Tomerlin-ERP Blog

Benefits of Epicor® Kinetic ERP Financial Management Training

by | Mar 4, 2021 | Uncategorized | 0 comments

Financial management will make or break your business’s success. In fact, 96% of successful businesses have an Enterprise Resource Plan (ERP) in place. It can be difficult to determine which program is right for you. An even more complicated task is figuring out how to implement these programs.

Hiring an independent Epicor® ERP consulting firm can help you to navigate the different modules. Then, they can help you learn the ropes before taking it on yourself.

Continue reading to learn how Tomerlin-ERP can train your team in the Epicor ERP financial management modules. You will also see how it can help your business reach financial success.

Financial Management Training

Tomerlin-ERP Consulting Firm

Tomerlin-ERP is an independent Epicor ERP consulting firm that helps manufacturers improve their business performance and reduce their costs. Our firm is made up of the most experienced and well-rounded consultants in the industry. We’ve been working solely with Epicor ERP software since the late ’90s.

We can assist you by training your staff in the modules and tools for financial management. The training for these Epicor® systems is based on individual needs. The levels of training range from beginner to expert. We provide on-site or remote training options. We also have webinars available for those needing more information on program specifics.

We should be your guide for your Epicor ERP installation. Tomerlin-ERP is a one-stop-shop for all things involving Epicor ERP software. We can also provide software installation, optimization, and service upgraded. Our highly experienced and certified technicians offer complete Epicor ERP IT services.

How Can an Epicor® ERP Consulting Firm Help You?

Hiring an external consulting firm for Epicor ERP training has a ton of benefits. It isn’t enough to have a competent business consultant. An ERP consultant specializing in financial management programs will be able to offer you top-of-the-line services for the future of your company. This type of expertise is hard to come by, but Tomerlin-ERP has what it takes to help cement your success.

External consulting firms can be objective and offer unbiased opinions. This allows them to make decisions based on what is best for the company. They don’t have a chance to let feelings or disagreements getting in the way.

You can count on a consulting firm to have some fresh perspective on your business’s financial health. Our only focus when working with you will be on your business. We will help you navigate the financial outcomes that you are working towards. They can also help you reach success on a more global scale. This is great if your business operates in multiple countries.

When you hire a consulting firm, you only pay for the services when you need them. You’ll save your business money by not having to pay the salary for or provide a workspace for a permanent financial manager.

Hiring a consultant to train your employees in ERP allows you to focus on the more demanding tasks at hand. You can relax knowing that your employees are receiving the best training. It leaves your central focus on running your business.

What Is Epicor ERP?

Epicor’s Enterprise Resource Planning (ERP) software allows companies to come up with a business plan that will allow them to grow. This is possible by incorporating automatic financial processes. Doing so also helps make their finances more transparent. It works by implementing a few or several modules that help to manage your finances.

Having Epicor ERP implemented for your business is crucial for a successful future in the rapidly evolving digital age.

Core Financial Management

These modules: Accounts Receivable, Accounts Payable, General Ledger, Deferred Revenue, Cash Management, Currency Management will be part of the learning process for master budget planning for your business. Along with this, you will be able to reduce costs, improve cash flow, and increase productivity.

Financial Reporting

This element of financial management guarantees that your business’s interactive, web-based financial reports are easy to understand while being transparent. This program helps collaboration on budget planning.

Global Business Management

Global business management brings your business together on one cloud platform. This platform deals with multi-currency, multi-site, and multi-company simultaneously.

The cloud centers are equipped with 24/7 support and allow e-voices and e-signatures on electronic reporting. It informs business owners of changes in local and regional regulations regardless of location. It manages risk and compliance with the GCR tool.

Mobile Time & Expense Management

This type of management uses mobile apps that allow the workforce to update changes in financial status regardless of where they are. It gives employees the ability to approve and report offline work. The updates can be seen in real-time.

Enterprise Content Management

Enterprise Content Management helps to streamline productivity. It utilizes a program called DocStar ECM. The program is scalable to your company’s needs. It allows you to take a completely digital approach to financial health. The program is also cloud-based for remote access from any time and any location.

DocStar uses an automated workflow for processing content. The program is also able to extract and store key data via intelligent data capture. It can also be used to enable sales order automation.

Epicor ERP Credit Card Processing

This web-based payment platform gives you access to authorize, settle, and report transactions. It does this while keeping up with Level 3 Compliance. The high-speed connection helps to eliminate delays. Epicor Credit Card Processing is also PCI compliant for gateways and encryption services.

How Can ERP Software Help Your Business?

This software is tailored to the specific needs of your business. The main focuses are budgeting, planning, and even forecasting the growth of your business. It gives business owners real-time fiscal information on a modern platform for local and global business performance.

There are eleven modules available in the financial management software for ERP. This includes the following processes:

  • Asset Management
  • Accounts Receivable
  • Accounts Payable
  • Currency Management
  • Cash Management
  • Deferred Revenue Accounting
  • General Ledger
  • Multi-Site
  • Payroll
  • External Payroll Integration
  • Rebates, Promotions, and Royalties

The financial management software focuses on three main pillars: General Ledger, Accounts Payable, and Accounts Receivable.

General Ledger

The general ledger is the center of financial data. If you don’t have a ledger, your business may be in trouble. This ERP module gives you a ton of options

The general ledger relies on accounting controls and system security to protect your business’s integrity. This control allows your company to operate in its fullest capacity.

Having Governance, Risk, and Compliance (GRC) ensures that your company is completely compliant with regulations while getting everything done on time. It’s made up of three components: corporate governance, risk management, and global compliance.

Corporate governance ensures the company reports the right financial information on time. Risk management has built-in, application-level business process management tools that utilize secure workflow automation and audit trails. Global compliance makes sure that your business is following global and local laws of trade.

These all work together to make your company’s financials more transparent while ensuring you are compliant on time.

Accounts Payable

Accounts Payable uses your billing system to keep track of suppliers’ records and AP invoices to figure out what your company owes. It allows you to easily access invoices, create payments, and keep records indefinitely, so how does automation fit into that?

AP automation simplifies the procure-to-pay process and helps you to pay your company’s invoices on time. It can even automatically gather text from a scanned or photographed invoice and match it with your existing invoice on file. It aids in e-doc storage, advanced workflow, and audit trails. AP automation is set up for full integration with existing Epicor programs.

Accounts Receivable

Account receivable is the system in place to manage invoices, credits, cash management, and even customer management. This allows you to see received payments from your customers, track financial trends, and see outstanding debts owed to your company. Like accounts payable, accounts receivable will benefit from integrating with the ERP software.

Deferred Revenue Accounting

This type of accounting is where revenue is only recognized once the earnings process is complete. In this system, deferred revenue is credited, while cash (and other assets) are debited. The data is then used to forecast future amortization (paying off debts over time).

Sales Tax Automation

Epicor Tax Connect automates all sales. This eliminates the tedious, yet complex task of calculating, collecting, reporting, and remitting taxes over multiple jurisdictions.

Project Accounting

Epicor’s project-based accounting software system helps organizations to regain financial control while reducing costs. This helps to make the company more efficient. This program supports detailed project planning and flexible financial accounting.

Hire Tomerlin-ERP Today!

Navigating through the Epicor ERP programs can be stressful, but ERP is crucial to the success of your business. It encourages the growth of your business and promotes financial health. Having an expert ERP team to walk you through the entire process will make a world of difference in your company’s finances.

Contact Tomerlin-ERP today to start preparing for the financial future of your business. Our team of experts is standing by to give your company the best enterprise resource planning services in the industry.