Background
Adapting to financial reporting challenges becomes crucial when the underlying data undergoes changes, demanding agile solutions. In the accounting software realm, companies commonly use third-party report writers to generate high-quality financial information. ERP systems primarily emphasize marketing, order processing, production, and customer service, often neglecting finance and accounting features. Native financial reporting tools within these systems are typically rudimentary.
Specialist companies take advantage of this gap, enhancing the substantial investments businesses make in their core systems. However, a critical query arises: why aren’t external financial report writers universally accessible across all ERPs?
Challenge
One key issue is that some ERP systems hinder seamless integration of reporting tools. They permit alteration of transaction data after entry, causing complications for report writers.
When discrepancies arise, often during critical period-end closures, the only recourse is to reimport from scratch. This results in reporting delays and reduced user confidence in the numbers.
Many vendors opt for simpler ERP integrations or restrict reporting to basic General Ledger balances post closure. This limits reporting options for users whose ERP systems allow data adjustments.
Solution
Mondial CRx resolves this problem through Dynamic Integration, identifying and updating changes in underlying data. It not only corrects but replaces altered transactions, maintaining an audit trail from entry to finalization.
Mondial CRx stands out for its design, built on an accounting platform with GL, AP, and AR modules. It stores transaction-level data uniformly from various ERP systems.
It adds accurate reporting currencies for consolidation, supporting various group companies operating in different currencies. Additionally, it handles double-entry transactions like intercompany eliminations and statutory reallocations.
Summary
Mondial CRx supports high-quality financial reports in any currency or GAAP format. It ensures accurate, efficient financial reporting, reducing risk and enhancing organizational control and visibility.
More
Find out more about Mondial CRx at https://www.https://mondialsoftware.com or email info@https://mondialsoftware.com.
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