It
is a Double Entry Accrual based online browser
based application
that records
and processes
accounting
transactions within functional modules
such as Creditors, Debtors, payroll and trial
balance. It functions as an accounting information
system.
In any typical financial accounting system available on the market, entries are posted only after the event has happened. It is not a process-oriented system but provides for post-mortem. It is more of book-keeping or recording.
A Process-based Solution: Our FAS is a real-time, on-line, process based application. For example, the real process starts when a vendor presents bill for payment. The bill has to be checked against the work-order; sanctioned for payment and payment has to be effected from the budgeted funds, if available. Our solution provides for recording all the data of a work-order.
Work-flow: The pre-defined workflow ensures that the system works in a structured way. Work-flow can be modified on case-to-case basis to offer total flexibility, which ensures that the bill automatically escalates from one level to the next higher level in keeping up with sanctioning powers of officers/auditors.
Budgets & Grants: The system provides for whole gamut of budgeting and grants. The budget is not checked simply after you have paid. It must be checked before sanctioning a bill for payment. The system works as per budget and flashes if expenditure is exceeding the budgeted amount.
Complete Audit Requirements: Complete details of budgets and each work-order are duly recorded in the system, which covers complete audit requirements. It provides a textbox (equivalent of a note-sheet) to record auditors’ or sanctioning authority’s comments, an important audit requirement.
Tracking of Payments against a Work order: The work order reference helps keeping track of part payments/multiple payments against an order. In the absence of such records, payments are unnecessarily delayed, straining relationships with Suppliers/ contractors.
Document management: Document management technology is duly incorporated in the FAS solution. We can scan documents and attach them to each transaction for future reference. It does away with tedious process of physical tracing and retrieving of documents/vouchers at the time of audit of payments. The documents can be scanned in MS-word, MS-Excel, PDF or jpeg format, which becomes the basis of accounting evidence.
Accurate Project/Budget Accounting: It is very important for the management to know if a project is going beyond the Budget amount, to avoid any cost over-runs. Our solution does that effectively to help organizations maintain financial prudence and credibility.
Web-enabled System: Our solution is fully web-enabled, which may not be the case with your existing system. All the users can log on to a central server either through Intranet or Internet and database and application residing in the central server. This feature allows management to get real-time reports.
