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Finance Module


Sub Modules:

Sales Related Purchase Related Accounts Payable Processing Accounts Receivable Processing



 

 

 

Financial Systems Management

 

Integrated global financial management - for Businesses Living in Change

 

 

What is it?

EVOLVE Financials is a top-tier, global accounting system. Designed to ease financial systems management it delivers a fully integrated range of functions, including: general ledger; accounts payable and accounts receivable; comprehensive budgeting, asset accounting, cash management capabilities; and other dedicated tools. As a core module in the EVOLVE  Business World, it places effective financial management at the heart of your business systems and processes.

Who is it for?

Financials is designed for organizations that constantly face internal and external demands for change. The module's "multi-everything" (multi-company, multi-currency, multi-lingual) capabilities enable it to meet the needs of a huge range of customers — from the smaller or more specialized, through to the largest or most complex, national or international organizations.

How can it help?

With Financials, EVOLVE  customers can not only meet all their statutory accounting and reporting duties but are also much better placed to minimize risks, respond to change and seize opportunities.

Easier regulatory compliance

It helps CFOs to overcome mounting regulatory pressures by enabling end-to-end compliance across a wide range of regulatory regimes,

 

Agile response to change

EVOLVE  designed to be changed, developed and molded on the fly without costly programming or consultancy. So, for example, with our financial systems management the Finance department can easily integrate newly acquired organizations or quickly implement account structure re-organizations.

 

Better business visibility

Unlike many of its competitors, EVOLVE  is purpose built to "get information out" and the data model can grow and be molded in any way relevant to the organization (as it evolves in shape, size, structure) and its users.

 

Improved efficiency and productivity

The ease and speed of reporting means that managers can concentrate on running the business more effectively, as less staff time is required to produce standard reports. Staff are also freed up to focus on more value-adding tasks.

A broader, integrated solution

 

The strengths of the Financials module are multiplied by its tight integration and two-way data exchange with the rest of the EVOLVE  Enterprise Resource Planning (ERP) solution. For example:

·         Planner - budgets, forecasts and plans utilizing core Financials, fixed assets/asset accounting, payroll data and actual.

·         Procurement - enables the tracking of purchase costs from requisition to payment, with full visibility of committed expenditure.

·         Project - providing visibility of all project costs, regardless of source or project type.

 

Our comprehensive range of financial systems management tools includes:

 

General Ledger

 

Full financial and managerial control of your organization's operations:

·         Flexible chart of accounts supporting: multi-company and multi-currency needs; user-defined account rules; account groups for financial reporting and complex consolidation;

·         Adaptable reporting structures and hierarchies that will reflect the way your organization works - now and as it grows;

·         Comprehensive and flexible tax handling, recording and reporting, including full and partial exemptions.

 

Accounts Payables

 

All the vital business information about your suppliers' accounts:

·         Instantly see the precise make-up of each supplier account, including the amounts owed and how long debts have been outstanding;

·         Determine how and when payments are made and the level of analysis information on each transaction;

·         Integrated workflow for invoice approvals, updates to records etc.;

·         Supporting multiple, international payment methods;

·         Integrated document management for scanned invoices.

Accounts Receivables

 

An effective and secure solution for invoice entry, payment follow-up, registration of payments and analyzing sales information:

·         Automation (production of reminder letters; charging interest on late payments) helps recover receivables before they become bad debts;

·         The structured customer database can be tailored to suit your own marketing and sales analysis requirements.

Asset Accounting

 

·         Comprehensive financial and managerial control of Assets:

 

·         Multiple depreciation methods are supported, with the ability to maintain different methods for the same asset, so you can report simultaneously against multiple accounting policies,

 

·         Tight integration with: Accounts Payable (assets created from purchase invoices); General Ledger; EVOLVE  Project; and EVOLVE  Planner (tracking costs of building and maintenance) - reducing errors and improving accuracy and efficiency;

·         Integrated document management, allowing you to hold photographs, operating instructions, ownership deeds, purchase agreements and so on.

 

Other key finance sub-modules

 

Additional tools supporting specific finance team functions include: cash accounting; bank reconciliation and cash book; free-text invoicing.

 

Reporting and Analytics

Built-in reporting and inquiry functions allow you to capitalize on the wealth of information contained in the system, giving you a head start when planning and budgeting for future activities:

·         Swift, online access to information plus comprehensive drill-down;

·         Instant variance analysis for more effective troubleshooting;

·         Three different tools to meet specific reporting needs:

EVOLVE  Browser - a cross-functional, online analysis tool;

EVOLVE  Excel - combining Microsoft Excel with EVOLVE  data handling;

EVOLVE  Report Creator - reports and forms with advanced formatting.

 

 

Workflow

Model and map out your business processes with intelligence, to manage and proactively push-out work assignments, track and report on progress and review performance metrics.

 

Business Alerts and Process Automation

 

This takes "intelligent" actions based on monitored data and events to trigger responses such as emailing messages, SMS alerts, running reports, initiating server processes and placing messages in task panes, alert lists and dashboards.

 

 

 


Module Data:

    Ageing Reports

Evovle has Ageing reports which can be both for Customers as well as suppliers.  These reports are in 30-,60, above 90 days formats. Over and above you can define ageing period.  Credit days and credit limits of a customer.  You can also have a filtered report of all customers who have exceeded you defined credit limits. 

Based on days over due you can compute interest on outstanding amount.  You can also have customerwise, sales men wise, area wise, etc ageing reports.  Ageing reports form one of the most criitical aspect of business. 

Evolve also has feature to compute ageing on expenses like telephone bills, electricity bills, etc  based on due date entered. 

You have an facility to have cost centre wise and sub centre wise ageing reports.

 



    Voucher Printing

You can generate all vouchers from Evolve, like bank reciept and payment voucher. Cheque printing. Print Invoice, credit note and debit note from the system.  You can also print JV, cash entries voucher and document.  It ensure all the transaction are entered in the systems and updated and there is no entry back logs

 



    Strong MIS

Apart from statutory reports and register the system is also designed to give to an advanced MIS (Management Information systems) which would give you insights into computing product wise profitability, customer wise profitability.  Landed cost reports of products.  Performance analysis reports.  Sales men wise performance.  Key budget controls data.  Cost centre wise profitability and the list is endless. 

What we here also mean to say is it is more what you can do with Evolve with your own creativity rather than what Evolve does for you with inbuild creative and intelligence.



    TDS and Service Tax Computation

Evovle has ability to compute the TDS payable and service tax payables. 



    Online Audit and controls

Evolve has facility to do an online audit in the system.  You can audit each entry in evolve so that the entries done cannot be edited and altered later on.  This audit process gives you correct and audited data.  This assures authencity of numbers and you are sure that these figures and audited checked and are not prone to any change and edits.

As a company grows we have to have a disciplined approach in data entry and also have to ensure that the data is authentic.  Unless the data is reliable and consistent you cannot rely on the data.



    Budgeting reports

Define your Budgets for any of the general ledger head. These budgets can be monthly, quarterly or yearly numbers.   Based on Budgets controls numbers defined, Evolve can keep a track and give a variance report of budgeted numbers vs. actual numbers. 



    Trial Balance, P & L, Balance Sheets

Evolve has provsion to create cost centre wise and sub cost centre wise reports.  These reports can again be periodic and in detailed and summarized formats.  You can have multi company multi year consolodated or merged balance sheets for comparision. 

The Balance Sheet is created based on groups which are again pre defined and later be extended as per needs of the company. 

 



    Value Added Tax (VAT)

Automated computation of Value added Tax based on difference in Input and Output Vat.  It has facility to created unlimited kind of VAT and computation percentage. You dont have to worry about regulatory changes in tax compuation ratios.



    Fixed Assets depreciation calculation

Compute the deprecated value of your assets, based on configurable depreciation parameters.



    Cash Flow and fund flow statement

Cash and fund flow statements to keep a control on net cash income and expenditure on a periodic basis.  This is to avoid cash flow problems.



    Bank and cash statement.

These are bank books, cash books, Bank reconciliation statements.  List of un-reconciled entries. Petty cash expense registers.  You can have a projected Bank balance based on expected passing date of cheque.



    Accounts Receivable Process

Accounts Receivable (AR) is a need of every company. No matter what your business, you have bills to pay. But there is no need for your AP department to cost your company extra money. Missed early payment discounts, late fees, lost invoices, dozens of calls, emails and faxes.

  • Secure and keep track of all outgoing invoices and related documents (PO's, notes, disputes, etc.)
  • Ensure early payment discounts and eliminate late payment fees
  • Compare approved purchase order amounts to invoices and eliminate overpayment
  • Ensure all of your accounting procedures and approvals are adhered to using automated routing for review, approvals, and processing

Evolve AR  system has ability to share the same system with your co-workers in other departments. One solution for all your companies document and records management needs. All your information at your fingertips, from anywhere, anytime.



    Accounts Payable Process

Accounts Payable (AP) is a need of every company. No matter what your business, you have bills to pay. But there is no need for your AP department to cost your company extra money. Missed early payment discounts, late fees, lost invoices, dozens of calls, emails and faxes.

  • Secure and keep track of all incoming invoices and related documents (PO's, notes, disputes, etc.)
  • Ensure early payment discounts and eliminate late payment fees
  • Compare approved purchase order amounts to invoices and eliminate overpayment
  • Ensure all of your accounting procedures and approvals are adhered to using automated routing for review, approvals, and processing

Beyond invoices and payments, there are many compliance issues surrounding accounting. In audits, lost documents can mean large fines. Don't gamble with your files.

Evolve AP system has ability to share the same system with your co-workers in other departments. One solution for all your companies document and records management needs. All your information at your fingertips, from anywhere, anytime.



    Purchase registers

These are purchase reports.  Evolve has features to give purchase information on multiple parameters that are defined by you.  These parameters can be area wise purchase, purchase person wise purchases. Tax wise purchase and Purchase various register wise purchase.  It also has ability to give you reports based on product information like product wise purchase, product category wise purchase. All the reports are in detailed and summary formats



    Sales Registers on Sales Data

These are sales related reports.  Evolve has features to give sales information on multiple parameters that are defined by you.  These parameters can be area wise sales, sales person wise sales. Tax wise sales and Sales various register wise sales.  It also has ability to give you reports based on product information like product wise sales, product category wise sales. All the reports are in detailed and summary formats



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