Epicor Financial Management module offers a refreshing new approach to business, and its functions are broader than accounting software. It is a suite of accounting applications built for the highly regulated post-Sarbanes-Oxley Act world. This solution functions around a series of “global engines “that support effective financial management and control everywhere.
What is Financial Management Software?
Financial management software is a comprehensive tool for finance departments to track daily financial transactions and generate quarterly and annual financial statements. In addition to all accounting functions, it provides businesses with reporting, analysis, budgeting, and planning tools.
From an accounting tool to a more complex financial solution, developers eventually integrated financial management as a module into a broader, more ambitious system – ERP. In Epicor ERP, this essential component enables businesses to conduct financial operations seamlessly, even across borders and between different national financial reporting standards.
Financial Management Benefits
Epicor Financial Management enables companies to create a project budget, set preferred currencies, analyze costs, plan cash flows, and track investments and expenses. Furthermore, with the direct connection to other departments, such as CRM, HCM, production management, and sales management, it can automatically generate valuable reports across departments. The module facilitates the management of multicurrency and multiple companies. Thus, it supports enterprises in diverse financial settings worldwide and effectively during their expansion.
Epicor Financial Management Features
Epicor ERP global engines constitute tax, currency, rounding, legal, posting, compliance, and book engines. They are the financial management tools that enable enterprises to cope with regulatory changes and mandates globally.
Epicor General Ledger (GL) processes and posts all accounting data in various Epicor applications, such as Accounts Payable, Accounts Receivable, Cash Management, Fixed Assets, and Purchasing and Projects. As the core of Epicor ERP’s Financial Management module, this tool produces entries and shares them with other relevant processes throughout the central database system.
Epicor Rebates accumulates purchase amounts, computes, and operates discounts either as reduction, return, or refund for the bulk buyer. Thus, this financial management functionality indeed empowers the sales and marketing department.
Cash management collects, handles, and uses cash. Furthermore, it also involves cash flow analysis.
Multicurrency Management automates the process of both buying and selling in foreign currencies. Manual transactions are reducible with tracking of default currencies and extensive exchange rate tables. Lock transactions in at a specified rate with automatic gain or loss reporting, reducing the guesswork from handling foreign transactions.
Fixed Asset Management
Epicor Kinetic’s (ERP) Fixed Assets helps enterprises record, track, and depreciate fixed assets to optimize utilization.
Epicor ERP Accounts Receivable (AR) manages invoicing, credit, cash management, and customer management needs. This financial management tool allows users to reduce billings and learn actual buyers, sales quantity, and payment information.
Accounts Payable (AP) allows users to enter supplier invoices for purchases and create timely payments. In particular, Epicor ERP Accounts Payable controls expenses, debts, and due payment dates.
Tax Connect is a software-as-a-service (SaaS) with on-demand address validation, sales tax calculation and reporting, and returns generation. It reduces the tedious work and eliminates the complexity of determining sales tax jurisdictions of ship-to addresses, maintaining tax codes and rates, and dealing with jurisdiction-specific and commodity-specific taxation rules.
Credit Card Processing
Epicor Credit Card Processing implements the security guidelines specified in the Payment Card Industry Data Security Standard, including securely encrypted account numbers and key management. This financial management functionality includes easy-to-use maintenance for initial set-up and various integration points to bring a deployable solution to the enterprise.
Epicor Kinetic Multicompany Management assists businesses in consolidating operations such as procurement and accounts payable. It offers enhanced tools to improve operational visibility across enterprises and subsidiary companies.
Data V Tech is Epicor’s Authorized Partner with over 20 years of experience in the Asia Pacific. We provide well-timed implementation with full support for software localization. As a one-stop shop, we offer complete solutions for manufacturing, trading, and distribution businesses, from mobile applications to e-commerce and direct machine data integrations to Epicor Kinetic (ERP) software.