Eliminating the Burdens of Financial Processes in BatchMaster ERP

Imagine an organization where financial processes are smooth and accurate. Accounts department no longer burn the midnight oil for monthly and yearly closing. Audits are sweet, and adherence to compliance is a child’s play!

This is not a world of a fairy tale! It can be your world also with Finance Module of BatchMaster ERP. Deep dive to know more.

Financial processes are complex and intertwined. Mistake in one process may lead to cascading effect. Companies face many issues in financial processes on day-to-day basis, but there is some help. ?

Wondering What and How? ?

We will tell you everything in subsequent sections of this newsletter.? Stay tuned.

Major Financial Processes Burdens:

As mentioned earlier, organizations face lot of financial processes challenges, like:

Difficulty in audits-

For lot of organizations, audit is no less than a nightmare! Organizations living in manual entry or spreadsheet maintenance era face major setbacks in audits.

This is because often their data is duplicate and ambiguous. This issue in data prevents auditors and employees of the organization to take out meaningful and relevant information. Also, making the data in readable format seems difficult and time consuming for accounts department.

Reconciliation of financial data-

Accounts reconciliation is a big challenge for personnel of accounts department. Erroneous entry, entry gaps, and other issues make data reconciliation difficult in case of manual and spreadsheet methods. Correcting it eats long time and takes huge toll of efforts.

?Expense tracking difficulty-

Various departments of an organization have their own best of the breed systems, but the systems often don’t communicate with each other. This limits the expense data of each department confined to the department only.

The accounts department usually have to fetch data from individual systems, which eventually waste lot of time.

Reporting issues-

Month ends and year ends demand late hour working for accounts staff. Various reporting, including that of P & L, and books maintenance take long time as data from various sources are not clean and fetching them from individual systems is not easy.

Real time inventory costs calculation-

Real time calculation of inventory cost is complex. Besides, warehouse ins, co-products, by-products and finished goods along with intermediate products make it difficult to calculate.

Pending bills and payments-

In an organisational setup, multiple vendors and multiple customers are at play simultaneously. Maintaining individual data and doing calculations of balances is complex in spreadsheet ways. This is often error prone and consumes a lot of time and efforts.??

Compliance adherence issues-

Compliance adherence is tough. Account department have to be quite vigilant in every process to be compliant with norms. Data security, tracking, etc. pose integrity as well as compliance challenges to organizations. ??

Taxation-

It is yet another difficult task and sometimes a challenge, for finance department. Taxes vary from region to region in the same country and also differ from country to country. Keeping a tap on these taxes and updating as per new tax reforms in any of the regions is tough for an organization. Keeping a tap on these taxes and updating as per new tax reforms in any of the regions is yet another challenge for an organization.

Above issues and many more like these cause troubles to financial health of an organization.??

Then what is the solution?

The solution is Finance Module of BatchMaster ERP. Here is how it helps:

Automatic punch of entry-

It has seamless, tight and automatic integration of AP/AR and GL for finance with all other modules which ensures that every transaction is registered, and every entry is punched. One need not to upload or download data (vendor, customer, invoices, vouchers, transactions, GLs,) averting redundant data entry. ?Hence, nothing is missed, nothing is erroneous.

It even offers advance payment options, makes credit notes for returns or credit memo which ensures that not only sales and procurement is adjusted financially, but returns are also well taken care of.

?The software automates financial activities like reports, bank/cash transactions, contra entries, void cheque transaction and reconciliation, making the process more efficient and organized.

Time saving-

Automatic entry of credit memo, AP, AR, GL, credit notes etc., prevents chances of human errors in data and saves time.?

Interconnectivity of data-

Financial data flowing across the organization is synchronized with Finance ERP module of BatchMaster ERP. The system works as a whole and there is only a single truth of data flowing across the system. This prevents ambiguity and brings more clarity in financial data. Thus, at any given point of time, organization can find the real cash flow, take account of P & L and strategize for future.

Security of financial data-

Role-based access to financial data, with additional security of read or read and write rights makes the software secured storage of your financial data. These rights ensure that only authorized person can access the data and only allowed authority can edit it.

Moreover, it has hierarchical validation and approval facility also to provide additional check on the data.

It maintains strong Audit Trails that records every insertion, deletion and modification in the data to curtail any fraudulent activity.

Multi-currency handling-

Handle various currencies and apply exchange rates for quick and easy conversion with the software. Hence, organizations can do multi-country business at ease, without worrying about currency exchange calculations.

Ensuring regulatory compliance-

Equipped with built-in compliance feature tailored to meet industry-specific regulations, this best of the breed software automates financial reporting to ensure accuracy and timeliness in meeting regulatory obligations. This proactive approach minimizes the risk of non-compliance penalties and fosters a culture of financial integrity within organizations.

Besides, it offers chart of accounts templets applicable to country of your business and its legislature, ensuring legal compliance. ?

The solution supports comprehensive GST calculations, including credit analysis, credit transfers, payments, reporting, and returns

Likewise, it handles TDS efficiently which includes deduction, payment and comprehensive, accurate and detailed reporting of Tax Deducted at Source. ?

The software has capability to record financial activities within the software, popularly known as Audit Logger. The capability serves as a regulatory compliance in India and serves various purposes like increasing data accuracy, detecting frauds etc.

It makes document signing process in an organization faster by providing e-signature. By supporting e-signature, it offers assured security, faster management of document signing process, simplified compliance validation, simplified workflows and more.

Businesses must generate E-way bill for transporting goods. This preferred ERP software streamlines generation of E-way bill. With single clicks you can upload E-way bill on the portal. It facilitates faster movement of goods.??

Get data in your preferred format-

BatchMaster’s Finance module allows to take data in your preferred format. That means you can easily export data to and import data from other software like excel, helping to maintain data integrity without a pinch of manual error.

Expense allocation-

You can perform auto-allocation of expense accounts within the software. Thus, for every expense, account staff need not to do it manually or think twice to settle expenses against accounts. This streamlined and clear process brings clarity in expenses and allows to track money easily.

Easy reporting for informed decision-

Generate various reports in some clicks with the software. Clean, fair and accurate reports are generated as data flowing throughout the system is without ambiguity. This helps to close the books much faster.

Adding more, the software provides customer and vendor aging reports and statement to plan for future. It provides financial statements and offers easy drill down to these statements.

These reports also give a fair idea to management about the flow of money, enabling them to take more informed decisions.

Enhanced accuracy in financial data management-

With this software, organizations?can rest assured of accuracy and integrity of their financial data. This is because the data needs to be entered only once, which give away redundant data entry process.

The system provides real-time updates, data validation checks, and reconciliation tools to minimize discrepancies and inaccuracies in financial records. This enhanced accuracy leads to more reliable data.

Account segments with cost centres-

Finance module of the software supports account segments that support multiple cost centres.

Actual vs planned analysis-

It supports budgeting operating costs along with reports that let you analyse actual against planned.?

Exact profit analysis-

You can define multiple profit centres and do an expense and profitability analysis for each of them.

Multi-dimensional analysis-

It assists in assigning dimensions and viewing reports based on dimensions.?

Fixed asset add-on-

It facilitates complete management of fixed assets. Calculates purchase and depreciation using different methods.

Simplified banking-

The software tracks all cash receipts, and cheque writing to deposits, advance payments, credit card payments, bank reconciliation etc. and maintains various payment modes.

Conclusion

For businesses seeking to cut down burdens of their financial processes, exploring BatchMaster ERP solution is a strategic move. The proven track record of long-term business benefits and streamlined financial processes make this ERP software an asset for driving profitability and growth in the competitive landscape.

To explore more, visit our website or mail on [email protected] .