Financials
Control and manage your effective enterprise with a comprehensive financial and reporting solution that helps you control costs, drive revenue and aid global compliance.
- Scale the finance operation responding to business changes
- Enhance financial planning and analysis for data-driven decisions
- Improve productivity in accounting processes
- Partner with all business areas providing finance insight to KPIs
Capabilities
- Financial management
- Accurate financial data and reporting
- Integrated operations and financials
- Scalable and tailorable
BENEFITS
The Financials’ capabilities within QAD Adaptive ERP provide global manufacturers a comprehensive solution for financial reporting and accounting needs and help effectively manage the enterprise. The multi-entity, multi-GAAP and multi-currency solution helps ensure smooth collections and disbursements, fast closes and accurate financial reporting. The Financials solution simplifies and streamlines dealing with business and regulatory change while supporting improvements in financial and accounting operational effectiveness.
Ensures timely and accurate financial reporting for business unit analysis and simulations
Drives smart financial and business decisions to better deal with a changing business environment using financial performance KPIs and analytics
Lowers costs and improves the efficiencies of accounting and related processes through easy to deploy and manage shared services
Reduces risk by effectively meeting revenue recognition and audit requirements with full transactional audit trails and histories
SOLUTION
The Financials within QAD Adaptive ERP connects with all solution areas providing seamless processes between financials and customer management, manufacturing, supply chain, enterprise asset management and other business areas. Key capabilities include:
Financial Shared Services supports centralization of common functions using company standards, providing economies of scale to lower costs and drive efficiencies.
Shares chart of accounts, master data, and customer and supplier data across business units to easily onboard mergers and acquisitions
Provides cross-company AR and AP payment selections with automated bank statement allocations and intercompany accounting
Multi-domain revaluation and closing dashboard providing full visibility for a faster GL period close
General Ledger ensures all financial data are quickly accessible, with drill down and dynamic corporate reporting and analysis.
Easily create financial report structures for analysis in multiple reporting views, such as by organizational structure, region and/or management reporting structure
Review summary account activity with drill downs into the detailed transactions
Flexible chart of account structure with up to 5 additional supplementary analysis fields available for extended operational transaction analysis
Accounts Payable streamlines processes from purchase orders to supplier payments, monitoring outstanding payables and automating payments to suppliers.
Built in approvals for supplier invoices and supplier payment selections
Matches supplier invoices with pending invoices generated from purchase order receipts, automating a three-way match
Evaluated Receipts Settlement to generates vouchers based on PO receipts without receiving a physical supplier invoice
Supports shared services where a single payment covers invoices from multiple entities
Accounts Receivable provides efficient control of the process between billing and customer payment collection.
Provides visibility into customers’ account balances and the customer activity dashboard monitors customer balances and supports efficient credit management
Supports self-billing for the automotive industry and retro-billing allowing for price changes after shipment and invoicing
Shares customer credit limits across business units and automatically generates dunning letters
Banking and Cash Management automates bank statement processing and cash allocations ensuring cash positions are up to date.
Integrates the processing of incoming bank files with electronic bank statements or payment files such as lockbox
Streamlines bank statement processing with automatic and background allocations processing making it easy for users to quickly spot and focus on problems and exceptions
Supplier and customer payments using multiple payment formats
Direct links with major banks for bank statement and payment processing using custom bank drivers
Analytics and KPIs provide state-of-the-business KPIs and strategic “what if”simulations to help manufacturers monitor and model the business.
Reporting and analyses available for C-level executives and business unit managers
Multi-layer accounting supports simulations and “what if” analysis
Extensive drill down capabilities
Action Center dashboards include graphical KPIs and are designed specifically for several financial roles
Budgeting provides flexible and collaborative budgeting processes for all stakeholders including the CFO, finance managers, controllers and line-of-business managers.
Individual or multi-entity budgets created in minutes using current or prior year actuals
Configuration and setup of budgets and financial report writer fully integrated for easy reporting
Financial modeling and scenario planning with comparison of multiple budget versions
Actual to budget to forecast reporting for easy monitoring of profit targets
GL Allocations help control distribution of costs and revenues to appropriate accounts, sub-accounts, cost centers and projects.
Multiple allocations grouped for fast setup and processing
Data within source and target chart of account dimensions easily consolidated and used in an allocation
Proportional allocations using any chart of account dimension for fraction calculations
Allocation calculations use background processing for time savings at month end
Credit Management ensures visibility into customer credit issues including customers on credit hold for order and shipment processing.
Extensive and flexible credit checking with configurable warning levels
Dashboard for customer activity and credit information
Multi-level dunning letters
Consolidated Reporting Across the Enterprise with the Financial Report Writer that consolidates data across multiple domains with different chart of accounts translated to a common report chart, report calendar and currency using a report cube. Control costs and monitor revenue targets with direct views and drill down against budget and forecast.
Includes an extensive set of pre-built reports
Unlimited report customization to support specific requirements
Flexible and scalable allowing time to analyze data and make recommendations to the business
Reports can be exported in Microsoft Excel®, PDF and other formats and emailed to C level & business unit managers for review
Multi-GAAP supports multiple accounting layers for reporting in different jurisdictions from a single set of books.
Multiple charts of accounts for reporting purposes and the ability to combine accounting layers in reporting
Simulation of GAAP transformation transactions
Supplementary analysis fields provide fast compliance with segmental reporting requirements
Multi-currency allows manufacturers to do business in any currency; it simplifies managing global entities by processing, paying and receiving money in any currency.
Allows the global organization to conduct business in the required currency and generate consolidated reporting in the mandated currency
Dual Base Currency allows transaction amounts to be stored in transaction currency, primary base currency and secondary base (statutory) currency
Extensive revaluation options are supported for functional and statutory currencies
Tax Management supports different sales, use and VAT taxes globally, and ensures correct tax registrations and tax reporting.
Supports all transaction tax types and rates for purchasing, sales, AP and AR globally
Provides global tax treatment for multiple environments provided from a common database
Supports suspended, delayed and withholding taxes, VAT, luxury, capped and non-recoverable
Flexible reporting provides detailed tax records as required by fiscal authorities
Revenue Recognition helps manufacturers meet revenue recognition requirements in compliance with the ASC 606/IFRS 15 revised guidance for determining revenue from contracts with customers.
Creates new revenue contracts and import existing contracts using Excel® integration; links sales orders and invoices to revenue contract(s); links multiple orders/invoices to one contract
Addresses unique performance obligations with links to orders, invoice lines and revenue recognition rules
Supports common revenue recognition rules using revenue recognition daybooks
Revenue contract approvals for contract review and setup
Avatax Sales and Use Tax Interface reduces time spent preparing and filing tax returns and reports and prevents inaccurate billings and purchases.
Includes an API between Financials and Avalara Avatax
Automatically calculates US and Canadian sales and use taxes
Supports tax rates for the over 7,000 taxing jurisdictions in the US and Canada plus more than 60,000 placeholders
Cost Management provides accurate costing for parts and tracks variance to standards
Quickly and accurately re-cost parts as required
Variance tracking gives decision makers visibility into potential cost reductions
Allows cost structures at the corporate level or at the plant level by using unlimited cost sets, multiple costing methods and cost elements
Fixed Assets ensures accurate management and tracking of fixed assets throughout their lifecycle, from acquisition to retirement, transfer and disposal.
Supports all standard depreciation methods and includes a low code method for custom requirements
Multiple books per asset to support corporate, local and taxation requirements
Full suite of reports to track activity including action center KPIs
Parent and child capability to link assets for operational reporting
Activity Tracking tracks field changes for specified fields and sends alerts when a change has been made. Allows tracking of sensitive data changes within the finance application.
For more information on how the Financials solution can help your company, please contact your account representative, contact QAD at +1-805-566-6100 or email [email protected].