What is Financial Information System?
A financial information system (FIS) accumulates and analyzes financial data used for optimal financial planning and forecasting decisions and outcomes. An FIS is used in conjunction with a decision support system, and it helps a firm attain its financial objectives because they use a minimal amount of resources relative to a predetermined margin of safety. An FIS can be thought of as a financial planner for electronic commerce that can also produce large amounts of market and financial data at once obtained from financial databases worldwide.
An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve, and report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies.
Specially trained accountants work in-depth with AIS to ensure the highest level of accuracy in a company’s financial transactions and record-keeping, as well as make financial data easily available to those who legitimately need access to it—all while keeping data intact and secure.
What is Procurement Management System?
The procurement management process includes the transactional purchasing of goods and services, and integrates with accounts payable to complete the source-to-settle cycle by providing supporting documents to help with the processing of supplier invoices for payment.
What features are most important in a procurement management system solution?
Purchasing management fulfills a need for products for the business, so that is a good place to start when determining the required features in a purchasing solution.
Need. For each product, questions surrounding need – how many should be ordered and what are the required specifics, colors, and quality – must be answered in order to purchase correctly.
Take those questions and multiply them by every product, which for some businesses equates to thousands, and the task can be difficult. Forecasting and trend analysis enable better buying decisions that can take into consideration trends, seasonality, promotions & changing marketing conditions.
Cost. There are many factors that need to be considered in addition to the price a vendor quotes. Knowing the true cost of a product is critical for evaluating vendors. Additionally, tracking and aggregating spend across the organization can uncover opportunities to leverage volume discounts with suppliers.
Vendor performance. Insights gained through supplier performance analysis will enable better planning, improve spend decision-making and result in a more cost-effective supplier management process.
Easy access to full vendor historical data including vendor’s published price, last cost paid, and lead time allow for ongoing evaluation & establishing new vendor expectations.
BeyondERP Accounting and Procurement Management system comes with the following modules:
- Account Receivable
- Account Payable
- Internal Claim
- Bank Reconciliation
- Cash Management
- Budget Setup & Performance Reporting
- Fixed Asset Management
- Statutory Reporting
- Sales and Service Tax (SST)
- Investment Transaction
- Investment Reporting
- Supplier Management
- Strategic Sourcing
- Procurement Management
- Tender Management
- Contract Management
- Procurement Reports
YGL BeyondERP is ERP Strategy Industry 4.0 ready.
A lot of ERP solutions aren’t designed to enable real-time collaboration, which has a tendency to result in information and planning silos. This obviously makes it difficult to create an agile or dynamic planning flow that truly incorporates the massive influx of data from your production floor RFID chips or the IoT sensors in your warehouse.
How YGL BeyondERP can help SMEs in manufacturing industry to adopt and implement Industry 4.0?
We Help Manage Industry 4.0 Implementation via ERP Accounting and Procurement Management System
With YGL, you’ll be working with the most experienced professionals in the ERP industry. Whether you need short-term support or resources for a long term engagements, our ERP Consultants have the expertise to help you implement and integrate the ERP system requirement for Industry 4.0. With a core team of functional and technical ERP consultants that are both skilled and certified, we can quickly implement a robust ERP System to maximize the value of your investment.
YGL BeyondERP system applications allows you to enable a seamless workflow from your finance to warehouse and right down to your production efficiency by providing you the essential management dashboard which allows you to have a clear visibility.
As an industry leader in ERP system Implementation, we can be sure that each YGL consultants have the highest qualifications. We provide a wide range of ERP System Integrations with experience ranging from IOT(Internet of Things) right down to Data analytics on OEE (Overall Equipment Effectiveness), supporting all functional modules to complete project management for your project needs. All of our consultants are fully vetted for the project they’re submitted for, which means you’re only reviewing the most qualified consultants who do what you need done.
We Can Help to implement ERP System Integration under Industry 4.0
We look forward to hearing from you. Contact us today so that we can help you with our YGL BeyondERP which is strategy Industry 4.0 ready implementation needs heading towards Industry 4.0.
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