Infor SunSystems is packed full of incredibly handy functionality and capabilities, but it is up to you to use them.
Some of the functionality and capabilities have the potential to save you serious time, streamline your financial workflows, and even turn your rather tedious accounting operations into an ever enjoyable process. But unless you discover them or work with an experienced partner who knows their way around the system, you’ll only be stuck with the basics.
Here are some super useful ways Sun accounting software can save you ample time and make your accounting activities a lot easier through automation and real-time capabilities.
Unified ledger accounting
Ledgers are important for every accounting system because they serve as the central repository for all financial data of a company and are thus crucial for generating financial reports.
But the problem is that traditional financial systems make use of complicated multiple-book systems including sales ledgers (accounts receivable), purchasing ledgers, (accounts payable), and general ledgers.
Sun accounting software is able to incorporate all ledgers in one place, enabling real-time posting across all three ledgers but with a single entry. This is a great time-saver.
By running a unified ledger (as opposed to the traditional systems which use three separate standard ledgers), companies can streamline their financial reporting while enjoying real-time visibility into their data and facilitating collaboration among different branches and locations.
SunSystems’ unified ledger also packs powerful analytics and drill-down capabilities, useful for making better decisions and gaining actionable insight through core reporting data.
Real-time data propagation
Infor SunSystems has a functionality called Enterprise Data Management (EDM). This tool enables the real-time propagation of key static data to multiple business units across different SunSystems installations connected via ION.
You’d just have to enter your data (customers, items, suppliers, currency rates, etc.) once and Enterprise Data Management will automatically propagate to other business units.
This not only saves you time but also eliminates the overhead required to synchronise reference data for inter-company reporting, accounts and many other business purposes.
Additionally, data also remains consistent across the organisation as it is stored in a single, optimised repository, making data management a lot more efficient.
Automated payment processing
SunSystems has functionality for automating the accounts payable and receivable processes.
You can choose to use FinanSys Bank Payments, which is built specifically for SunSystems. FinanSys Bank Payments provides an interface between the payment functionality in SunSystems and the services by your bank for Electronic Funds Transfer (EFT).
To automate and streamline your accounts payable, the tool automatically produces a file to be uploaded onto your online banking platform rather than a finance staff having to re-key transactions that already exist in SunSystems.
Want to enjoy the benefits of a modern financial management system? Get in touch with us today to discuss how SunSystems can transform your accounting operations!