Delivering manufacturers the tools necessary to monitor financial conditions and improve decision making. Epicor financial management software is designed to automate and streamline your financial processes and create value through timely financial monitoring.
- Accounts receivable, lockbox, credit and collections management.
- Accounts payable, electronic funds transfer, automated order matching.
- General ledger, allocations, consolidations and eliminations.
- Cash management, bank reconciliation, and statement interfaces.
- Payroll, fixed asset, and tax management.
- Budgeting, forecasting, and planning.
Create system generated payments, update purchase orders and actual job costs – and more.
Accounts Payable (AP) allows you to enter supplier invoices for purchases that you make, then create checks for the invoices you want to pay. The system can generate payments for all invoices due, those for a particular 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 Payable allows you to update both purchase orders in Purchase Management as well as actual job costs. Adjustments are created if the purchase price does not match the invoiced price. With Accounts Payable, you will know how much you owe and when it is due.
Centralized Accounts Payable means that you can share suppliers across multiple companies within the organization, review the position and make single payments from all your companies at the corporate level.
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 Accounts Receivable you know who is buying what, and who is paying their bills on time.
Automation and control of repetitive processes is one of the major benefits of using a Financial Management Suite. Manual processes such as monthly allocation and accrual entries slow down closing cycles and introduce multiple points of inaccuracy or error. Epicor Advanced Allocations automatically computes cost and revenue allocations and the resulting journal calculations, streamlining processes, increasing relevance and improving accuracy. This results in shorter close cycles and more accurate financial statements.
Advanced Allocations allows for sophisticated allocation of cost and revenue to multiple projects or departments or locations—ultimately to any entity represented in your corporate financial accounting structure. GL Allocations helps your finance staff to create, execute, retain, and reuse allocations to greatly simplify what can be an otherwise time -consuming and error-prone task.
An Allocation History Tracker keeps a detailed history of allocation runs which provides a comprehensive view of each Allocation run and all GL transactions created grouped by batches and tiers. The application allows for allocation reversal directly from the Allocation History Tracker.
Advanced Allocations allows you to:
- Allocate an amount in a single account to one or more accounts.
- Allocate balances or transactions using static or dynamic calculations.
- Pool accounts for allocation using a direct update or offset account.
- Make allocations based on statistical data
- Base allocations on Business Activity Query (BAQ)-derived dynamic data such as monthly revenue, help desk service calls per month, etc.
- Structure hierarchical or tiered allocations to run sequentially.
- Create and post allocation journals or simply use the output of the calculations elsewhere within the system.
- Maintain allocation history for reuse, review, and analysis.
- Reverse allocations where required by simply selecting the original allocation and flagging it for reversal with a user-defined apply date.
Advanced Financial Reporting
Epicor Advanced Financial Reporting (AFR) allows the creation and distribution of professional financial reports to company stakeholders. It allows for the management and access to financial data in a user friendly and easy-to-use environment.
AFR simplifies report creation with an intuitive interface and wizards which guide users through the process. AFR creates reports using the elements familiar to an accountant or financial professional. These include spreadsheet terms such as rows and columns. It also provides an additional element of reporting hierarchy or trees as well as in built user access security allowing the viewer to generate the report for the area of the business which is their responsibility. Because the published reports are parameter driven, the viewer can generate the report at any time by selecting the parameters of time, company, book or organizational
Effective asset management is a critical business requirement. Fixed Assets helps you record, track and depreciate your fixed assets for optimal utilization.
Budgeting & Forecasting
Define budget processes and workflow by utilizing easy-to-use templates that allow you to prepare, update and evaluate budgets and forecasts at the account and detail level
Epicor Financial Planner (EFP) provides organizations or all sizes with the benefits of a structured planning process with flexible budget development, easy revision capabilities, and a structured workflow. Based in a 100% MS Excel front end familiar to everyone EFP does away with large complex spreadsheets that lack accuracy and the task of collating files by linking to a robust SQL Server environment. EFP allows for organizations to define their budget process and the approval workflow and by utilizing the easy-to-use templates truly simplify the entire task of preparing, updating, and evaluating of budgets and forecasts at both the account and detail level.
Improve cash management through the automatic handling and reporting of discounts available, payment due dates and payment selection methods.
Collections Management Simplify, organize, automate and streamline accounts receivable and collections through templates, email and reporting that improves collections activity. Advanced Financial Reporting Create and distribute financial reports to company stakeholders in an easy-to-use interface.
Accounts receivable is typically the one of the largest assets for any business. Yet most businesses write-off 4% of accounts receivable annually (this ranges from 1% to 9% depending on the industry. The longer cash remains tied up in accounts receivable the more costly it is to your business through poor cashflow and interest charges.
Epicor Cash Collect simplifies, organizes, automates, and streamlines accounts receivable and collections through best practice templates, integrated email, and centralized reporting to dramatically improve the effectiveness of collections activity resulting in more timely payments, less bad debt write-offs and a healthier cash flow.
Credit Card Processing
Epicor Credit Card Processing is an optional global solution that integrates with industry-leading credit card processing solutions for managing credit card authorization and processing. Epicor Credit Card Processing also implements the security guidelines as specified in the Payment Card Industry Data Security Standard including securely encrypted account numbers and key management.
Epicor Credit Card Processing includes easy to use maintenance for initial setup along with a variety of integration points to bring an easily deployable solution to your business.
Epicor General Ledger is the heart of Epicor Financial Management, processing and posting all accounting transactions created throughout Epicor applications, 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 provides the accounting controls and system security necessary to help ensure the integrity of your company’s financial data.
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.
Whether through acquisition or organic growth, more and more companies are wrestling with the complexities of managing multiple business entities. Epicor 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. Epicor 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.
Multi-Currency Management 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.
Create a different chart of accounts by book and post transactions to different accounts within different books simultaneously; have different currency tied to each book and assign a different calendar period to each book.
At the core of the General Ledger, Epicor Financial Management provides flexible financial accounting representations through multiple book functionality, which allows the creation of unlimited financial books to support a wide variety of financial requirements
Key highlights and benefits of using Multiple Books within your company: Create a different chart of accounts by book, and post transactions to different accounts within different books simultaneously. Have a different reporting currency tied to each book and even, if ever needed, assign a different period calendar to each book.
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.
Epicor 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 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.
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