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On this blog we will cover stories from all around the Exact ecosystem.

Posts Tagged ‘Financial management’

Exact Globe tip: Interactive Balance

Written by Alexander Kutilov on . Posted in Exact Globe

In previous blogs we introduced series of new video’s: Exact Globe tips.

This product blog is explaining the existing functionality in order to make better use of our solutions. The quick Tip videos are aimed at existing Exact Globe users and each provide a quick tip which can help you to work more efficiently with the product.

There are many ways in the financial part of Exact Globe, how you can search, select and view the data of financial transactions. The Interactive Balance is one of the most famous reports that fully aimed on representing financial data. In interactive balance, you can view all General Ledger account balances in the balance sheet and profit & loss report. The interactive aspect of this overview means that you can retrieve more information about a particular general ledger account through the Balance list or General ledger Card.  You may inquire information based on vast variety of filters set for different analytical values. You may set the view based upon different layouts. You may define scaling criteria on how you want to group the data presented in the interactive balance: by Year, Quarter, Month or Period. You may require comparison criteria based on budgets or the results of previous years.  Most importantly, you may change the reporting criteria, filters, scales as well as layouts interactively while viewing the data. Printing options as well as the exporting of the reporting results to MS Excel are also available.

Watch this introduction movie to get some interesting tips of how you can use the Interactive Balance in your administration.

We hope you enjoy this Globe tip.  Stay tuned because there are more in the works which will be available shortly.

Exact introduces E-Risk Management for Exact Globe

Written by Michiel Dorjee on . Posted in Exact Globe, Exact Synergy

E-Risk Management provides real-time data integration with Dun & Bradstreet (D&B), the world’s leading source of commercial information and insight on businesses. The movie below shows you how this integration between Exact Globe and D&B works and what value it offers. 

The aim of E-Risk management is to improve your decision-making and the management of your business relationships at both local and international levels. With this tool, the finance and procurement departments in your company can retrieve comprehensive business and financial information to enable more intelligent credit and purchasing decisions. The sales and marketing departments can also create new accounts based on D&B information, thereby initiating customer life cycles with correct and complete information. They can also optimize their marketing efforts through an increased understanding of customer at both local and international levels.

All information retrieved from D&B is stored directly in your Exact administration. It is linked to the account via the D&B® D-U-N-S® (Data Universal Numbering System) number, which is a unique, nine-digit identification number for each physical location of a business worldwide. This allows you to share the information within your company, perform analyses or trigger events based on key performance indicators, for example by using E-Report or Exact Event Manager.

With E-Risk Management you can reduce bad debts, discover sales opportunities, and generally avoid wasting time and money on business activities based on incorrect account data. You also benefit from having a structured electronic data instead of hard copy documents.

All it takes to get started is a D&B user ID and password from your local D&B office (www.dnb.com) and the module E-Risk Management.

This functionality is available as per product update 394 of Exact Globe. Product update 242 for Exact Synergy Enterprise will also introduce an integration with D&B services.

Photo credit: masochismtango

 

Once upon a time in Taxland

Written by Alexander Kutilov on . Posted in Exact Globe, Exact Online

Once upon a time there were two of them: The Bookkeeper and The One Who Sits on the Hill. The Bookkeeper was counting money, calculating and paying taxes so The One Who Sits on the Hill could collect them. Life was fair and peaceful. But one day The One Who Sits on the Hill wondered “How can I be sure that The Bookkeeper pays enough taxes?” Thus he summoned The Inventor and shared his doubts. “Not to worry,” reassured him The Inventor. “I’ll design a reporting form, The Bookkeeper would fill it in and you’ll keep everything in check.”

“Hm…” argued The Bookkeeper. “Look, what you’ve done: I have to count money, calculate and pay taxes, as well as fill in the form, while The One Who Sits on the Hill just collects the taxes. Is that fair?”  “No problem,” The Inventor said. “I’ll create a computer system to manage the financial administration and print the tax form as well as other reports. Piece of cake!”  And so the life became fair and peaceful again. The Inventor assisted both sides to change the rules and adjust the computer system. But one day The One Who Sits on the Hill complained: “Hey, Inventor! Why should I verify the data provided by The Bookkeeper manually? As if I have nothing better to do! I need my own system.”  “Right you are!” The Inventor agreed. “You’ll have your computer system, where all the reports would be verified. Moreover, I’ll make it so that The Bookkeeper will report the data directly into your system. Hence you won’t need to re-type the printed reports.” “Wow!” The One Who Sits on the Hill exclaimed. “That’s great! Let it be so!”  The Inventor kept his promise. But The Bookkeeper went furious, “Com’on! Now The Inventor overburdens me with work, while The One Who Sits on the Hill does nothing but collects taxes. That’s unfair!”

“Well people!” – sighed The Inventor. “I’ve got plenty of ideas: there is a system generating electronic taxation reporting with text or XML files. They will transfer the data from one system to another, even online. Forget data verification and deadlines! All you need is to push some buttons. Moreover, I’ve got another magic trick called XBRL. Your data will be mapped with the taxonomy elements and the system will generate an instant document for each report. The same system could be given to your banks and you won’t have to worry about making and validating reports.” “Huh!” exclaimed The Bookkeeper and The One Who Sits on the Hill in unison, “We don’t understand a word of it. However…  as you’ve never let us down before, do what you think is best.” The One Who Sits on the Hill puffed his chest, “Let’s call it a Law and you, The Inventor, will be responsible for our systems’ legal compliance.” Upon reflection The Inventor replied: “Hey! But then we all will become The Ones Who Sit on the Hill!”

A few years back European tax laws were changed, to require VAT-registered businesses to make online declarations. Fiscal authorities and tax payers have subsequently invested in relevant new technologies. However, online reporting still remains country specific, which is a major potential headache for law-abiding companies. Exact has set out to remedy this situation. We are devoting considerable resources to research and development, designing electronic forms to help individual customers translate their electronic registries and filings into solid legal compliance. A full implementation of these new functionalities has already taken place in the Netherlands, Belgium,  Germany, France, Spain, Italy, Luxembourg and in some other countries. Watch this space for more!

Gartner rates Exact positive in its MarketScope report!

Written by Michiel Dorjee on . Posted in Exact Globe

In its MarketScope for Core Financial Management Applications 2009 report Gartner ranks among 10 Financial Application providers Exact, COA Solutions, Epicor, Infor, Lawson, Microsoft, Sage Group, and Unit4Agresso positive. Oracle and SAP have been rated as strong positive.

112 Reference Customers of the application vendors COA Solutions, Epicor, Exact, Infor, Lawson, Microsoft, Oracle, Sage Group, SAP and Unit4Agresso gave answers to 27 specific questions in four sections which covered

  • Experience with Implementing and using the core financial management applications
  • Experience in wording with the vendor, and their service and support capabilities
  • How well the applications had supported change in their business
  • Value for money and cost of ownership

The rating results

Overall, the interviewed Reference Customers have been very satisfied with the application in use. Just over 80% of the respondents were either positive or strong positive and none was strong negative.

(For the interpretation of the rating please see the explanation at the very end of this article)

Only vendors that fulfil the following 6 inclusion & exclusion criteria have been rated:

  1. Provide a suite of financial management applications that includes (at least) GL, AP, AR and FA.
  2. Provide financial management applications that are suitable for any organization regardless of industry.
  3. Target their financial applications at midsize and/or large organizations.
  4. Have at least 100 live users that have bought & implemented the application
  5. Generated at least $25 million in revenue
  6. Live customers in more than one of the regions North America, South America, EMEA, APAC

What Gartner says about Exact

“Exact has several SMB accounting offerings that are sold on a local, country-specific basis, along with ERP solutions for midsize companies, such as Exact Macola ES and Exact Globe. However, the primary midmarket financial management applications are part of the Exact Globe ERP suite. These are suitable for midsize organizations, but they also have strong international capabilities.”

SaaS Insights:
Gartner also surveyed several new Software-as-a-service (SaaS) vendors (CGI, Deltek, Intacct, NetSuite, Twinfield and Workday). There is no information or evaluation on Exact Online in this report by Gartner.

Although none of these vendors met the inclusion criteria for this MarketScope, Gartner anticipates that they will start gaining more market shares as their solutions mature and gain a wider customer base during the next two to five years.

Gartner confirms that midsize companies are starting to deploy SaaS based core financial applications, but still sees companies having concerns about security and integration with on-premises applications.

Nevertheless, the SaaS vendors will not disrupt this market in the next five years because the existing solutions are so well-established and functionally mature.

MarketScope Rating Framework

MarketScope Rating Framework