E-Max Systems is delighted to announce we have incorporated enhanced financial and accounting functionality into E-Max ERP, making our manufacturing ERP software more powerful and valuable than ever before. This additional ERP accounts functionality will enable both our existing and future customers to benefit from greater visibility of the financial side of their business.
So what does this new ERP accounts functionality look like?
We consulted with many of our current customers as well as a number of other manufacturing and engineering businesses to find out what they felt was needed in the financial element of an ERP system. The features listed below were requested by financial directors, chartered accountants and accounts managers, so we are especially pleased to advise that E-Max ERP now includes all of the following:
- Statements and fully integrated credit control – we have made it much easier for credit controllers to chase monies outstanding. Reminders can be set and call notes can be entered as part of a simple process. Also, statements can be printed or emailed to clients along with account age analysis reports.
- Budgets and departmental analysis
- Profit and loss accounts, balance sheets and trial balance reporting
- Full integration of the general ledger with stock movements – this means that every movement of stock generates a transaction in the general ledger. For example, the receipt of a purchase order updates stock and purchases received not invoiced; or once a delivery note is raised the stock is credited and the cost of sales account debited.
- Bank reconciliation system – customers can import bank statements straight into E-Max ERP and then match each transaction with a customer receipt or cash payment.
- Accruals and pre-payments
- Integrated asset register – we already have an assets ledger in which we manage breakdown and maintenance activities. To this we have now added functionality to calculate depreciation of the asset and control their purchase and eventual disposal.
- Integrated sales, purchase and general ledgers
Once a sales invoice is produced it will update the sales ledger and the debtors, VAT and sales accounts in the general ledger.
A purchase invoice posted against a purchase receipt will update the purchase ledger and the creditors, VAT and purchase accounts in the general ledger.
How will this enhanced ERP accounts functionality benefit my manufacturing company?
These new ERP accounts features will offer many advantages to our customers. Here are the top benefits that we believe our customers will enjoy.
- It is much easier to check all cost inputs and outputs into the company and hence produce highly accurate periodic and year end reports. In the language of accountants, it makes the job of reconciling all financial transactions such as inventory and WIP much easier.
- An ERP system with integrated accounts broadens the range of KPIs that can be measured, eg cash outstanding or degree of recovery of payroll costs (ie the accuracy of the absorption cost rates). Complex but meaningful KPIs such as these cannot be measured in ERP systems without accounting functionality.
- Integrating data from the main production system with that stored in the accounts system is much simpler. Make to order companies, for example, can get excellent cash flow information by integrating data in the accounts element of E-Max ERP with expected income in the sales order processing section and with the expected expenditure in the purchase order processing system.
- Implement full credit control: when taking or delivering an order E-Max ERP can now check if current balances exceed the credit limit, but also check for any invoice seriously overdue. This means that even if the account is still within the credit limit overall, overdue invoices will be flagged as a potential warning sign.
- Credit control information can also be made available to non-accounts personnel to nudge customers into paying bills on time. A few words, for example, spoken to a senior member of the customer’s management team by a sales person or an account manager when being asked a favour (we all know it happens!) or for another quote can make all the difference in collecting outstanding money.
- ERP systems without an integrated financial module are more prone to producing costing and WIP errors as they don’t offer the same flow of information through a company.
- E-Max ERP’s new functionality now merges the core accounting functionality of a classical “standard” ERP system with the detailed functionality of an MRP system as required for manufacturers. Integration of these enhanced financials means E-Max ERP is now even better at allowing our customers to consolidate their data and make better decisions to fuel their growth.
To find out more about E-Max ERP and how it can help improve your manufacturing accounts, take a look at our website, contact us on 0141 644 4424 or drop us an email. You can also book a free demo with us to see our manufacturing ERP system in action.