Sage 300 for Financial Services

Frustrations can easily multiply when it comes to your accounting system as your organization grows with time. You may even encounter that your accounting system is a barrier for your organization to grow and perform its account tasks efficiently. Financial Services firms must be in control if not, it can lead to spiraling overhead expenses, unnecessary risks, and functional boundaries.

ERP Solutions should be more scalable when it comes to business expansion for the company which provides financial services, also An ERP plays a vital role in analyzing existing business practices for inefficiencies and upgrading them to operate in more efficient ways.

When it comes to financial services Sage300 is one of the best solutions for handling daily accounting tasks with their accounting models which have seamless integration within.

Challenges faced by Financial services Firms:

 When your business revolves around maximizing development and profitability while minimizing costs and risks, your financial management software significantly affects your bottom line.

Some of the major challenges are faced by a Manpower Outsourcing industry

• Financial Services firms tend to find that their finance teams’ time is bound up in admin over-analysis. This is due to time-draining manual methods such as importing and exporting data files, disconnected systems, manual data entry, and lack of integration which can lead to a loss in revenue and day-to-day operation failure.

• The finance team spends hours and sometimes days building and producing reports, but by the time that they are produced, the information is already out-of-date. This restrains a Financial Services firm’s ability to grow and makes it hard to drive important decision-making.

• In a heavily handled industry such as Financial Services, it is important to ensure you have a clear and evident audit trail that is easy to obtain rather than spending weeks gathering email chains and documents.

• For many finance teams, month-end is one of the most stressful and time-consuming procedures. Time is essential for Financial Services firms and taking weeks to close the books can become unmanageable. This can be due to not enough automation, lack of procedures and complex spreadsheets and can be a drain on resources every month.

• Handling multi-entity organizations can be challenging, made even worse if it is a manual process. Managing these manual processes is time-consuming, tending to human error, and directs to inadequate reporting.

Solution with Sage 300

 Sage 300 (formerly Sage Accpac) is an enterprise resource planning (ERP) software system that serves small and medium-sized businesses in professional services, financial services, the public sector, and other markets such as distribution and wholesale.

Sage 300 is one of the best solution when it comes to offer accounting software for financial services company.

Sage 300 gives powerful and highly detailed accounting module helps you track daily transaction, and more down to the details of many reports, so you can keep them profitable and on time. This is ideal for companies with complex financial structure.

Sage 300 Account Payable (AP) and Account Receivable (AR) modules make it easy for you to see at a glance how well your company is performing and it will also help you to know company performance. Accounts Payable module provides your business with a powerful library of accounting and reporting features that expedite the rapid entry of vendor invoices and full check reconciliation using Bank Services.

Accounts Receivable module helps you to identify customer’s sales statistics, track outstanding balances, easily apply cash to outstanding invoices, and allow you to schedule recurring charges for faster invoicing.

Sage 300 allows transactions to be entered in multiple currencies like USD, Euro, AED, etc. Reports are available in transactional and home currency.

Sage 300 also provide you one of the powerful tool for reporting know as business Intelligence reporting (BI). BI helps to generate customize report as per your requirements.

Sage 300 ERP Financial Reporter tool is one of the most powerful and user-friendly tools out there. It is a spreadsheet containing functions that read data instantly from General Ledger. Using the financial reporting tool’s drill-down feature, you can drill to the transactions and the account details. Data can be designed and viewed in Excel spreadsheets. One can develop comparison reports and derive the balances of only the parent account and optional field data by using the FR tools’ functions. It also allows for simplifying the reporting of the consolidated databases.