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Advanced Financial Management

An ERP system designed by Slingshot Software.
Questions about Advanced Financial Management? Call (800) 827-1151 and talk to a software expert now.

The Advanced Financial Management solution group within Slingshot’s ERP software suite contains four modules:

  • Accounts Receivable
  • Accounts Payable
  • Fixed Assets
  • General Ledger

Real time processing of transactions with your customers and suppliers enables better decision making, more quickly. Transaction scrutiny is made easy with “drill-through” - functionality. Electronic data transfer technology allows significant reduction of manual entry as files can be passed automatically from banks, suppliers and other trading partners. Where it is required, intelligent screen defaults enable maximum data entry efficiency. Financial Managers can develop new or modify existing reports from the standard library without programming.

Your accounting team and auditors will be in control, well informed, able to report status quickly and accurately as well as accelerate periodic closing and rollover processing.

Accounts Payable

Slingshot’s Accounts Payable application forms an integral part of the advance financial management capabilities of the Enterprise Suite and offers all the functionality you would expect in a leading edge application. Access to enterprise suite applications is provided via a user configurable dashboard. The dashboard supports Alerts, Favorites Links, Key Performance Graphs, Workflow Tracking and a Message Board.

Slingshot’s Accounts Payable software efficiently processes payables documents, improves supplier relationships and maximizes cash flow. Invoices can be matched to purchase orders or entered stand alone. Invoices can be routed for electronic approval or, can be approved automatically when a receipt is matched. Several tools and entry options speed the processing of non-PO invoices. Templates can be used for common account distributions. Invoices can be flagged to automatically recur on any desired frequency.

Payments can be issued electronically or by printed check. Check processing is efficient and highly flexible. Initiate a check run, or quickly print a single check.

The check run processor allows you to select documents for payment by supplier, type of supplier, bank, or due date. Review the proposed payments and exclude invoices, parts of invoices or entire payments. When you are satisfied, click Print Checks and the documents are created. To void a check, simply select it and enter a void reason. The system will reopen associated invoices, and record the void reason: voided by (user), date and time on the check document.

Account reconciliation has never been easier or faster. Enter the statement balance, your general ledger account balance, bank interest and fees. Next, either browse to a Cleared Items File (received from your bank by eCityConnect) for automatic reconciliation; or, check off the items listed on your statement using for Outstanding Payments form.

Accounts Receivable

Slingshot’s Accounts Receivable application forms an integral part of the advance financial management capabilities of the Enterprise Suite and offers all the functionality you would expect in a leading edge application. Access to enterprise suite applications is provided via a user configurable dashboard. The dashboard supports Alerts, Favorites Links, Key Performance Graphs, Workflow Tracking and a Message Board.

Slingshot’s Accounts Receivable software efficiently helps you manage credit, know your cash position, and deploy any number of collections tools to stay on top of debtor processing.

Slingshot’s Accounts Receivable (AR) system features automated on-line dispatch of invoices (on-ship of goods), which eliminates cash latency. Your accounting department will know where your money is and will be able to get it in quickly, really quickly.

Other Accounts Receivable management features:

  • Increase efficiency with the electronic cash application (Auto-Cash) functionality ; now they can deal with exceptions only, not the total list of cash receipts.
  • Speed processing with our automatice collector action.
  • Real time credit statistics to support your decision making.
  • Supplier payment statistics quickly reveal trouble spots. A quick look at average days to pay versus due date can tell you important information about each supplier. (This works for customers too by the way!).
  • Automated on-line dispatch of invoices (on-ship of goods) eliminates cash latency.
  • Automatically generate billing documents from sales order and sales order shipments.
  • Consolidate multiple shipments into a single invoice.
  • Payments and application records are created automatically.

Fixed Asset Management

Slingshot’s Fixed Asset application forms an integral part of the advanced financial management capabilities of the Enterprise Suite and offers all the functionality that you would expect in a leading edge application. Access to enterprise suite applications is provided via a user configurable dashboard. The dashboard provides Alerts, Favorites Links, Key Performance Graphs, Workflow Tracking and a Message Board.

Slingshot Software’s Fixed Asset Management application streamlines the complex process of managing and accounting for enterprise assets, giving you complete visibility into your asset infrastructure and ensuring that your financial depreciation schedules are up to date.

Slingshot’s Fixed Asset Management is a comprehensive solution that provides enterprise asset management, fixed asset accounting and integrated reporting capabilities to mid to large size organizations across numerous industries. Slingshot’s flexible and powerful Fixed Asset Management application supports your unique and complex business processes, greatly reduces the time spent on data entry and maintenance, and allows you to effectively and efficiently manage your assets without generating unnecessary overhead.

Slingshot’s Fixed Asset Management application is fully integrated with Slingshot’s Enterprise Business Suite, which includes Purchase Order Management, Inventory and Warehouse Management, General Ledger, and Accounts Payable applications. And it integrates seamlessly with external vendor applications using published APIs.

Slingshot’s Fixed Asset Management solution gives you complete visibility into the entire asset lifecycle, from its original procurement, to deployment and servicing, and through to the asset’s obsolescence and eventual disposal. Throughout the process, Slingshot gives you multiple views into your underlying asset infrastructure, allowing you to generate and analyze accurate data.

Slingshot’s Fixed Asset application allows you to associate property coverage (e.g. fire and theft) by policy to an asset, detailing carrier, policy start date, end date, coverage amount and policy limitations. Slingshot’s exposure reporting highlights inadequate or excessive coverage by asset. Slingshot also allows you to track non-depreciable assets (rented or leased) and incorporate them in expense and capital forecasts.

Slingshot’s Fixed Asset Management offers numerous depreciation methods build in including, Straight-Line, Modified Straight-Line, Units of Use, Sum-of-the-Years-Digits and Double Declining Balance. Depreciation schedules can also be user defined providing the utmost flexibility and control.

Slingshot allows you to revalue assets or asset groups to account for inflation, deflation, asset improvement or impairment. Financial transactions account for the change in value automatically. You can also add a cost to an asset at a later date, such as freight, installation costs or sales tax. Accumulated and future depreciation amounts are updated automatically.

Slingshot’s Capital Budgeting facility accurately predicts future capital needs. The forecast is based on the current asset population, expected remaining lives, future growth or shrinkage in asset counts, replacement cost assumptions (price inflation or deflation) and financing assumptions (future share of buy, rent and lease).

General Ledger

Slingshot’s General Ledger application forms an integral part of the advance financial management capabilities of the Enterprise Suite and offers all the functionality you would expect in a leading edge application. Access to enterprise suite applications is provided via a user configurable dashboard. The dashboard supports Alerts, Favorites Links, Key Performance Graphs, Workflow Tracking and a Message Board.

Slingshot’s General Ledger (GL) software speeds the process of preparing and presenting accurate financial information. The foundation is a flexible multi-dimensional general ledger account. Your account number can be any length and can be divided into multiple parts called elements (e.g. company, division, natural account). The account itself stores balances by period and type of information called dimensions (e.g. financial, adjustment, budget, revised budget, statistical). There is no limit to the number of dimensions or the years of history.

A hierarchy of account elements can be defined for inquiry and reporting purposes. This hierarchy is called a Summary Structure. For example, cash in bank and accounts receivable elements could be summarized as current assets. Furthermore current assets could itself by rolled up into total assets. Multiple Summary Structures can be defined (e.g. tax versus book).

Account summary structures ensure that summary totals are always correct. They also allow you to add new elements and connect them to reporting structures without changing reports. Slingshot’s General Ledger management allows you to inquire on summary account balances. Click on the summary balance and drill down to individual account balances. Click on a balance and drill back to the journal entries and the source documents in any Slingshot application.

Financial transactions originating in other Slingshot applications are posted to the GL when the source document is posted. These journal entries can be posted in detail or summarized by account or account and sign (debit or credit). This option can vary by type of journal. The summary option will greatly reduce the transactions in your general ledger.

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