How to keep financial systems on track
FINANCIAL management IT systems must do more than just control and process transactions. They need to have features that can be configured to meet the needs of companies wherever in the world they do business.
"Baan's software offers businesses a comprehensive solution for all financial management," says Deon Eachells, pre-sales manager at Baan SA.
"Our BaanERP Finance system features a fully integrated approach to managing financial operations," he says.
"Accounting operations are significantly simplified as there is no need to re-enter purchasing, manufacturing and sales transactions into the financial system - it automatically copies these transactions and processes them to the financial ledger."
Baan also supplies software which makes analysing and reporting a company's activities much easier, even in an organisation consisting of many different companies or business units.
"Our system allows customers to record, analyse and monitor the activities of each company or business unit," says Eachells. "Companies with common characteristics can be grouped together, which lets the group safeguard assets and accurately report operating results in a meaningful way."
At the heart of the system is a general ledger which defines basic information like a company's structure and the chart of accounts. All financial transactions made in the system, as well as integrated functional packages, are stored there.
Invoices can be easily tracked and monitored and automatic payment reminders are sent directly from the system. The software also provides the ability to generate statements, collection letters and a collection diary. There is also a cash management component.