Multidimensional chart of accounts
FinancialForce Accounting provides an innovative chart of accounts structure that is far more flexible than the typical “code blocks” found in most accounting systems. It uses a concept called “dimensions” to track financial information. Dimensions can be configured in a variety of ways and can accommodate an assortment of account segment lengths.
This flexibility allows you to define or model the chart of accounts around the information needs of your business, whether you want to configure the system for project accounting, fund accounting, customer profitability, sales analysis, operational reporting or detailed expense tracking. The FinancialForce Accounting chart of accounts offers unlimited ways to measure and analyze your business.
Shorter period closes with the single ledger
The FinancialForce Accounting single ledger automates accounting in a pure and simple way - as one simple book. FinancialForce.com has created a single system without all the entanglements and interfacing complications of older modular systems. This means functions such as accounts payable, accounts receivable and general ledger are all contained in a single, self balancing set of books. In essence, the whole system serves as a general ledger, but without the nonsensical summary entries and out of balance conditions of typical systems.
The single ledger eliminates time lags, subledgers, data fragmentation, reconciling and unnecessary integration between subsystems. In contrast to batch or waterfall-styled ERP solutions, it ensures that your business data is consistent, always in balance and always up to date. Changes can be made efficiently in one area without: losing control, creating reporting problems or increasing the risk of non-compliance. This is because data is held within a single system – in one accounting application – not in multiple submodules and subsystems. FinancialForce Accounting is guaranteed to be in balance.
- Multicurrency and multicompany transaction handling
- Correct errors by raising an adjustment or canceling journal
- Transfer costs between companies or business units by raising an intercompany journal
- Perform accruals by raising a reversing journal
- Automatic calculation of cumulative, year-to-date budgets for each period