Financial Management for Epicor Kinetic (formerly Epicor ERP)
Financial Management Overview
The combination of a competitive, global environment and mandatory regulatory compliance makes maintaining accounting standards and successfully managing your finances one of the biggest challenges you face.
Epicor Kinetic (formerly Epicor ERP) Financial Management offers a refreshing new approach to business, a suite of accounting applications built for the highly regulated post-Sarbanes-Oxley Act world, built around a series of“global engines” that support effective financial management, control, and high accounting standards.
The Epicor Financial Management ERP software solutions deliver manufacturers the tools and functions necessary for creating value through monitoring financial conditions and decision-making.
Easily monitor and track invoicing, payments, asset management, payroll, and benefits in order to cut costs and improve cash flow. The financial modules within Epicor ERP software can assist you in boosting the bottom line-the definitive test of your success and competitive advantage.
Epicor Kinetic ERP System Financial Management tools include:
- Global Engines
- General Ledger
- Accounts Payable
- Accounts Receivable
- Tax Connect
- Credit Card Processing
- Multi-Currency Management
- Multi-Company Management
- Fixed Assets Management
- Cash Management
- Advanced Financial Analysis and Reporting
- Create Purchase Orders
The Epicor ERP system Financial Management module is distinguished by its broad focus on managing processes and resources, both within and across locations, companies, and global boundaries.
General Ledger Module
General Ledger within the Epicor ERP system is the heart of Epicor Kinetic Financial Management, processing and posting all accounting transactions created throughout Epicor solutions, as well as entries made directly within the ledger. While it is seldom accessed outside of the accounting and tax departments, the General Ledger’s impact is felt throughout an entire enterprise.
The information and controls which flow from the General Ledger system enable an organization to operate efficiently, comply with fiscal regulations, underpin strong corporate governance, and drive enterprise performance.
General Ledger within the Epicor ERP system provides the accounting controls and system security necessary to help ensure the integrity of your company’s financial data.
Accounts Payable Module
The Accounts Payable (AP) module within the Epicor ERP system allows you to enter supplier invoices for purchases that you make and then create payments for the invoices you want to pay. The Epicor ERP system can generate payments for all invoices due, those for a supplier, or only for specific invoices.
If a supplier calls you to discuss an invoice, you will have complete information at your fingertips, and that history can be kept indefinitely.
Accounts Receivable Module
Accounts Receivable (AR) provides a comprehensive set of tools to manage your invoicing, credit, cash management, and customer management needs. Because you can specify the creation of invoices through the order release process, you can reduce billing for a different quantity than was actually shipped.
With the Epicor ERP system module, Accounts Receivable, you know who is buying what and who is paying their bills on time.
Multi-Currency/ Company Management Module
The Epicor ERP system provides Multi-Currency Management and automates the process of both buying and selling in foreign currencies. With tracking of default currencies as well as extensive exchange rate tables, manual transactions are reduced.
Lock transactions in at a specified rate with automatic gain or loss reporting, reducing the guesswork from handling foreign transactions.
Whether through acquisition or organic growth, more and more companies are wrestling with the complexities of managing multiple business entities.
Epicor ERP understands that managing disparate business units offers unique challenges and opportunities with respect to consolidation for tighter control and reduced operational cost, enterprise-wide visibility, inter-company supply chain management, and financial consolidation.
The Epicor ERP system Multi-Company Management capabilities can assist your business in consolidating operations such as procurement and accounts payable, as well as offer enhanced tools to improve operational visibility across companies.
Automation of inter-company financial transactions as well as financial recognition, optimizes enterprise performance to shorten lead times on key product lines.
Additionally, from a financial perspective, multi-company organizations may choose to not only report as individual entities but also consolidate multiple currencies and report across business entities to a single consolidation company.
Tax Connect Module
Sales tax is a government-required, compulsory activity. It doesn’t drive revenue, and it doesn’t reduce expenses. So any time or money spent on tax compliance is, by nature, non-profitable.
There are more than 12,500 United States and Canadian tax jurisdictions alone, and the rates, rules, and boundaries change relentlessly. Keeping up with all of the tax changes is an operational distraction and a drag on the efficiency of your organization.
The Epicor ERP system functionality of Tax Connect eliminates the tedious work and complexity of determining sales tax jurisdictions of ship-to addresses, maintaining tax codes and rates, and dealing with jurisdiction-specific and commodity-specific taxation rules.
Tax Connect also provides for the automated generation of sales tax returns and currently supports the United States and Canada. Epicor Tax Connect is offered as a software-as-a-service (SaaS), on-demand address validation, sales tax calculation, and sales tax reporting and returns generation.
Asset Management Module
Asset Management helps you record, track, and depreciate your fixed assets for optimal utilization. Asset Management also automates the tracking and management of the asset throughout its useful life— from acquisition to disposition.
Using a unified source of asset data, standard asset management tasks — such as asset transfers, disposals, reclassifications, and adjustments — can be streamlined.
Cash Management Module
Improve cash management through the automatic handling and reporting of discounts available, payment due dates, and payment selection methods.
This module also allows you to specify the number and type of bank for each of your accounts— including currency — and reconcile your bank statement with entries generated in AR, AP, and payroll.
Upload electronic bank statements and automatically reconcile them with transitions in the ERP system as well as perform manual allocations.
Credit and Collections Module
Accounts Receivable is one of the largest assets of any company, and it’s typically one of its most fluid. Most businesses, however, have to write off four percent of this asset every year. This is a substantial cost to the business that can be greatly reduced with better management.
Take control of your outstanding receivables and reduce days of sales outstanding (DSO) through automated AR management.
Credit Card Processing Module
The Epicor Kinetic Credit Card Processing module gives access to several components that cover credit card processing – available directly with Epicor Kinetic.
Financial Management Module
Epicor Kinetic Financial Management offers a refreshing new approach to business. A suite of accounting applications built for insight, automation, and compliance in an increasingly global business world, it is built around a series of“global engines” that support effective financial management and control anywhere.
Financial Planning Module
Epicor Financial Planner (EFP) is a fully cloud-based solution for the financial planning and receiving process and will then have their value applied as part of the settlement process. The Debit Notes may be related to specific invoices or remain unassigned.
The new Debit Note will remain as an open receivable until matched to a credit memo or subsequently paid. In addition, Debit Notes sent by customers can be recorded independently of the cash receipt process — for example, electronically received payments. They can then either be applied or produce an unapplied cash value. analysis.
EFP features a web interface with a clear design that is available from multiple mobile devices, while the Microsoft Excel add-in helps with a more sophisticated data entry using functions, conditional formatting, or even charting for representing data. All the models, budget plans, scenarios, and data extracted from the ERP system are stored on highly reliable cloud servers.
By being connected to the data in your ERP system, EFP can pull in information — such as previous actuals — in order to carry out comparisons and utilizes them in the spreading function. This makes it incredibly simple and intuitive for planners tasked with carrying out budgeting tasks, freeing them to concentrate on value-added tasks.
Global Engines Module
Epicor Financial Management is built around a series of unique global engines, which in turn support the global nature of business today, enabling effective operations in existing and new markets as necessary. As your business is extended through a combination of organic growth, mergers, and acquisitions it can become challenged by complex and demanding global financial and regulatory burdens – demands that you must adapt to instantaneously.
At the heart of the Epicor solution, Epicor global engines are designed to add accounting agility and flexibility to your business while simultaneously allowing you to meet the local financial and legal compliance requirements of individual markets.
The optional Rebates module provides you with a way to enter, update, and review any rebate program that your company runs with your customers. Use this module to define the active rebate programs for your company, generate rebate transactions, and pay rebate amounts to your customers through either an invoice check or a credit memo.
Tax Global Connect Module
Epicor Tax Connect gives Epicor ERP the option of determining sales taxes automatically based on the origin and destination of the sales transaction. It integrates a constantly updated, comprehensive online database of tax rules where each tax transaction can also be stored for historical and reporting purposes.
Tax Connect Global helps to determine sales tax in international business relations. Transactions in all directions between the United States and the European Union member states can take the advantage of tax determination, thus making business easier and making tax compliance less taxing. Tax Connect Global also runs in several other geographies.
Epicor Kinetic (formerly Epicor ERP) Modules
- Materials Management for Epicor Kinetic (formerly Epicor ERP)
- Sales & Order Management for Epicor Kinetic (formerly Epicor ERP)
- Financial Management for Epicor Kinetic (formerly Epicor ERP)
- Production Management for Epicor Kinetic (formerly Epicor ERP)
- Supply Chain Management for Epicor Kinetic (formerly Epicor ERP)
- Customer Relationship Management for Epicor Kinetic (formerly Epicor ERP)
- Additional Capabilities for Epicor Kinetic (formerly Epicor ERP)
- Services & Support for Epicor Kinetic (formerly Epicor ERP)