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Integrated Financials - FAQ

Our Integrated Financials - Frequently Asked Questions will allow you to find answers to some commonly asked questions about our Integrated Financial applications.

These questions include topics related to General Ledger, Accounts Receivable and Accounts Payable.  Including their specific importance to your company's financial health.

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Are The Integrated Financials Required?

No, our core application can be operated as stand alone quote, order entry, invoicing and inventory control system without requiring the Integrated Financials option.

Our core applications do provide reports needed to manually enter information into another financial system as well as export data which could be imported into any financial system.

Why Should We Consider The Integrated Financials?

    When our Integrated Financial applications are added, a complete set of integrated business management and financial tools will be available.

    First of all, our quote, order entry, invoicing, purchasing and inventory management applications are considered "Front Office" applications. They are specifically designed to streamline day-to-day operations of staff outside of your accounting department.  Our applications are Customer and Inventory driven, not accounting driven.  This means the overall workflow design is engineered to naturally benefit the way sales, purchasing, inventory control and production staff do their jobs.  Yes, accounting is critical, but not until you have a sale or receive inventory. Our applications manage all of the work which occurs prior to receiving a check or paying a vendor, which is where the so called "Financial Integration Line" is drawn.

    When our integrated financial applications are added and an order is shipped and subsequently invoiced, that invoice is then posted to Accounts Receivable allowing your accounts receivable department to know that customer xyz, owes your company x dollars, due by x date.  Once a check is received from that customer, the payment is applied in Accounts Receivable.  Accounts Receivable also takes care of printing aging reports, monthly statements and other associated tasks related to receiving payment from your customers.

    Respectively, when an item is received into inventory from a purchase order and posted, the value of the receipt is recognized on the financial statement as an increase in inventory assets or cogs, as well as a liability that you owe money to a vendor.  Once the vendor invoice is received, it is applied against the receipt and a payable transaction is created in Accounts Payable.  Accounts Payable will print all of your vendor checks and manage other associated tasks related to paying vendors.

    In the end, all of the Accounts Receivable, Accounts Payable, Inventory Asset and Cog information is automatically feed into your General Ledger and generates up-to-date financial statements that will provide management with a current snapshot of the company's financial health.

    Our core quote, order and invoice applications will manage the day-to-day work that leads up to an accounting transaction.  Meaning eventually, our invoicing application will create and print an Invoice, but will not keep track of when the invoice is due, nor will it keep track of any payment against the invoice.

    Our Purchase Order application will manage all of the purchasing and receiving tasks, but will not keep track of when the Vendor Invoice is due, nor cut a check to pay for it.

Related FAQs
Sales Management
Inventory Management
Integrated Financials
Training & Implementation
Custom Programming
Data Conversion
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