automated processing will allow you to reduce errors and save time when reviewing your profit analysis.
Liquidity planning is an important factor in the planning of payments. abas ERP allows you to easily control liquidity and solvency through the planning of your payments. You can also easily compare due date scenarios to help in the decision making process.
Keeping track of your inventory is an important part in factoring the actual cost of your inventory. abas ERP perpetual inventory costing offers real-time inventory tracking to ensure that your inventory valuation is as accurate as possible. Your inventory report ensures that your counts stay consistent across all locations.
abas ERP is integrated with corridor controlling for planning your financial figures. This allows you to accurately plan revenues, profits and cost objects. The corridor controlling also serves as a report system for auditors that helps them prepare their auditor’s report.
How ERP systems optimize finance and accounting
Professional ERP software has an integrated accounting component to streamline commercial and business processes as well as project and production processes. Decision-makers do not usually attribute major strategic importance to these functions when selecting a software product – a mistake, because many mid-sized companies are still wasting a lot of potential in the field of financial accounting. They process invoices manually, don't store them uniformly and have a complicated release procedure, while inventory lists and depreciation plans are maintained in Excel. Or they use island solutions for accounting and controlling, which are not linked to the ERP system.
Conversely, requirements with regard to the quality, transparency and topicality of business data are increasing due to growing competitive pressure – even in SMEs. Analyses, planning scenarios and simulations for predictive corporate management are becoming increasingly important, in addition to the correct mapping of value flows. Whether fixed asset accounting, cost accounting or liquidity planning for an individual company or corporate group: Integrated ERP systems combine all important data from the different corporate divisions, coordinate workflows in accounting and visualize the information required for controlling. Recurring processes can be automated, releasing additional scope for strategic considerations. Legal accounting requirements are automatically taken into consideration and continuously adapted to the current status.
In financial accounting, payment runs are optimized and executed on time, and open items and incoming invoices are managed. The drill-down function allows reports and diagrams to be exploded down to the individual document.
Automatic material costing significantly simplifies the systematic recording of material consumption quantities and the complex “Work in Progress” (WIP) calculation, which are valuable decision-making aids when determining the best inventory and thus reducing current assets.
Fixed asset accounting provides you with all information about all assets at all times, from the master data to invitation to tender data and on to inventory lists. All common depreciation and commodity types are defined in the system, depreciation can be calculated on an exact monthly basis and a daily preview shows the future depreciation pattern – an important instrument for strategic investment decisions and optimized risk control.
Is your order situation good but your company is still barely producing any profit? Targeted cost control requires sound cost accounting. Typical questions are: How did costs develop in general – and is this development reasonable? Which department generates the highest costs? Which products are particularly profitable and should be offered more? Which minimum price must be achieved for income to cover costs? Which production methods can be used to minimize costs? Does it make sense to purchase services from other companies (“make-or-buy” decision)? System-based cost management enables simple posting by cost type, cost owner, cost center and project, and thus offers multi-dimensional selection criteria for evaluations and complete cost transparency. With common report types from actual cost accounting to project cost accounting and on to direct costing, the figures speak for themselves and ongoing profitability monitoring is a breeze.