Bank & Cash Management
HoneycombERP® Cash Management module improves efficiency by using the power of automation to streamline transaction processing and reconciliations. Cash Management is a key component of HoneycombERP®, highly reliable robust, and integrated series of business applications deliver a flexible, scalable, and full-featured business management solution. Bank and Cash Management enables you to quickly and easily handle and track a wide range of bank transactions—including deposits, withdrawals, adjustments, interest earnings and charges, bank fees, and transfers between bank accounts—with pinpoint accuracy.
HoneycombERP® Cash Management offers extensive tools to manage multiple bank accounts efficiently, including electronic fund transfer and bank reconciliation. The solution distinguishes itself through its powerful Cash Forecasting engine, which enables the user to analyze cash inflows and outflows for any time period and currency by applying selected forecasting methods. Cash Management is a focused hub in the HoneycombERP® suite, providing a comprehensive view of cash-related transactions throughout the system. Cash management module provides information relating to cash flow of the organization, by processing and analyzing all cash and bank transactions, arising out of payment of supplier’s invoices, receipt from sales invoices, standalone payment and unallocated payment / receipts.
Module Features
Multiple Banks with Branches
Since an organization has to deal with multiple banks at a time, HoneycombERP® lets the user add multiple Banks with multiple Branches. Complete Information about each Branch is recorder and maintained for easy access and reference. Banks information can be altered and is reflected at all related documents, automatically.
Bank Account Management
Every Bank Account is a separate entity and HoneycombERP® treats each entity separately. Multiple Bank Accounts of same currency; in the same Bank and Branch can be handled with ease and great control using HoneycombERP®. No bank account can be removed if that particular account has transactions posted under it enabling proper control.
Multiple Currency Accounts
Being a multi-currency solution; HoneycombERP® handles multi-currencies in a simplistic yet comprehensive manner. Bank accounts in different currencies are managed separately and transactions in each account are posted to GL where both local and source currencies values are saved with each record.
Cheque Book Management
Managing the Check Books used by the organization is often a tedious task. HoneycombERP® lets you manage your check books with convenience and ease. The user can load all cheques at one time. HoneycombERP® also provides features for direct printing of the cheques from the system, easing the manager’s work load alongside providing synced and control results.
Bank Payment & Receipt Entries
Accounts receivable are a legally enforceable claim for payment to a business by its customer/ clients for goods supplied and/or services rendered in execution of the customer’s order. These are generally in the form of invoices raised by the business and delivered to the customer for payment within an agreed time frame
Bank Ledgers
With HoneycombERP®; Bank ledger are maintained in a detailed manner and information is stored in a way that detailed / consolidated ledgers can be generated against multiple criteria, with ease. Implementing the true essence of ledgers; HoneycombERP® places all of the various business transactions into appropriate bookkeeping location, thus eliminating confusions and issues.
Bank Reconciliation
Using HoneycombERP® the very important process of bank reconciliation is done with great efficiency and utmost accuracy. The process of matching the balances in an entity’s accounting records for a cash account to the corresponding information on a bank statement is a very tedious and hectic task; when done manually. With HoneycombERP®, all this time and consequently the money is saved and the goal of ascertaining the differences between accounting records and booking changes can be found on a click of button.
Bank Charges, Bank Profits
Managing Bank Charges is a tricky thing when an organization operates with accounts in different Banks and different account types. With HoneycombERP® these matter can be managed with great control and flexibility as bank charges are constantly updated from time to time. Each account is tagged with the information required to manage bank charges thus making it easy to update entity level information. Similarly; bank profits are handled on entity level and each account has its own profit setup and rules; on the basis of which profits are calculated automatically.
Up to date Account Balances
You are never out of sync with HoneycombERP®; as it will present all the latest information at your desk. Now every decision a manager or an owner makes; he /she has solid confidence behind each decision. This gives immense strength to the organization and there is no hindrance due to lack of or late information.
Multiple Cash Accounts
Since an organization has to deal with multiple banks at a time, HoneycombERP® lets the user add multiple Banks with multiple Branches. Complete Information about each Branch is recorder and maintained for easy access and reference. Banks information can be altered and is reflected at all related documents, automatically.
Cash Payment & Receipt Entries
Whenever a payment is received or made via cash; HoneycombERP® enables the management to log these transactions in their log books using Cash Payment and Receipt Vouchers. Detailed information of each transaction is logged and once saved, each voucher (receipt) is traceable on the basis of different criteria. Managers have great control over the cash transactions using HoneycombERP®.
Cash Book with up to Date Cash Balance
With HoneycombERP® both segments of cash book i.e. cash disbursement journal & cash receipts journal; are managed in a way that the management always views the updated and correct picture of the organization. All cash payments, such as accounts payable and operating expenses (cash disbursement journal) and all cash receipts, such as accounts receivable and cash sales (cash receipts journal) are maintained separately in HoneycombERP®. Correct picture means better decisions can be taken all due to HoneycombERP®.