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What is ERP Software - Financial Management

What is ERP Software - Financial Management


Explore Industry Solutions

What is ERP Software - Financial Management

Dec 1, 2015

Aptean Staff Writer

Financial Management

Good business accounting is about more than simple debits and credits, and department-level functionality for General Ledger, Account Receivable and Accounts Payable. Compiere automates all of your financial, distribution, sales and service processes and unifies your enterprise data in a single repository. By taking a unified approach to integrating enterprise-wide business processes and data, your customized Compiere business solution provides you with reliable information for accurate financial reporting and informed decision-making.

Reliable Data

The best business application in the world can't overcome inaccurate, incomplete or incorrectly classified data. With Compiere, you input customer, vendor, and transaction data only once. Compiere shares this information across all departments and users authorized to access the information. When you need to update this data, Compiere ensures that the information becomes available immediately through the entire application. Compiere's intelligent architecture ensures that you are getting the most up-to-date information available whenever you need it. It also reduces the risk of "dirty data" that arises from human data entry errors and synchronization errors between separate information systems.

Standard and Customizable Financial Reports

Generate standard financial and managerial reports including Balance Sheet, Profit and Loss, Statement of Cash Flows and many others. Additional reporting options include customizing reports with Compiere's internal report writer, data access using your choice of 3rd party report writers, or data exports for analysis in spreadsheet or OLAP tools.

Reporting is possible across any user-defined dimension in addition to the following pre-configured dimensions:

  • Balance sheet organization

  • Transacting organization

  • Natural Account

  • Date & Time

  • Transaction

  • Accounting

  • Product

  • Product Category

  • Business Partner

  • Project

  • Marketing

  • Channel

  • Campaign

  • Location (Warehouse, Business Partner)

  • From

  • To

  • Activity (for activity based costing)

Comprehensive Financial Management

Compiere offers comprehensive financial management capabilities. All functional elements of Compiere are global-ready, supporting the complexities of businesses that span multiple organizations, currencies, accounting schema, tax laws and languages. Compiere enables you to customize the system to meet your needs without risking violation of accepted accounting and tax rules.

Customer-Specified Chart of Accounts

At the heart of every financial accounting system is a chart of accounts. Compiere ships with several charts of accounts for you to use. It also provides a streamlined process for you to continue using your own chart of accounts.

Accounting Rule Enforcement

Compiere strictly enforces base accounting rules to ensure balanced accounting entries and overall system integrity. An example of a base rule is that the system will reject an entry if the accounting date is in a closed period.

Tax Calculation and External Reporting

Most tax entries are created by the transaction. Compiere calculates, manages and applies multiple taxes (e.g. GST/PST) as well as local tax. Tax rules create correcting tax entries for Sales Tax and VAT systems. Compiere automates the preparation of reporting to external tax agencies.

Banking Relationship Management

Compiere automates the management of your banking relationships and accounts. Compiere supports the import and export of bank statements using OFX, IFX and SWIFT formats.

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