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Business World Financial Management is an integral part of the Business World solution, a fully-integrated suite of ERP solutions for companies in the professional services and public sectors. It provides automation and all back-office processes for accounting and budgeting.
Financial Management combined with powerful reporting capabilities provides organizations with the capability to do more than just meet financial requirements; organizations are also able to collect and collate a wealth of information to support in-depth business analytics including both financial and non-financial key performance indicators across the organization, supporting overall strategic objectives.
Business World’s General Ledger is an information store for data integrated with all other Business World applications. General Ledger brings together your organization’s actuals and budgets, simultaneously holding statutory information, management information and adjustments.
Business World allows fast and efficient data entry through its user-friendly design, user-defined transaction templates, automatic code completion and automatic reversing and accrual features, among many other features.
Business World’s Accounts Payable is fully integrated with General Ledger, Purchasing, Inventory Management Contract Accounting as well as Project and Payroll. It supports user-defined payment terms.
Accounts Payable provides all the vital information about your vendors and their accounts in one vendor master file. The precise make up of each vendor account, including the amounts owed and how long debts have been outstanding, is instantly available. In addition to this standard vendor information, Accounts Payable can be tailored to track the specific information that your organization needs.
Workflow in Accounts Payable allows you to scan invoices centrally and then electronically distribute them for approval. There is no limit to the number of people involved in the approval of an invoice and the workflow engine can be set up to automatically escalate invoices with a higher face value to more senior approvers.
Business World’s Accounts Receivable application covers both the cash collection functionality and the provision of supporting non-financial customer information. It is fully integrated with General Ledger, Fixed Assets, Project Invoicing, Free Text Invoicing and Sales Order Invoicing.
Business World Accounts Receivable has automated procedures for producing reminder letters and charging interest on late payment so you can recover receivables before they are bad debts. Any interest charged is automatically posted to the General Ledger.
Business World Accounts Receivable uses an invoice matching screen for easy payment. This screen displays your choice of criteria –customer name, invoice number and bank account number - to help you find the customer invoice. Payments can be matched automatically, and unpaid invoices can be moved between customers or from customers to vendors.
Workflow in Accounts Receivable can be combined with automated business alerts so you are kept informed about exceptional events like overdue customer invoices or extended credit limits. What’s more, you can be proactive and responsive by tracking actions and their completion. Business World keeps a record of all actions taken, such as phone calls or memos.
Business World’s Fixed Assets application handles both the financial accounting rules for fixed assets and the management of assets within an organization. It includes automatic update from General Ledger, Accounts Payable and Purchasing.
Business World Fixed Assets supports multiple depreciation methods and books while supporting linked/composite assets. The automated depreciation function eliminates the need for manual journal and spreadsheet calculations.
Business World’s Budgeting application, called Planner, is fully integrated with Business World Financial Management. Planner models your budgets, storing the information in Business World while maintaining the ease and flexibility of using a spreadsheet for reporting. Planner offers powerful Microsoft Excel functions to automatically update the Business World database from a spreadsheet. Multiple Microsoft Excel workbooks are converted into Business World for data validation and transfer to Business World Financial Management.
"Business World Financial Management" is part of the UNIT4 Business World line of products, developed by UNIT4 Business Software.