Enterprise Resource Planning (ERP) is meant to support essential everyday business functions, but many systems fall short when it comes to financials. Finance and accounting truly determine the success or failure of organizations, but lack of data visibility or convoluted business processes can make it impossible for your teams to do their jobs effectively.
Instead of continuously struggling, it is wise to invest in an ERP that offers top-tier financial management. Infor’s CloudSuite Industrial (CSI) ERP stands apart from its competitors because of its embedded core financial functionality. In this blog, we will cover how a CSI solution simplifies finance and accounting.
CSI Finance Core Functionalities
CloudSuite Industrial centralizes your financial data while making it easy to complete essential tasks. CSI financials were designed with the needs of manufacturers in mind. Some of the main areas that CSI supports are:
- General Ledger
- Accounts Receivable
- Accounts Payable
- Human Resources
- Fixed Assets
Each of these areas require numerous tools to successfully manage money or asset flow, which brings us to CSI’s key features.
CSI Key Features
CloudSuite Industrial makes financial processes simple with its intuitive interfaces and extensive features. A few of the key features are:
- Financial reports
- IFRS/US GAAP compliant
- Flexible COA structure
- On-line bank reconciliation
- Consolidated GL
- Multi-currency capacity
- Centralized AR/AP
- Asset management
- Controller home page
- Electronic funds management
- GL dimensions
While other ERP vendors like Epicor® can struggle with their embedded financials, it’s easy to utilize these CSI features to streamline your business processes. Here are a few more specific examples of what makes CloudSuite Industrial an exceptional financial solution.
When you go with CSI, you have complete data traceability. That’s true throughout your organization and comes especially handy when dealing with transactions. You have transaction integrity with CSI, as well as knowing the transaction history is complete and reliable. This is because you can set up your ERP to require certain fields when adding information and set parameter requirements for those data fields. To feel confident in your ERP setup, Datix can help. We take the work out of ERP implementations by listening to your business needs, designing a tailored plan to meet your goals, and executing the plan with you. Learn more about our Infor CloudSuite consulting.
GAAP and IFRS Compliance
GAAP (Generally Accepted Accounting Principles) are simply good business practices for companies to follow and a must for U.S. public firms. Likewise, international public companies are expected to follow IFRS (International Financial Reporting Standards) to maintain transparency with their financial reporting. With CSI, you never need to worry about financial compliance. If you need specific reporting features or want support with your ERP, talk to our team at Datix. We’ve implemented thousands of ERP solutions, so we can help you every step of the way on your ERP journey. Talk to our experts.
Three-Way Matching on Vendor Invoices
Fake transactions can cost a company about 5% of its annual revenue according to the ACFE. Instead of worrying about unauthorized transactions, your ERP can protect you from throwing away your money. Three-way matching is an AP invoice process to confirm that a supplier invoice should be paid by cross-referencing the invoice with the purchase order (PO) and the delivery receipt. With three-way matching, you can trust that you only pay for real invoices without slowing your team down.
No matter what other advantages your ERP brings, you will be consistently dragged down if its finance and accounting features don’t meet your needs. Choose an ERP like Infor’s CloudSuite Industrial to gain the financial functionalities that will simplify your business processes so you can take your business to the next level.
With over two decades in the industry, Datix is the ERP consultant of choice for manufacturers and distributors. We believe in “being the best with the best” and look for partners who match our commitment to solving real issues and doing what it takes. Our in-depth analysis of our clients and their business needs allows us to maximize their software investments to the fullest.