The finance and account in ERP module offers statistics and reports of the industry’s financial status. Every business or industry needs a robust solution to tackle all the financial errors and difficulties. The finance and accounts module perfectly delivers excellent solutions for finance and accounts related challenges. Understanding finance and account procedures are extremely difficult, as the steps and calculations are intricate.
Enterprise Resource Planning ERP for finance account is a powerful tool for any industry that resolves various difficulties that occurs during its operations. Finance and accounts module manages and crafts report of general ledger, assets, receivables, cash flows, etc. The finance and accounts module in ERP software empowers the industry to track the data and information related to the financial status of the industry or business. The finance and accounts module enables the industry to have absolute control over the finances of the industry.
ERP for finance and accounts strengthens the overall financial situation of the industry. Lighthouse ERP for finance and accounts are helping numerous industries including steel industry, plastic industry, and mining industry. Lighthouse ERP has completely changed how the finance and accounts division worked earlier. Complete automation has facilitated these industries in easier operations. Finance and accounts ERP module of Lighthouse ERP in these industries has affected positively.
The finance and accounts module of ERP can help the business to track the profit. Every business runs solely on profit and investments. Investing a huge sum of money, and with successful production in the industry can lead to yielding profit.
The module tracks the source of the profit and returns on investment in the business. The module also has various tools by which the profit on the industry can be increased, using a variety of strategies.
The ERP software for finance and accounts analyzes various statistics from past transactions and comes up with different ways to increase profit. A business leader who knows how to handle business can take advantage of these tools in the module.
The finance and accounts module gives a complete overview of the financial status of the business. All the information is readily available on the dashboard screen.
The financial transaction is recorded and stored on a central server, hence all the information is available at every instance. The module fetches this information and data and prepares a detailed analytic report on the same.
The finance and account module presents these various reports in a user-friendly manner so that the management team can understand them and take the necessary steps. Financial analysis is a crucial part of the finance and accounts module.
Billing and invoices are automatically generated in the finance and accounts module. The bills are properly formatted, and calculations errors are eliminated, which can cause huge loss to the business.
Invoices are stored in a proper format. All the invoices are stored centrally so that anyone can access them. Furthermore, invoices of all the clients and customers are stored in the relevant folder of theirs, so they should not be misplaced.
Digital storage of bills and invoices eliminated the need for a stack of papers and paper trails. This causes huge operational cost reduction in the industry or business. Specific currency bills are automatically converted to local currency for easy understanding. Billing and invoices are automatically generated in the finance and accounts module. The bills are properly formatted, and calculations errors are eliminated, which can cause huge loss to the business.
Invoices are stored in a proper format. All the invoices are stored centrally so that anyone can access them. Furthermore, invoices of all the clients and customers are stored in the relevant folder of theirs, so they should not be misplaced.
Digital storage of bills and invoices eliminated the need for a stack of papers and paper trails. This causes huge operational cost reduction in the industry or business. Specific currency bills are automatically converted to local currency for easy understanding.
Ledger management becomes an easy task with the help of the finance and accounts module. All entries are directly made into General Ledger i.e GL. General Ledger provides all the transaction details along with the date and time of the transaction.
Account Payable manages all the funds that industry or business owes to vendors or investors. This makes it easier to manage the cash flow, along with providing financial records. The industry can quickly process all the invoices between industry and vendors.
Accounts Receivable provides the funds' customers owes to the business. It manages and tracks customer’s invoices, balance amount, & cash. Account Receivable automation boosts the speed of the process and ease of payment.
There will be a potential increase in productivity due to automation in Finance module for the ERP system.
Accounting and Financial Management module gives real-time financial and account information at any instance.
ERP financial module increases the efficiency as human intervention is eliminated, minimizing the calculation error.
Centralization or central storage of information helps the business to easily fetch the data from multiple geographic locations.
Finance and accounts module integrate with other modules of ERP software for sharing various insights into the business.
Organization and proper management made easy with the help of finance and accounts module as invoices and bills are automatically calculated.
Finance and accounts modules help the business in estimating potential profits, hence enables in making strategic business decisions.
The finance and accounts module is one of the important parts of Enterprise Resource Planning software. To summarize or put it in laconically, the finance and accounts module gives a complete overview of the business’s financial status, enabling the business to make various decisions based on the insights provided by the module. All financial transactions are stored and recorded by the module and kept secure so that misplacement of important invoices or bills does not occur.
Multi-Entity/ Multi-Division, the Main-Ledger/ Sub-Ledger can be configured Entity wise or Division wise
Provisional Journal Mechanism for as-of Balance Sheet creation
Management Utilities, Dashboards and Executive Reports.
To set workflow of payables
Classification of Chart of Account, GL Accounts
Account Receivable & Accounts Payable
Ratio Analysis, Cash flow and Fund Flow Management
Audit Management for paperless internal audits
Country specific taxes can be configured and transaction support for VAT can be complied with.
India Specific taxes like Excise, TDS, TCS, Service tax and VAT can be configured.
Receipts and Payments, Automated Bank Statement Reconciliation
Banking Dashboards for control over all kinds of banking transactions
Cheque Management, Electronic Fund transfer
Term Loans Tracking
L.C. Document Entry, Confirmation, Routing and Discounting lifecycle
Auto allocation of purchase and sales amounts in L.C.
Auto bank vouchers having calculated interest amount and bank charges.
Manage B.G. limits given by banks
Commodity Trading and Currency Hedging transactions and dashboards
Vertical specific and customer specific treatment to derive at Production Cost
Fixed Costs and Variable Cost allocation as per industry standards.
Asset Sale Purchase and Movement Tracking in detail
Depreciation calculation FOR Income Tax and Company Law with WDV & SLM methods
Asset Dashboard
Budget Plans, Entry, Approvals, Amendments
Budget Reports and Variance Dashboard
All aforementioned modules entirely supports the ERP software. These modules are responsible for successful operation and functioning of Enterprise Resource Planning system, and it does its work flawlessly.
