Many businesses fail due to the lack of financial control. You can avoid this by having a proper financial management system in place, which is configured to address your needs. This is where XScribe's Financial Management System comes in.
Automating the many financial processes such as Sales, Purchasing, Inventory, and Accounting through the Financial Management System will allow the teams from different departments to coordinate and work together in completing the various financial transactions in the company. The module also automatically generates pro-forma journal entries to minimize encoding errors, and generates various financial statements using these entries.
XScribe's Financial Management System can be integrated with the other modules of the system, such as the Human Resource Management System and Project Management System, and can also be customized based on your industry. Improve collaboration, increase internal control, and minimize redundancies through XScribe's Financial Management System.
Fixed Asset Management
Organize your sales, delivery, invoice and collection functions
Your company can eliminate the painstaking process of coordinating and monitoring the end-to-end sales process through the Sale Module. The module allows your sales, warehousing and accounting teams to work hand-in-hand in completing the entire sales process. The Sale Module allows your company to:
By linking this through a system, your company can have checks and balances to ensure that the correct amount of goods are delivered, and the correct amount of payments are collected.
Organize your purchase, receipt, invoice and payment functions
The Purchase Module allows your employees, purchasing team, warehousing team, and finance team to work hand-in-hand with one another throughout the entire purchasing cycle. The Purchase Module links the entire process of:
The Purchase Module not only allows easy coordination among the different departments but also provides the necessary checks and balances in each respective function.
Automate your company's reimbursement and expense tracking
Your company can eliminate the double encoding of expenses through the Expense Module. The Expense Module allows your employees to file and route their reimbursements in three easy steps:
Payments made for these reimbursements can also be tracked through the system, to ensure that double payments are not made.
Monitor the inflow and outflow of your company's inventory
Several transactions can affect your inventory balance:
Monitoring all these is time consuming, but is necessary to ensure that all movements are accounted for and to prevent pilferage in your company. The Inventory Module allows your company to do all these seamlessly and also allows your company to forecast inventory levels to ensure purchases are made on time, and sales are made based on the correct inventory level.
Manage your company's fixed assets
As opposed to using a spreadsheet, any basic asset management system can save you time when tracking down a fixed asset's data, maintenance and depreciation schedule. The XScribe Fixed Assets Module can not only do all that but can also accurately track the movement of an asset, who used it, and if the asset worked or not. It also has a very specific feature that pinpoints the utilization of the asset, how long the usage was and how much money was spent in correlation to the time it was used. The module also generates Work Orders when the asset is broken and needs repair. When it is obvious that an asset cannot be salvaged and/or it has run its course, you can dispose it through the Fixed Assets Disposal feature, where the system can also compute the gains and losses in selling it away.
Automate the generation of your company's financial statements
XScribe's Accounting Module automatically creates pro-forma journal entries from the other modules of the system which will allow your company to minimize encoding errors. From these, your company can quickly generate financial reports such as the Income Statement, Balance Sheet, Trial Balance, Statement of Cash Flow, Aging of Receivables, Aging of Payables, and various financial ratios. The Accounting Module also has a budget feature that will allow your company to create departmental, branch and company budgets, and will allow your company to track your actual performance against budget.
Monitor your project's timeline and profitability
Completing projects within a specified timeline and within a specified budget is one of the hardest tasks of project managers. Using XScribe’s Project Management Module, your project managers will be able to achieve it with ease. The Project Management Module allows your project managers to create tasks, and assign each to different members of your team. Each member of your team can collaborate through the tasks assigned to them, and can also encode time sheets related to the work that they have done for the task. You can also track how much time and cost is spent on each task, based on the time sheets logged by your employees. The Project Management Module also allows your project manager to set a budget for the materials and labor cost of the project, and compare it against actual material and labor cost spent for the project. By doing everything through the system, your team can collaborate, track, and manage resources with ease.