The use of third-party report writers to produce high-quality financial information is common in the accounting software world. Many ERP systems focus on essential, client-related areas such as marketing, order processing, production, supply chain management, and customer service. Finance and accounting are often less flexible, and native financial reporting tools included with the system may often be considered perfunctory at best.
This has created opportunity for specialist companies to fill a void and help add value to the significant investments companies have made in their core system. The question is, why are external financial report writers not readily available for all ERP’s in the same way?
One major reason is that some ERP systems make it difficult for some reporting tools to integrate reliably because they allow transaction data to be changed after entry, including dates, periods, values, line items, and General Ledger accounts.
Simply put, if the underlying data can be changed after it has been entered and committed to the reporting database, then this creates headaches for the report writer vendor.
In some cases, the differences are not even noticed until the controller or CFO runs the reports, usually during the time-sensitive period-end close. Unfortunately, the only remedy is often to reimport from scratch, causing reporting delays, operating inefficiencies and reduced customer confidence in the numbers.
Many vendors simply give up or compromise, moving on to other, less difficult ERP-system integrations, or perhaps limiting reporting to simple General Ledger balances only available well after the period has been closed and locked down. This reduces the external reporting options available for users of ERP systems that do allow data adjustment.
Fortunately, Mondial CRx solves this issue by offering high-quality reporting that is always based on updated data. Using a concept referred to as Dynamic Integration, all Mondial CRx ERP connectors automatically flag and update changes in the underlying data.
In fact, Mondial CRx not only corrects the transaction, it reverses the original and replaces it, exactly replicating the data now held in the underlying accounting system, while providing a complete audit trail of all changes to source data from point of initial entry until finalization of the figures.
This level of care and detail is indicative of the thought that has gone into the design of Mondial CRx. Importantly, and unlike most report writers, it is built on an accounting platform with its own GL, AP, and AR modules, and is able to store transaction-level data, and not just balances, from different ERP systems in a consistent and normalized fashion.
Mondial CRx automatically appends all transactions accurately with required reporting currencies needed during consolidation – useful when different group companies operate in different currencies – and supports additional, auditable double-entry transactions such as account revaluations, intercompany eliminations, and statutory reallocations.
Mondial CRx supports the production of high-quality management, consolidated and statutory financial reports in any currency or GAAP format. Customers achieve accurate, efficient, and effective financial reporting at all levels of an organization, while reducing risk, increasing control and enhancing overall visibility.