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- State-of-the-Art Integrated GL System8MSaaS GL has the highest degree of connectivity to business and operation and can present financial information in simple language and under business and operation context to managers and the accounting language to accounting professionals.
8MSaaS can map information in real-time among the 3 structures described above and provide the real-time traceability for businesses to track business and financial results, operations to manage transactions and settlements and financial staff to work on their after-the-fact financial books. The lacking of business and operations connectivity in old accounting systems makes them extremely hard to use and the communications from financial staff to business and operations personnel highly ineffective since very few people can master the business, operations and finance languages mixing together.
8MSaaS has the knowledge of the 3 structures described above and their associated languages. It presents the financial results in the business plan and execution view to the business users, transaction view to the operation users and financial view to the financial staff. Planned business activities and business volume entered in business plan will be automatically linked to the orders, deliveries, invoices and payments associated with the business activities and orders, deliveries, invoices and payments will in turn be automatically linked to vouchers and account entries. The user not only can generate income statement, balance sheet and cash flow report in real-time, she can also see the cause-and-effect relationships clearly in the business activities in her business plan.
8MSaaS currently supports the following GL functionality:
Account Sets : The enterprise can define multiple account sets for the same or different financial periods.
Chart of Accounts: Each enterprise can define its own chart of accounts and each of its account set can support partial or whole chart of accounts.
Account Items: Each enterprise can record debits and credits information associated with each account item such as client, supplier and employee in each account. This would avoid the need of defining and updating large number of sub-accounts for recording clients, suppliers and employees debits and credits separately.
Vouch Templates : Each enterprise can define its own voucher templates for different types of transactions.
Auto Generation of Vouchers: Each enterprise can define policies for automatically generation of vouchers and account entries .
Auto Posting: Each enterprise can define the rules for auto posting to GL triggered by transactions.
Ledger View: The system automatically provides the ledge view for each account on its initial balance, debit/credit details and period-end balance.
Trial Balance: The system automatically provides the real-time trial balance information for each account set.
GL Report Generator: Each enterprise can define and generate different reports such as income statement, balance sheet and cash flow report for each account set.
Enterprise Features: The system supports corporate allocation, consolidation and intercompany transaction elimination functions.
