Batch solution
IW FINANCE
Organize parallel accounting, tax and management accounting and prepare IFRS reporting in a single system
Functionality of the Finance+ package
- Finance package
- VAT accounting
- Fixed assets
- State budgets
Business Central*'s core package for small businesses is the IW Finance package.
It allows integration of the General Ledger with all operations and provides financial management, synchronization of bank operations, accounting of operations in different currencies, correspondence between records of analytical and synthetic accounts.
The IW Finance package has two options:
the standard IW Finance package and the advanced IW Finance+ package.
IW Finance+ created for companies that are VAT payers.
It contains all the functionality of the standard Finance package, as well as functionality related to VAT, fixed assets and budgets of the GC.
The presented functionality of the system ensures parallel accounting, tax and management accounting and the formation of reporting under IFRS, in accordance with P (C) BO of Ukraine and in accordance with the management policies of the company.
*Business Central is an abbreviated name Dynamics 365 Business Central ERP systems from Microsoft
Description of functionality
Chart of accounts
In Business Central for small businesses, you have a customized chart of accounts in accordance with accounting standards in Ukraine. The chart of accounts is the basis for the company's financial data management system. With the help of the chart of accounts, you can:
- track the credit balance, debit account or its total balance on a specific date
- view all operations recorded on the selected account.
General ledger, GC correspondence and financial journals
The General Ledger (GJ) stores the financial data of the company: all recorded transactions and information about accounts, which is necessary for the formation of regulated reporting.
Business Central for small businesses has the GK correspondence functionality, which makes it common for Ukrainian accountants to review transactions using double entry (debit, credit, amount).
Financial magazines are used to record financial transactions directly on the accounts of the General Ledger and other accounts, namely: accounts of the bank, customers, suppliers and employees.
Currencies, exchange rates
In Business Central, you can configure the necessary number of currencies for running your business. And carry out such operations as sale or purchase in the relevant currency. The functionality of the system ensures the correctness of all calculations in accordance with the specified exchange rates.
Our solution offers integration with the National Bank of Ukraine, which allows daily download of exchange rates from the NBU website.
Analysts
Analytics are parameters that classify transactions so that they can be tracked and used for analysis. For example, your company's financial manager can analyze costs for each department. Instead of creating separate General Ledger accounts for each department, he can create an analysis called "Department" and add values to it that correspond to the company's existing departments, such as "Sales" and "Administration". Further, the values of this analytics are determined on the relevant documents and/or lines of financial journals before accounting. Thus, the recorded transactions will contain the appropriate value of the "Department" analytics and the financial manager will be able to perform the necessary analysis.
Based on analytics, you can monitor your activity in the form of real-time reports on the parameters that are important to you.
Reporting
The Business Central solution for small businesses includes regulated reporting, namely: balance sheet, statement of financial results, statement of cash flow, statement of equity. Accounting reporting is also available: account analysis, circulation information, analysis of receivables and payables.
Operations with debtors
Business Central for small businesses provides the ability to create contracts with customers and use them in the necessary operations through all the functionality of the system. It also provides for the creation of Acts of reconciliation of mutual settlements with the client.
Transactions with creditors
Business Central for small businesses provides advanced functionality to create contracts with suppliers and use them in the necessary operations through the entire functionality of the system. As well as the creation of Acts of reconciliation of mutual settlements with the supplier.
For accounting of settlements with accountable persons, the system provides: list of accountable persons, list of corporate cards and advance reports. For advance reports, it is possible to create a printed form "Report on the use of funds" issued for a business trip or for a report.
Banking operations
With the help of bank account cards in the system, which are created for each of your bank accounts, you can easily track bank transactions in the system. Also, the system has a bank reconciliation functionality that needs to be done to make sure that the company's financial records are correct. Reconciliation is done by comparing and matching entries in the system's internal bank accounts with bank transactions at your bank.
Business Central provides the ability to use electronic banking services to import bank statements and export payments. As part of the package, we offer setting up of two bank statements for the banks you specify.
Closing period
The functionality of the system ensures the calculation of exchange rate differences and the formation of financial results in accordance with the requirements of Ukrainian legislation.
IW FINANCE+
VAT accounting
The VAT functionality of Business Central for small businesses provides the possibility of accounting for VAT during purchases and sales and fully complies with the current legislation of Ukraine.
This functionality provides: manual creation of tax invoices and Appendix 2 to tax invoices for sales and purchases, automatic creation of sales tax invoices according to the first event rule, application of tax invoices to source documents from the supplier, integration with "M.E.doc" (import/ export of tax invoices and Appendix 2 to tax invoices), creating a register of issued and received VAT invoices and VAT tax declaration, closing VAT periods.
Fixed assets
Business Central for small businesses provides accounting of fixed assets in accordance with the current accounting and tax accounting standards of Ukraine.
The functionality of managing fixed assets includes: asset cards for each fixed asset of the company, which store all the necessary information for accounting, creating an act of putting assets into operation, acts of moving assets, which allows you to change the location of the fixed asset and the responsible person, calculation of depreciation, the ability to display modernization (current, capital repairs) and write-off of fixed assets.
Also, the functionality provides for the creation of such printed forms as: Act of acceptance and transfer of OZ (OZ-1), Act of write-off of OZ (OZ-3), Inventory description (INV-1).
State budgets
The GC Budgets functionality provides a comparison between actual amounts and budgeted amounts using a combination of: GC accounts, periods, and defined analysts.
A budget is an overview of planned expenses and income. It is an important tool for companies used in business analytics to compare the actual financial performance of the business with the forecast.
In the system, you can create several budgets for one period, copy budgets from previous periods, export and import budgets from Excel.
We have done the implementation
Dynamics 365 Business Central is affordable and fast
The cost of a package solution
1200$
Dynamics 365 Business Central Essential license (paid monthly)
14$
including discount 80%
Cost of selected Innoware localization applications (paid monthly)
3$
with discount 80%
The package solution includes: cost of license, setup, support and consulting
* prices are without VAT
The cost of a package solution
1600$
Dynamics 365 Business Central Essential license (paid monthly)
14$
including discount 80%
Cost of selected Innoware localization applications (paid monthly)
6$
with discount 80%
The package solution includes: cost of license, setup, support and consulting
* prices are without VAT
Management of financial operations
has never been so easy
Ukraine, 04116, Kyiv,
St. Sholudenka, 3, office 204 (BC "Kubik")
Package solutions:
IW Finance
IW Trade
IW HR & Payroll
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