Epicor Accounting & Finance Overview
Epicor ERP software provides a robust finance and accounting module designed to handle the financial management needs of modern businesses. Its range of features are designed to streamline and simplify the management of complex financial processes.
Here's a detailed rundown of some key features and capabilities of Epicor's Finance and Accounting module:
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General Ledger (GL): The GL is the foundation of the finance module, and it's capable of handling the needs of global companies, including currency conversion, consolidation of accounts, and more. It also supports flexible fiscal periods, recurring entries, and allocation entries.
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Accounts Receivable (AR) and Accounts Payable (AP): The AR and AP components are designed to improve your cash flow and customer/vendor relations. They provide tools for tracking invoices, processing payments, and managing collections. These features also help in maintaining a complete and instant view of your business's financial relationships.
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Bank Reconciliation: This tool allows businesses to reconcile bank statements with their records, ensuring accuracy in the financial reports.
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Cash Management: Cash management tools help in tracking, managing, and forecasting cash across the organization, allowing for more accurate planning and decision-making.
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Fixed Assets: Epicor allows for comprehensive management of fixed assets, accounting for the acquisition, depreciation, and eventual disposal of these assets.
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Multi-Currency Management: The finance module is capable of handling multiple currencies and exchange rates, essential for businesses operating internationally. It can help in managing currency gains or losses.
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Tax Connect: Epicor Tax Connect offers a cloud-based solution for sales tax calculation, offering real-time tax calculations, report generation, and automatic returns filing.
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Financial Planning and Budgeting: The module provides advanced financial planning, forecasting, and budgeting tools to enable a more proactive approach to finance management.
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Financial Reporting and Analytics: Epicor provides robust reporting features, with customizable reports, dashboards, and real-time analytics to help track financial performance and make informed decisions.
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Compliance and Risk Management: The finance module also includes features to assist with compliance with various financial regulations and manage financial risks.
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Intercompany Transactions: For businesses with multiple companies, Epicor provides support for intercompany transactions, enabling efficient management of such transactions and consolidation.
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Credit Management: Epicor provides features for managing customer credit effectively. It allows you to set up credit limits for customers, monitor outstanding balances, and send alerts when a customer approaches their credit limit.
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Project Accounting: This feature allows for tracking costs and revenues on a project-by-project basis, providing detailed financial visibility into your projects.
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Expense Management: Epicor provides tools for managing business expenses, including approval workflows, expense reporting, and reimbursement processing.
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Multi-Company Management: For businesses that operate more than one company, Epicor allows managing the finances of each company separately, but also provides features for consolidated reporting.
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Revenue Recognition: The module includes features for managing revenue recognition, which is critical for businesses that need to comply with accounting standards like ASC 606/IFRS 15.
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Advanced Allocations: Epicor supports complex allocations, enabling the distribution of specific costs to various departments, projects, or cost centers based on user-defined criteria.
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Purchase Management: This feature is integrated with AP and inventory management, providing a full procurement solution. It supports processes like purchase order creation, supplier price comparisons, receipt of goods, and matching invoices to receipts.
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Automated Recurring Billing: This feature is useful for businesses that have repeat customers on a subscription basis. It allows for setting up recurring invoices, improving efficiency in billing operations.
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Financial Ratios and KPIs: Epicor includes a set of predefined financial ratios and KPIs, and also allows for custom definition, helping businesses measure and track their financial performance effectively.
What is the Epicor Finance and Accounting module?
The Finance and Accounting module is a part of the Epicor ERP software. It is designed to automate and streamline financial processes, providing tools for general ledger, accounts receivable, accounts payable, cash management, fixed asset management, and more.
Can the Epicor Finance and Accounting module handle multiple currencies?
Yes, Epicor can handle multiple currencies, making it suitable for businesses operating internationally. It can manage currency gains and losses and support complex currency transactions.
How does Epicor help with bank reconciliation?
Epicor provides a tool for reconciling bank statements with company records. It allows for auto-reconciliation of bank statements, significantly reducing the time and effort required in this process.
Can Epicor handle tax calculations and returns?
Yes, Epicor Tax Connect, a part of the Finance and Accounting module, offers real-time tax calculations, report generation, and automatic returns filing.
Does Epicor provide financial planning and budgeting tools?
Yes, the module includes advanced financial planning, forecasting, and budgeting tools. It supports both top-down and bottom-up budgeting, and allows for "what-if" scenario analysis.
How does Epicor handle financial reporting and analytics?
Epicor provides robust financial reporting and analytics features, with customizable reports and dashboards to help track financial performance. It also supports integration with tools like Power BI for more advanced analytics.
Does the Epicor Finance and Accounting module help with compliance?
Yes, Epicor includes features to assist with compliance with various financial regulations. It also has a built-in audit trail system with full transaction visibility.
Can Epicor manage intercompany transactions?
Yes, Epicor provides support for intercompany transactions, allowing for efficient management and consolidation of these transactions.
Does Epicor support project-based accounting?
Yes, Epicor's project accounting feature allows tracking costs and revenues on a project-by-project basis, providing detailed visibility into your projects.
How does Epicor handle recurring billing?
Epicor provides a feature for setting up recurring invoices, which is useful for businesses that have repeat customers on a subscription basis.
