The requirements associated with manufacturing complex products places high demand on Finance and in particular managing cash flow. Lengthy business development and engineering cycles require effective cost tracking, optimized supervisory controls, and procedures that ensure compliance and accuracy. Through improved business automation and tight compliance-based financial integration throughout the organization, companies today can achieve effective and timely financial results.
The strong integration of the Visibility ERP Financial Management suite and its reporting and analysis capabilities allows companies to manage and monitor financial performance in real-time. Most engineering projects involve progress payments and retentions or holdback. In this environment, being able to ensure that billing is synchronized with milestones and being able to accurately predict cash flow are critical.
General Ledger defines the financial core of a company's business. The Visibility ERP General Ledger provides the tools to measure performance against budget at individual levels including project, department and account levels.
Transaction cost reporting and processing are available based on either actual or standard cost. General Ledger transactions are processed and posted in real-time to provide immediate visibility into the health and performance of your business. Complete support for multi-entity businesses is built-in providing the ability to conduct and manage businesses within any combination of single or multiple business hierarchies.
Specifically, it makes it possible for everyone to track and report costs, including real-time actual costs, and actual cost to estimate or budget cost comparison in relation to different account types including:
Product costing provides for the robust calculation of standard costs. Standards for material, labor and overhead are established for lower level assemblies; the lower level assembly costs are rolled up through each level on a Bill of Material (BOM). Labor and overhead costs are calculated using routings and work centers, or assigned directly to each manufactured item.
Automate the generation of accounts receivable invoices based on user defined installment billing templates. These templates allow for timed generation of invoices in relation to order progress based on predefined business specific event triggers.
Order acceptance, order allocation, material issue and shipment are typical events subject to the billing template. In addition, invoice amounts can be subject to pre-defined revenue recognition templates resulting in automated conversion of deferred income to recognized revenue. Visibility ERP supports recognized earned value measurement.
Successful project management is the key to profitability in complex manufacturing. The Visibility ERP Project Accounting module together with fully integrated project management capabilities, provides the tools needed to manage all projects on time and within budget. The Project Accounting module extends into every module of the system, providing the means to manage on a project basis. Additionally, it also enables each department to operate optimally with a mix of project and non-project work. Project structures within Visibility ERP create the opportunity to integrate with third party project management tools.
Project Accounting is a cost collection and planning tool that provides the ability to:
Work Order and Sales Order transactions accumulate costs to Work in Process and Cost of Goods Sold ledger accounts. Cost Accounting delivers real-time standard to actual analysis. Cost Accounting provides a number of estimates to complete/estimate at complete cost analysis reports including:
All aspect of employee definition, time tracking and expense posting are managed via Visibility ERP Human Resources, Payroll, and Time and Attendance functionality.
The Visibility ERP Accounts Payable module allows the ability to maintain the supplier data and provides for the entry, default information is retrieved from the supplier master file, application and entity specific control settings, and applicable receiving reports, to reduce entry time and ensure accuracy. Supplier invoices can be matched with actual receipts, automatically distributed to posting accounts, or manually distributed to appropriate charge accounts. Multi-currency capabilities are available throughout the Accounts Payable transactions.
Accounts Receivable provides for the entry and maintenance of customers, currencies, credit terms, tax codes, installment billing plans, contact management groups, invoices, credit memos, finance charges, adjustments and cash receipts. Data entry is accelerated with pre-populated information retrieved from the customer data, system and entity configuration settings, as well as applicable sales orders and invoices. Customer and group credit restrictions are enforced at all stages of order and invoice management to ensure credit sensitivity.
In cash receipts entry, customer payments are accepted, credit memos can be applied to invoices, and finance charges can be accepted or reversed.
Invoices are updated to Accounts Receivable, or held in an edit file for verification and updated at a later time. Finance charge invoices are always posted to this edit file so they can be reviewed before appearing on the customer's statement. Multi-Currency capabilities are available throughout Accounts Receivable transactions.
Once updated to Accounts Receivable, the information can be changed, such as the invoice date, due date, discount, and payment terms prior to posting the invoice payment.
Interested in learning more about Visibility's Financial Management Suite? Get in touch with us for a more in-depth rundown. You can reach us online or give us a call at 978-269-6500.