Posts tagged with "enterprise accounting"

Why Process and Workflow Are So Important in Enterprise Accounting

Multi-entity accounting is complex, rendering process and workflow all the more important. Process, workflow, and a solid accounting software solution that is uniquely designed to handle the complex consolidation and reporting needs of multiple companies, divisions, or global entities is a necessity.

Some of the processes that plague enterprise accountants are: consolidations, intercompany postings, acquisitions, currencies, reporting, and auditing. With the right enterprise software, many of the problems that crop up regularly can be addressed swiftly:

  • Consolidations – Software can provide continuous close capabilities to allow the CFO to gain immediate views of consolidated financials and easily move through the soft close and period close processes.
  • Intercompany Postings – Automatically posting a transaction across multiple entities in a single screen ensures books for both “due to” and “due from” are always in balance.
  • Acquisitions – Newly acquired companies can be integrated faster with the right software that can rapidly clone company setups.
  • Currencies – When global operations are involved, financials can be easily viewed in local currency for field operations, or standardized into a single currency for headquarters purposes.
  • Reporting – Reporting and analysis benefits from real-time visibility with instant roll-up reporting or consolidations.
  • Auditing – With a tightly integrated platform, all transactional data, along with workflow documentation and approvals, are visible with a click of a button – right down to the journal entries.

Consolidating multiple companies, products, and/or divisions can add weeks of time to the financial close process, but it doesn’t have to. Industries that require you to quickly roll up reports or consolidate financials across multiple entities–like financial services, franchises, hospitality, logistics and transportation, property management, and building and construction–can benefit from a multi-entity software overhaul.

Flexi can overhaul your processes and workflows

Flexi’s software was built to perform, saving finance teams hours and weeks of time.

Flexi’s open architecture allows flexibility to choose stand-alone modules as business needs dictate. But enterprises will gain the ultimate speed and power with the entire financial management software platform, uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into your other proprietary or third-party systems.

Submit your information and get a demo of the Flexi suite today. 

Category: Accounting Software

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wrong accounting entry

What One Wrong Accounting Entry Can Do to An Enterprise Company, And How To Fix It

Multi-entity accounting is complex, and one wrong accounting entry can slow down the whole operation. Multi-entity organizations face such complexities as multiple currencies, global consolidations, decentralized payables, and inter-entity transactions, to name a few of the challenges. What’s more, consolidating multiple companies, products, and/or divisions can add weeks of time to the financial close process to begin with, and that’s when errors aren’t present. 

Fortunately, growth is easy, reports are clear and easy to run, and closing is faster with continuous multi-entity financial consolidation software. To get ahead of the curve, implementing an accounting solution that comes standard with the following features can save many future headaches in multi-entity scenarios.

Consolidations – Continuous close capabilities allow the CFO to gain immediate views of consolidated financials and easily move through the soft close and period close processes.

Intercompany Postings – Automatically posting a transaction across multiple entities in a single screen ensures books for both “due to” and “due from” are always in balance.

Acquisitions – Newly acquired companies can be integrated faster with features that rapidly clone company setups.

Currencies – When global operations are involved, financials can be easily viewed in local currency for field operations, or standardized into a single currency for headquarters purposes.

Reporting – Reporting and analysis benefits from real-time visibility with instant roll-up reporting or consolidations.

Auditing – Transactional data, along with workflow documentation and approvals, are visible with a click of a button, right down to the journal entries.

Flexi

If your work requires you to quickly roll-up reports or consolidate financials across multiple entities, you owe it to yourself to look into Flexi.

Flexi services multi-entity organizations in such industries as financial services, hospitality, logistics and transportation, property management, and construction.

The ability to greatly simplify multi-entity accounting is just one of the reasons why enterprises have relied on Flexi for over 25 years. Flexi’s accounting software is uniquely designed to handle the complex consolidation and reporting needs when multiple companies, divisions, or global entities are involved.

Flexi will lead you to:

  • Less paper, and no manual errors
  • Faster period close
  • Real-time financial updates, whenever and wherever needed
  • Standardized workflow with built-in approvals
  • Mobile access to financials through any device
  • Visualization tools with real-time visibility of every transaction and complete audit trail

Submit your information and get a demo of the Flexi suite today. 

Category: Accounting Software

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enterprise-accounting

What Is Enterprise Accounting Software and And Why Do You Need It?

Enterprise accounting software is software that allows an organization to keep tabs on financial transactions and data. However, enterprise accounting software goes above and beyond the core accounting processes. Enterprise accounting software comprises modules specific to billing and payroll, accounts receivable, accounts payable, general ledger, and more. Historically it has been a solution that was installed locally, but cloud-based solutions are increasingly available that tailor specific to enterprise business. 

Some of enterprise accounting software’s main functions include:

      Benefits of using enterprise-specific accounting software include automation, visibility, cross-departmental collaboration, and streamlined processes. Enterprise accounting is thus prepared to address the top three concerns of CFOs, including developing talent in the finance organization, providing inputs into enterprise strategy, and measuring/monitoring business performance.

      When shopping for an enterprise accounting software solution, there are many things to consider, including:

      1. Ease of use: A user-friendly interface is paramount when you are switching to a new accounting system that you want your employees to adopt.
      2. Security: Backups, encryption, and user-specific permissions are important, especially for cloud-based enterprise accounting software solutions.
      3. Mobile access: The cloud affords access to any device with an internet connection, which is ideal for most of today’s business scenarios where employees are remote, traveling, or inclement weather keeps them home. 
      4. Customization: Each organization has different needs, so choosing a solution that will give you some wiggle room to specifically tailor your software to your unique needs is extremely important. 
      5. Integrated modules: Integration is of the utmost important, even if the modules happen to be sold separately. A unified platform will make your business run smoothly.

      Flexi for your enterprise needs.

      Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

      • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
      • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
      • Workflow processes are easily defined and set up any way needed
      • Reports are easily set up, generated, and shared with anyone who needs them
      • Open SOA architecture is designed to seamlessly integrate with any system
      • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

      Submit your information and get a demo of the Flexi suite today. 

       

      Category: Accounting Software

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      accounting enterprise

      Flexi’s Enterprise Accounting Software Offers a Suite of Features

      Flexi’s powerful accounting software was built to simplify the complex processes that accountants face every day. Flexi understands how stressful the period close is, how complicated multi-entity books can be, and how frustrating audits are when accurate reporting is not easily available.

      A laser focus on finance and accounting software has enabled the Flexi team to scrutinize every step of the accounting process and develop a solution designed to simplify every task. This “process-driven” approach delivers tremendous benefits to finance teams, including a faster, more accurate financial close.

      Flexi’s comprehensive software suite is a tremendous value, providing top-tier functionality at a mid-tier price. If the full benefits of workflow automation are not desired, Flexi’s individual modules can also be deployed separately.

      FlexiFinancials

      It starts with a strong core financial management system–one that’s been continually refined for 25+ years based on input from accountants and CFOs. Key functionality found in Flexi’s core solution includes:

      Flexi Workflow

      Flexi’s core accounting modules are great on their own, but the powerful workflow engine makes them work even better…together. With FlexiWorkflow you can engage users throughout any department to automate their part of the accounting process, from simple tasks to complex business operations, all based on business rules.

      • Automate time-consuming manual tasks
      • Decrease costly mistakes and human error
      • Dramatically increase productivity

      Additional Applications

      Flexi’s expanded eSuite applications serve to further automate accounting processes, reducing paper, human error, and the high costs associated with each.

      Other admin and control options are available, including consulting services and APIs for easy integrations.

      Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

      • Connects with any GL or subledger, resulting in easy consolidations from multiple systems
      • Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
      • Workflow processes are easily defined and set up any way needed
      • Reports are easily set up, generated, and shared with anyone who needs them
      • Open SOA architecture is designed to seamlessly integrate with any system
      • Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

      Submit your information and get a demo of the Flexi suite today.

       

      Category: Accounting Software

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      Enterprise Accounting Software

      6 Important Features Regarding Our Enterprise Accounting Software

      Flexi provides a secure enterprise accounting platform that automates the entire accounting workflow process and delivers ROI in just months.

      With Flexi, you will be afforded a flexible solution–one that won’t keep you stuck and unable to adapt to changing market or business needs.

      Here are the top six important features you need to know about regarding Flexi’s enterprise accounting software.

      1. Continuous Close Capability: Flexi gives you the ability to conduct preliminary ‘soft close’ periods at any time, while the system continues to account for financial transactions in the meantime. You’ll have plenty of time to review and adjust financials in preparation for your hard close deadlines, with complete confidence in the accuracy of your reports.
      2. Automated, Workflow Driven Processes: Flexi’s powerful workflow engine mirrors your accounting processes electronically. Based on your business rules, tasks can be automated – saving time and removing the risk of costly mistakes. You remain in control with a complete archive – all available 24/7 from anywhere, through any device.
      3. Multi-Entity Accounting: Consolidating multiple general ledgers, company/franchise financial statements, and/or multiple currencies can easily consume days or weeks of time. Flexi simplifies even the most complex accounting environments and easily converts all of this disparate data into standardized, board-ready reports almost instantaneously. Learn more about our multi–entity accounting capabilities.
      4. Real-Time Visibility: View, analyze and report real-time financial data, ensuring business decisions are always based on accurate, timely data. With Flexi, you’ll have everything you need at your fingertips to visualize your financial position and make real-time business decisions.
      5. Complete Audit Trail and Compliance Documentation: Flexi provides immediate access to all details behind a transaction. Because each accounting module is part of the same system (including our general ledger), you can easily drill down into all transactions and trace all the way back to the original journal entries, including a visual map of the workflow and approvals.
      6. Streamlined Reporting with our Cloud Financial Report Writer: Flexi’s proprietary cloud financial reporting software will make you look good every time. Easily generate perfectly formatted reports and distribute the right data to the right people even for complex multi-national companies. Reports can be shared in Excel or web-based format and accessed anytime, through any device.

      Learn more about Flexi today
      From deployment options, implementation and setup of business rules, to integrations with other systems, Flexi’s got you covered.

      Learn more or schedule a demo today. Call 800-353-9492.

      Category: Blog

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      Enterprise Accounting Software Doesn’t Have to Be Complicated – Flexi.com Makes It’s Easy

      True to its name, Flexi is a flexible accounting solution provider.

      At its inception, one of the primary goals of Flexi was to provide companies with a non-proprietary, feature-rich accounting system that could be scaled to handle millions of transactions, yet remain flexible enough to handle the unique requirements of any company. Openness was critical so that the software application could be easily integrated into any system.

      Today, all of Flexi’s solutions are enabled through web services, allowing companies to streamline accounting processes.

      How does Flexi do it?

      Flexi.com offers the following perks with its accounting solutions, making it an uncomplicated solution that makes it easy for companies to scale.

      Flexi solutions…

      Improve Business Performance – Increase data accuracy by eliminating duplicate entries, automating manual processes and streamlining the approval process.

      Reduce Expenses – Save on hardware, software, upgrades, technical support and licensing. Maintenance and support costs are built into a subscription-based, pay-as-you-go pricing model.

      Enable Collaboration – Provide your staff with a continuous, mobile-ready connection that instantly syncs data when connected to the Internet.

      Increase Security – Flexi adheres to strict International Organization for Standardization (ISO) security standards, as well as regular security audits.

      Share Information – The cloud enables your staff to securely access data from anywhere, at anytime.

      Are Proactive – As a fundamental part of your organization’s routine, utilize accounting software to continuously review financial data as business demands change.

      Increase Confidence – A proven financial management system, used by over 800 businesses, allows you to adapt to existing and future market disruptions.

      Gain Flexibility – Our flexible solutions enable you to react quickly to new financial rules and regulations.

      Eliminate Unnecessary Expenses – Identify money that is consistently spent and classify areas of your business that are contributing to unnecessary cash outflows.

      Enforce Payment Discipline – Assist in debt collection with automated notifications of overdue payment.

      Bill Promptly – Send invoices as soon as products have been sold, saving time on sales follow up.

      Increase Efficiency – Enable your organization to be more efficient through automating many of your manual processes, freeing your staff to devote their time to higher value activities.

      Streamline Performance – Automate the integration between your front and back offices, and streamline the procure-to-pay process by introducing an electronic invoicing solution.

      Simplify Distribution – Provide simple, fast report distribution, such as generating and distributing department financials, with just the click of a button.

      The bottom line

      Flexibility and scalability are hallmarks of Flexi’s solutions. With ease of use and years of experience, Flexi is a name to be trusted in the accounting space.

      Category: Blog

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