Financial Management System
Be it an SME or a large organization financial stability is elemental. Everyone is aware that a healthy finance team is crucial to the company’s accomplishment. They analyze and process in and out cash flow when the things do not go as per foreseen the organization’s progress might be disastrous. Quite plain, with no kind of financial system in place, monitoring financial outcome will be burdensome. A system should turn your data to canny actions so that your employees can take sound and responsible fiscal decisions in which it will help the organization to track the crucial plans. NEXT FMS is a significant financial management system effectively designed for long-term sustainability and optimizing profit. Financial management system comprises of the processes which govern and manages assets, income, and expenses. It not only maintains organizations day to day business but also increases the profitability and secures financial information from any kind of theft. Beyond transactions and helping finance team, it minimizes the process errors, refines invoice cycle and balances daily, monthly and yearly cash flow.
Account Receivable
The aptness to swiftly and accurately approach the cash flow method, account receivable enhances payment visibility and cash flow, cuts down unnecessary cost; helps in refining customer/ vendor relationship, payments and pricing terms obtain succinct control. It allows recording each revenue transactions at province level.
Account Payable
Account payable fix end to end process planning and implement real-time data by reducing operational lags. Business planning and cash flow analysis provide accurate data model which simplify and streamlines overall process, proliferate productivity and curtails risk. When processing high volume data, duplication will be detected at the transaction level while processing the real-time data.
Purchasing
Purchasing division in each organization is notable. This module simplifies and regulates purchasing process by secured supply, flourishes relationship with suppliers and minimizes material cost. Purchase module offers functionalities like purchase management, purchase invoice which helps to manage accounts and purchasing process in a local and international environment. System’s potential to inspect and document the supplier database, by which the buying power is boosted.
Cash Management
Digital revolution impacts the way organizations handles their cash management. Financial stability of the organization can be digitally monitored by cash management. This process automates and streamlines the cash process which guides treasurers gain control over the operations and working capital. Cost definition is a crucial part of project conceptualization. The cash management is responsible for establishing and maintaining a set of policies and procedures with the purpose of ensuring that funds are available to cover payments, and also ensures the federal funds drawn in when they are in need to pay for program expenses.
General Ledger Module
General ledger module is elemental in finance management. Each and every particulars and specification of the accounts are retained here. This module assists in generating consolidated financial data report by maintaining the organization’s financial information despite various currencies and charts. User level security will be granted for each users depending upon their roles, responsibilities and what kind of information they can authorize. At any time inter-company transaction details like journal entries or consolidated balances can be fetched. Since General ledger module is operated by business functional team financial reporting will be secured. Our elucidated module covers extensive financial strategy and plans.
Benefits
- Keep all payments and receivables transparent
- Stable and latest hardware for Government Infrastructure projects
- Latest technology for quick data recovery and processing
- Most advanced database Oracle Ver 11g used in DoW
- Impenetrable security features, streamlined payment to the vendor
- Quick & easy integration with Treasury Department of PNG
- DoW with state-of-the-art features, enhancements, and infrastructure
- DoW Employees trained to use the new system
