Financial Management for Automotive Industry

One or more insurance policies can be attached to each fixed asset. You may use the system to make sure that your insurance policy amounts are in compliance with the value of the assets that have been linked to the said policy. This will help you in monitoring all of your annual insurance premiums.

Different percentages of fixed asset transactions can be allocated as well. This includes acquisition cost, and depreciation, both of which can be applied to varying projects and/or departments. You may also use this features in case there are several departments that share a particular fixed asset. Fixed asset can be allocated to responsible individual.

Fixed Asset Maintenance

You may use this feature to record all of your maintenance and service expenses for individual fixed assets. For every asset, you are given the option to record maintenance costs, and upcoming service dates. This particular information is going to come much in handy when you need to decide whether a fixed asset needs to be replaced or not.

Asset Transfer

Asset transfers can be used to split, transfer, or combine assets. You may also use it to transfer assets from one location to the other. Through this functionality, you will always have exact information about the current location of your assets.

Relevant employee information can be grouped and tracked. Employees can also be organized on the basis of varying bits of information. This includes:

• Skills
• Experience
• Training
• Education
• Employee’s union membership

Personal information can be stored, whereas job openings within the organization can be tracked as well. A list of candidates that are a good match for these positions can be extracted.

The system enables users to keep an eye on benefits, and all distributed company items. This is inclusive of:

• Credit cards
• Keys
• Computers
• Cars

All sorts of absences can be recorded in units of measures that you define, and alternative addresses and relatives of the employees can also be attached. Filters can also be created with regards to active employees, tenderers, and inactive employees.

Contracts of employment can be created in Word (user-defined) along with personal orders. The system can create different documents in Word format.

Health check positions can be defined, whereas you may choose to automatically complete the procedure. Users may also use this function for other activities including marketing instructions for new employees. Emails can be sent out for events to people or groups of people. For instance, qualification needs to be ‘recertified’, or new employee recruited etc.

Normal VAT calculations

Through this method, VAT can be calculated for all items sold or purchased. The seller is given the ability to calculate and withhold the VAT for the item.

Reverse Charge VAT

This option is meant to be used for instances where you need to trade with other countries or regions located within the European Union or EU. In such a situation, the purchaser needs to calculate and settle all VAT accounts with the right tax authorities.

Full VAT

This method is best used when the amount to post consist the whole of the VAT. This option is particularly useful in cases when you need to record import VAT, or make an entry for the correction of a VAT calculation error.

Sales tax

This function is particularly meant to be used for items that have been purchased and sold. You may only use it in case United States (U.S.) sales tax is being recorded rather than VAT.

The system provides users with the ability to process unrealized VAT as well. You will only need to mention the basis on which VAT is to be calculated – VAT that is to be paid to the tax authorities. You may even mention different VAT reporting requirements. This includes sending out reports to varying government authorities, or to different government as well.

A VAT rate change can be performed. The new VAT rate is applied from a particular date onwards. What this means is that from that date onwards, the new VAT rate mentioned is going to be used in all journals and documents.

Details on Financial Reporting

On top of the chart of accounts, there is space given where you can perform calculations. With the help of cost types and cash flow entry accounts in the GL analyzer, users are given the ability to formulate their cost accounting reports along with cash flow reports. Apart from these, extensive calculations including liquidity reports and/or budget versus fact can be conducted as well.

Through Elva DMS 365, you are given the opportunity to indulge in the management of data about varying companies in a single license/database by using the same sessions/users. You may even choose to run businesses as distinct units and then formulate a consolidated financial statement for them. For instance, each brand dealership can be considered a separate legal entity.

The most interesting feature that users get to benefit from is that of intercompany postings and their associated documents become related without forming double or copied entries. For example, an entry created to represent sales invoice in company A will automatically become an entry for purchase invoice in company B.

The multicurrency feature is meant to help organizations:

• Add additional currency for analytics as per general ledger activity, which includes reporting capabilities
• Process transactions made from customers, vendors, and exchange rate records using a different currency than the local currency
• Perform consolidation in subsidiaries that operate in currencies that are different of the parent company

The ways in which organizations with global operations can benefit from the multicurrency functionality are mentioned below:

• Reports can be presented in different currencies
• Entries can be posted and entered in any currency
• Gains and losses for realized and unrealized foreign exchanges can be calculated and adjusted automatically

What is cost accounting all about?

The basic purpose of Cost Accounting is to help understand the costs involved in running a business. On the whole, full integration has been performed amidst Cost Accounting and the General Ledger application area. In the long-term, it will help to make analysis with regards to the costs per departments and products/services. With the help of this analysis, it will be a whole lot easier for a reliable base to be created with regards to Cost Accounting. It can be utilized to perform an analysis on the following:

• The different types of costs or expenses that occur while running a business
• Areas where the costs occur
• The individuals responsible for bearing the costs

When it comes to Cost Accounting in Elva DMS 365, you get to benefit from the following features:

• Place easy definitions for chart of costs types with the help of a functionality and structure that holds much in common with the General Ledger chart of accounts
• In one cost type, you are allowed to place summaries of a variety of general ledger accounts
• A basic chart of cost types, all of which have been formulated with regards to the General Ledger income statement accounts
• Predefined departments or expense centers, and products/services or cost objects – all of which have not just been sorted, but have subtotals and titles as well

Apart from that, you will also be able to make allocations for actual as well as budgeted costs of operations, products, departments as well as projects for an analysis to be carried out over the profits being gained by the organization. It is necessary to mention here that allocations can depend on certain other, changeable allocation bases. These are inclusive of the sales profits of an expense center, or the number of employees serving an expense center at a time. You will also be able to make use of a variety of reporting options that include financial reports for the assessment of the business on the bases of cost types, expense centers and even cost objects.

Details on Receivables Management

General journals are best used for registering customers, and for the managements of sales. This functionality also has the potential to enhance sales invoicing. On the whole, it has been integrated with not just the General Ledger, but the Inventory as well. This is actually a vital step meant for the configuration of the entire Sales or Debitors functionality.

In case you wish to make use of the Multiple Currencies functionality, it will be possible for you to post sales transactions and even manage debtors in varying currencies for every customer.

Apart from that, you will also have the power to keep an eye on your reminders along with a number of finance charge memos. It is typically inclusive of checking whether or not the said amounts are regularly being paid on time. In case there are customers who have lapsed payments, it is vital for you to work out when, and how reminders can be sent. For any interest, and/or fees, it is easily possible for you to debit their accounts.

Closing of the financial year

Processes due on the closing of the financial year deem it vital for all entries in the system to be closed. Herein, the income statement batch job is responsible for transferring every single General Ledger account to the balance. This is necessary for the simple reason that the company can get all geared up for the upcoming financial year.

Details of Taxation and sending Reports to Local Authorities

The system has been designed in such a manner that it can easily meet all international accounting standards. At the moment, it has been localized for several countries across the world (more than 40 to be precise). This includes the United Kingdom (UK), North America, and Germany etc. With this localized system, you can be assured that all taxes will be calculated accurately, and as per the legislation of your country of residence.

Financial Budgeting & Forecasting for Automotive Industry

A budget is one of the most vital tools for companies these days. It is used in business intelligence to perform a measurement of the actual financial operation of the business versus the forecasts made. Through the budget feature, you will be able to do:

• Import budgets from, and export budgets to Microsoft Excel
• Formulate simple and intricate budgets by choosing several different aspects
• Work on the creation of multiple budgets for similar time periods
• Copy budgets from previous periods, and make revisions over budget figures or actual figures

System allows you to work with a number of budgets. These are inclusive of:

• Financial
• Purchase
• Sales
• Project or item

You may easily use this function to create, copy and work with a number of budgets on a simultaneous basis. For instance, you can choose to work with a 100% budget, a 110% budget etc

Details on Cost Budgets

With this feature, you are given the ability to formulate as many budgets as you wish to. Most importantly, all of these budget function quite like the general ledger budget. You may even choose to copy the cost budget to the general ledger budget and vice versa. Budgeted costs can also be transferred to actual costs.

In order to make sure that transactions are always reconciled, it is necessary for bank reconciliations to be run. Also, you can acquire system suggestions over the payments, which are to be based on set-up. For instance, available cash amount today, important vendors and due to date invoices etc.

Details on Cash Flow Forecasting

Through this feature, you will be able to formulate predictions with regards to the cash flow of a company. Get your hands on a number of cash flow plans, and formulate as many cash flow forecasts as you are interested in. Users are also given the ability to utilize account schedules along with cash flow forecast statistics to perform an analysis over cash flow forecasts.