Epicor Financial Management Software
A comprehensive, flexible financial management software solution
Whether you’re a small manufacturer with fifteen employees, a financial services organization, or a multinational distributor with vast networks, accurate and timely financial management must be a central function of the business outcomes to ensure long term success. At Datix, we’ve recently noticed an emerging trend; businesses are becoming more interested in financial software solutions. Results that help them transform and optimize their business; rather than just offering new functionality or fancy features. No matter the organization, there are countless business-specific transactions requiring specialized processes and controls in order to translate activity into bottom-line profit. Without a solid financial management foundation, business leaders may find themselves handcuffed with their inability to accurately gather, analyze, and understand the key metrics and trends that drive new business objectives forward.
Epicor Financial Management Software is one of the most comprehensive financial management systems on the market today. Last May, Epicor users issued a 4 out of 5 star rating for the financial management software. Mentioned utilities included; Epicor’s versatility of its features and customizable business models for accounting and finance processes. The module links data and events in work flows to each network group inside of the organization; which then writes the data into various sorting bins for ease of access. This in particular enables users to take a hands off approach when compiling sophisticated reporting schemes—like the chart of accounts or financial statements.
The chart of accounts sub module is an ample function of the Epicor designed software that truly sets it apart from competitors. When a firm decides to upgrade or implement the Epicor software — a common initiative we are presented with at Datix — it creates an opportunity for companies to build out a chart of accounts for the general ledger from scratch. We typically will work with organizations to ensure the set up eliminates invalid or inactive accounts, pulls only the most integral information to expedite system processes, and empowers any firm to make better financial decisions. This is often the driving thought process we see businesses enter when moving to this type of software. They’re typically more interested in making the business better, and unilaterally improving their financial approach, than just implementing new software.
The complexity of Epicor’s chart of accounts can be built out for any size firm in almost any industry. In addition, the software is robust enough to compound up to 366 total fiscal periods. If you are company who conducts transactions nationally or globally, the software can monitor transactions based on an unlimited number of criteria. The system can be built out to drill down to any stage of a transaction and viewed through a mobile dashboard. What’s even better, the FM is a straight forward system which, out of the box, can be a good fit for a smaller firm not needing many customizations. Some smaller companies rely on Quickbooks, implementing a job management software to track production or other operational activity. We never recommend two separate systems since companies can quickly lose value this way. It is always best to envelop all financial transactions inside one system, like an Epicor instance. This eliminates the chance for reporting errors which leads to unclean data, slow system speeds, and possible non-compliance.
If a company services a changing market, we suggest setting up a new chart of accounts when implementing a new system in order to avoid using outdated records and slowing the reporting system. Clean data and alterations to the chart of accounts typically makes for a more sound option. Financial information can be consolidated into a modified version of the last reporting system. However, these kinds of decisions will never be given a definitive answer until all teams understand which transaction data is most needed to comply with regulatory guidance, pay bills, or for taxable purposes, discovered during the initial phases of any project.
Comprehensive, easy to use asset management when needed
Another great tool integrated into Epicor’s Financial Management software is Asset Management (AM). It can measure and be customized for depreciation specifications, and provide all the functions that other 3rd party asset management tools can provide. Some companies may even integrate a third-party depreciation software; which can often pair well with the AM tool. The data entry on the front end can be managed through both systems. Depreciation can then be regulated through the third party system and reported in Epicor for financial statements.
If you’re a company undergoing regulatory compliance changes, massive capital expenditures, or buying new equipment the asset management tool has a very beneficial unknown feature. The asset mass change capability issues mass changes to assets, changing depreciation parameters, an asset and/or asset class. Mass updates occur only for values in the default register and leaves other registers unaffected. This utility will be especially useful in 2015. Forecasting trends show capital expenditure is up nearly 4 percent in the manufacturing industry and is expected to increase another 8 percent over the next two years. The industry is also moving away from on premise software infrastructure to cloud-based programs which include comprehensive analytic, mobile, and social platforms to increase ROI.
Deferred Revenue tool for consulting and service-oriented providers
The deferred revenue tool may not need to be used by all businesses, but is a dynamic asset inside of the financial management software as well. The tool is a must-have solution for deferred consulting and service-oriented service work. It handles a range of deferred revenue tracking for maintenance and billable services. Contracts and amortization schedules are instantly generated based on input into the deferred revenue tool. It is an important asset to accurately report assets and liabilities on the balance sheet. It protects against treating unearned income as an asset, and safeguards the company from overstating their net worth on financial statements. Consulting agencies and service-oriented companies with maintenance schedules cannot realize any down payment or retaining fees until they’ve performed tasks outlined in a contract. The deferred revenue tool is a simple asset for businesses in these industries.
All-in-one currency management
If you’re a multinational company—streaming data from a robust network of subsidiaries around the globe—the Currency Management tool in financial management software is helpful in managing exchange rates. However, there is a downside to this tool. It only works well if companies readjust exchange rates very frequently — or would like to adjust rates frequently. One suggested solution is to automate Epicor to conduct a “call in” to a designated financial institution which then wires exchange rates into the system. Users can then avoid being subjected to cumbersome processes often associated with exchange rate procedures. If you’re working in several countries, the process of entering exchange rates pulls users away from analyzing key transactions, making decisions, and issuing fulfillment documents required for regulatory guidance in their own company and the market in which they conduct business.
Why Epicor Financial Management
Epicor Financial Management Software utilities fit well with manufacturing, distribution, retail and service industries and is effective for any size business. All financial and accounting queries are available via mobile, ad-hoc reports, and real-time dashboard data. Many businesses have chosen Epicor’s reliable Financial software to make quick, highly informed business decisions. Ultimately, the utility is most effective in understanding the day to day cash flows and financial reporting needed to comply with changing regulation, enable communication with customers and staff, and reposition products for increased profitability. It’s the perfect fit for a diverse cross-section of mid market businesses.