Finance, they say, is the backbone of every business. Just like a healthy spine is responsible for overall well-being of the body, the fine state of a business’ finances is essential for the overall health of the business. This is precisely why the finance managers strive day in and day out to manage the finances efficiently. However, keeping the business’ finances up to the mark is not an easy job, as most of the finance managers struggle to get the end-to-end view of company’s business operations and their associated financial transactions, and thus fail to manage their finances efficiently. There are many challenges that come their way, like the workload of the finance managers has increased manifold in recent years while the staff levels have stagnated. The uncertain nature of the economic, regulatory and taxation landscape, which poses a serious challenge in front of the finance professionals, is another major concern.
Then there’s the perennial threat of mismatched data and audit nightmares, which continues to remain a major challenge for the finance managers. In such challenging times, the companies are expecting more from their ERP solutions as their dependency on them to get rid of these financial woes has increased substantially. However, not all ERP solutions have a robust finance module which can address these challenges head-on. BatchMaster Finance ERP module, an integral part of the BatchMaster ERP, is an exception as it comes loaded with all the requisites to ease out the worries of the finance managers. It provides real-time in-depth financial insights and analysis reports, enables handling of all accounts-related entries and viewing their impact on the whole business, reflects the complete flow of money as well as total expenditure et al. Read about these as well as other features of this â€˜must-have for your business’ module here:
1) Streamlined operations: The BatchMaster Finance module tracks and automates all financial operations from Accounts Payables (AP) to Accounts Receivables (AR), General Ledgers (GL), multi-currency, bank reconciliation, credit management etc., thus streamlining the entire chain of financial activities related to your business.
2) Simplified data entry: In today’s highly-competitive and ever-changing business scenario, you need to know your updated finances like the back of your hand to make real-time decisions. For this, you need to have fresh, updated data which represent every segment of your organization’s activities. BatchMaster Finance makes this possible by simplifying the data entry process. With BatchMaster Finance, you have to enter your data only once, as the module eliminates the need to repeat the redundant data entries. Within its framework, all areas work in coordination, creating a new level of efficiency in handling your financial data and eventually, improving your business’ bottom-line.
3) Seamless integration: The tight integration between the AP, AR and GLs of BatchMaster Finance with all other modules such as inventory, sales, purchase, materials management, WIP, labor, production, etc. ensures that every transaction is registered and every entry is punched.
4) Quick month-end closing: This feature of the module allows organizations to assign various tasks to individuals and set reminders to manage different aspects of the closing. You don’t have to wait till month-end for closing, you can have the closing picture just when you need it.
5) Accurate profit analysis: The BatchMaster Finance module offers flexibility to define multiple profit centers and do an expense as well as profitability analysis for each.
6) Banking simplified: It tracks all cash receipts and cheque writing to deposits, advance payments, credit card payments, bank reconciliations etc. and maintains different payment modes. It also allows registering contra entries, thus improving accuracy and transparency of the reports.
7) Improved vendor / customer relationship: This feature of the module reminds the customers / vendors to pay on time and avail discounts. It also allows you to re-arrange priorities and resolve differences with your vendors. Since it allows handling Accounts Receivables, you can collaborate with your customers closely.
8) In-built chart of accounts: BatchMaster Finance offers a chart of accounts templates applicable to the country of your business and its legislature while also allowing user-defined set of accounts based on your business logic. It also supports automatic posting of journal after every transaction.
9) Automatic tax and budgeting calculations: This feature of the module helps you address known and unknown complex tax requirements, and is scalable to future tax modifications. It also provides complete support for budgeting operating costs along with reports that let you analyze actual against planned while the notification alerts make sure you don’t exceed the defined limit.
10) Enhanced decision making: The module helps you analyze how the finance comes in and how it is being utilized. This visibility to company’s actual financial position at any given time empowers you to make informed decisions that take your business to the zenith of profitability.
BatchMaster Finance provides financial functionality, analysis support and ability to centrally track financial accounting data within a single framework to your small, medium and large-scale enterprises. Visit our website www.batchmaster.co.in or write us at firstname.lastname@example.org to know more about it and our other products.