Eaco's Finance Management System is designed to help you keep track of your Accounts Payable and Account Receivable. It can be found in the Control Centre, in the Finance Module. It is not an accounting system, instead it is designed to be a central place to manage all of the invoices coming into and going out of your organisation. To provide you with full accounting functionality, it can integrate with your accounting system.
Why does Eaco's Finance Management System Exist?
We now live in a business world that is increasingly reliant upon external suppliers (contractors, subcontractors, franchisees, etc) to get work done. This creates phenomenal efficiencies, flexibility and scalability for modern business. However, it does cause difficulties due to the number of invoices that need to be managed in the process.
For example, it is not uncommon for a larger organisation to have 100 to 1,000+ contractors working for them. All of these contractors creating individual invoices for each job undertaken. This can lead to hundreds or even thousands of invoices that need to be created, tracked, data entried, approved and paid. Without automated systems, like Eaco's Finance Management System, all of this administrative work can lead to overwhelming the administration and accounting staff.
Or worse, manual tracking of invoices can lead to:
- Invoices being missed;
- Invoices being overpaid;
- Invoices being double-paid; and,
- Clients not being invoiced.
How does Eaco overcome these challenges?
The Eaco System overcomes the difficulty of managing a significant number of inbound and outbound invoices with solutions such as:
- Automated Invoicing from Suppliers;
- Automated Invoicing to Clients;
- Invoice Approval System;
- Invoice Receivable Management;
- Invoice Payable Management;
- Batch Invoices;
- Multi-Job Invoices; And,
- Accounting System Integration.
All of these are deeply integrated into the Eaco System, meaning that they are each related and connected with other elements of the Eaco System. For instance, you can:
- Go into a Supplier Account and see all of the invoices you have received from that Supplier;
- Go into a Client Account and see all of the invoices that you have sent to that Client; and,
- Go into each Job and see the invoice(s) relating to that job.
What is Automated Invoicing from Suppliers?
There can be so many nightmares when it comes to receiving, tracking and paying invoices from suppliers (contractors, sub-contractors, franchisees, etc), particularly when the volume of invoices is significant.
These Supplier Invoice nightmares can overwhelm your administration and accounting staff with:
- Invoices that come in different formats, with completely different wording to describe the works that were undertaken;
- Invoices that come in an untimely manner, making it difficult to confidently close off a month;
- Invoices for amounts different to the agreed contracted values;
- Invoices that don't clearly show what jobs/work orders that they related to;
- Difficulty in telling whether a Supplier has already invoiced the organisation for particular jobs/work orders; and,
- Huge hours of intense work involved with data entry and verification.
To overcome these difficulties, the Eaco System takes a proactive approach towards Supplier Invoice Management. Eaco actively identifies how much each Supplier should be paid for each job/work order that you provide them with, and then automatically creates an invoice on the Supplier's behalf, and enters that invoice into Eaco for you.
This means that when a Supplier completes a job for you, you automatically receive an invoice that:
- Is in a consistent format with consistent wording/descriptions;
- Is the correct value, at the rate agreed to between you and the supplier;
- Is automatically entered into the system for you without the need for manual data entry; and,
- Is strictly related to the job/work order that you sent the Supplier, thus avoiding the risk of duplicate invoices for the same job.
Once created, you can then use the Eaco System to undertake finance tasks such as:
- Automatically invoice your clients;
- Managing the approval of the Supplier invoices; and,
- Transferring these Supplier invoices (and client invoices) into your accounting system.
That is the power of Eaco's Supplier Invoice Automation System.
What is Automated Invoicing to Clients?
The quicker that you can invoice someone, the quicker that you can get paid. Cashflow is king in modern business, so let's help you get paid quicker.
The Eaco System can automatically create invoices on your behalf. You set the rules as to how and when you would like invoices to be created and Eaco does the rest.
For jobs that are completed by your Suppliers, you might choose to automatically invoice your clients with rules such as:
- Cost (of Supplier's invoice) plus a set fee on top (such as a $100 management fee);
- Cost plus a set % on top (such as a 20% margin); Or,
- Simply charging a client based on your own organisation's Rate Card.
Once you have established these rules, the Eaco System automatically creates these invoices for you.
What is an Invoice Approval System?
To ensure that you don't pay Supplier Invoices that you shouldn't, you can use Eaco's Invoice Approval System to see all unapproved invoices. You simply go through this list of unapproved invoices and approve the invoices that are right to be paid.
What is Invoice Receivable Management?
This provides you with a list of all invoices that have been created within the Eaco System for your business. Enabling you to view them, edit them, comment on them, submit them to the client and transfer them into your accounting system.
What is Invoice Payable Management?
This provides you with a list of all Supplier invoices that you have received within the Eaco System from Suppliers. Here you can view all Supplier invoices, comment on them, approve them, etc.
What are Batch Invoices?
These are batches of invoices.
What are Multi-Job Invoices?
These are invoices that relate to multiple jobs.
What is Accounting System Integration?
Eaco enables you to connect to your accounting system to easily transfer the finance related data from the Eaco System and into your accounting system.