Epicor Financial Management module offers a refreshing new approach to business and functions as an accounting software. It is a suite of accounting applications that are 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.
The goal of this financial management solution is to help every enterprise from a single general ledger to the extended global enterprise. It gives you access to real–time fiscal information. Furthermore, the software provides a modern platform that supports business around the world.
Overall, Epicor financial management software facilitates financial structures that follow local government’s guideline in many countries, such as those in the picture.
Features of Epicor Financial Management Solution
The global engines that are the center of this software support the global nature of business today. Particularly, they enable effective operations in existing and new markets. Due to the business’s expansion through a combination of organic growth, mergers, and acquisitions, it can become challenging to adapt to complex and demanding global financial and regulatory burdens.
Accounts Receivable (AR) provides a comprehensive set of tools to manage your invoicing, credit, cash management, and customer management needs. Furthermore, you can specify the creation of invoices through the order release process. As a result, you can reduce billing for a different quantity. AR enables you to know who is buying what and who is paying their bills on time.
General Ledger (GL) is the heart of Epicor financial management software. Particularly, it processes and posts all accounting transactions that Epicor applications create within the whole system and all entries made directly within the ledger. Though it appears to be the software of solely the accounting and tax departments, it does have impacts on the entire enterprise.
Accounts Payable (AP) allows you to enter supplier invoices for purchases that you make. Then it creates payments for the invoices you want to pay. The system can generate payments for all invoices that are due. Furthermore, if a supplier calls you to discuss an invoice, you will have complete information at your fingertips. Also importantly, you can keep that history indefinitely.
Sales tax is a government’s regulation. It does not drive revenue. Nor does it reduce expenses. Thus, any time or money spent on tax compliance is, by nature, nonprofitable. Epicor Tax Connect eliminates the tedious work and 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.
Epicor Credit Card Processing is an optional global solution for managing credit card authorization and processing. Likewise, it integrates with industry-leading Credit Card Processing solutions. These functions help manage your corporate finances with a user-friendly cash flow dashboard.
This multi-currency management automates the process of both buying and selling in foreign currencies. With tracking of default currencies as well as extensive exchange rate tables, an enterprise can reduce manual transactions. Furthermore, it can lock transactions at a specified rate with automatic gain or loss reporting. Meanwhile, it can reduce the guesswork from handling foreign transactions.
Companies are wrestling with the complexities of managing multiple business entities due to acquisitions or simply organic growths. With regard to such practice, Epicor Financial Management software can helps ensure control and reduce operational costs, and support inter-company supply chain management as well as financial consolidation. Additionally, multi-company enterprises may choose to not only report as individual entities but also consolidate multiple currencies and report across business entities to a single consolidation company.