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.

Features of Finance and Accounts Module

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.

Financial Analysis

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 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 Invoice

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, AP, & AR Management

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.

Benefits of Finance and Accounts Module in ERP System

Increased Productivity

There will be a potential increase in productivity due to automation in Finance module for the ERP system.

Real-Time Information

Accounting and Financial Management module gives real-time financial and account information at any instance.

Enhanced Efficiency

ERP financial module increases the efficiency as human intervention is eliminated, minimizing the calculation error.

Centralized Data

Centralization or central storage of information helps the business to easily fetch the data from multiple geographic locations.

Seamless Integration

Finance and accounts module integrate with other modules of ERP software for sharing various insights into the business.

Automated Management

Organization and proper management made easy with the help of finance and accounts module as invoices and bills are automatically calculated.

Comprehensive Financial Modules

  • Set workflow of Payables
  • Automated Payment scheduling

  • Classification of Chart of Account, GL Accounts
  • Account Receivable & Accounts Payable
  • Ration 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 compiled with.
  • India Specific taxes like Excise, TDS, TCS, Service tax and VAT can be configured

  • Reciept 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.

  • Managing 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 allcations 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 Dashboards

  • Budget Plans, Entry, Approvals, Amendments
  • Budget Reports and Variance Dashboard