Written by Ian Cook, Sr. Sales Engineer Financials, AMCS Group and Conor Dowd, Product Marketing Manager
AMCS Financials brings powerful business finance tools within the AMCS Platform, integrating with your operations.
It offers all AMCS Platform users a pre-integrated Financial Solution to automate all key financial functions such as general ledger, Accounts Payable, Accounts Receivable, budgeting and forecasting.
In a recent webinar, AMCS Senior Sales Engineer for Financials Ian Cook highlighted how recycling and waste management companies can integrate their operational tools in the AMCS Platform with the new AMCS Financials modules.
Here are 7 takeaways from his presentation:
1. AMCS Financials is an engine to manage core finance functions
AMCS Financials is a new and robust engine to effectively manage the back office needs of your business.
It provides an integrated and intuitive toolkit to run your entire organization the way you see fit.
It can manage core functions such as accounts payable, accounts receivable and general ledger, in addition to broader needs such as fixed assets depreciation, payroll and more.
2. It is integrated and interconnected with your workflows
AMCS Financials provides logical next steps in every stage of every process. These powerful pre-built, yet also customizable, workflows allow for interconnected and integrated processes within the AMCS system.
While not all processes are fully integrated yet, AMCS has a workflow to provide further interconnectedness to your operation.
It delivers full end-to-end procure-to-pay purchasing solution. There are a myriad reports, enquiries, dashboards, processes, controls, automations, email and document storage, communications tracking and alerts out of the box.
This provides your team with unprecedented control to support your operations. It is logically arranged, so you can view vital information without having to close and open different screens.
AMCS Financials is integrated with Microsoft Outlook and Exchange. From the moment someone reaches out to your organization, or you initiate contact, and all the time they are a valued business partner, a full set of phone notes, emails and document attachments can be accessed.
Email reminders and events can be drawn from leads, prospects, vendors and customers.
With a native CRM (Customer Relationship Management) solution, it optimizes business development functions and cultivates relationships.
Profit and loss statements and other reports are updated as soon as source documents are produced and posted, alleviating the need to wait until a period end before up to date financial statements are available.
3. Role-based dashboards shows your company’s financial position simply and effectively
Your entire team can be given access to the critical information they need specific to their roles.
This data is presented real-time, in easy to consume dashboard formats, and although preconfigured to match typical needs of defined roles, is fully configurable based on your organization’s unique requirements. More senior employees can be given access to higher level data, while more junior staff can view information that is appropriate to them.
Dashboards are fully configurable so that users can view data simply and effectively that is relative to them. For example, some users may need to view cash-on-hand data, and this is shown and updated to them. But the controller can easily assign widgets on the dashboard to ensure the user has access to other data such as AR if they require further permissions.
Alarms can be set to change the color of the widget when finances need actions, such as an excess of overdue invoices.
4. Flexible, but simple reporting
The toolkit is designed to put power in your hands. AMCS Financials reports are created from building blocks that eliminate the need to retain multiple versions of reports but allows creation of new reports from existing blocks.
This means that users can access reports from a company, division or location level without the historic complexities and cost that accompanied these hierarchical reporting needs.
You can repurpose and combine reports to quickly create new financial statements. If the financial controller wants to know about the P&L at individual branches, they can easily clone and modify existing reports rather than starting from scratch.
5. No need for Excel
AMCS Financials eliminates the need for Excel files to calculate transactions. Reallocating balances such as rent expense or distributing overhead from one account to other accounts is done within the system. This can be based on a percentage split to different departments, or on other statistical data such as headcount (which can also be managed within the software).
By calculating these types of transactions in AMCS Financials, there is no need for Excel files to be used. This reduces errors, allows for more centralized access to these transactions, and reduces the need for local storage with everything held in the cloud.
AMCS Financials also has a scheduling engine, allowing users to configure rules on when they want calculations to take place, and for the resulting transactions to be generated. It means users do not need to remember to perform a task themselves and instils confidence that the task will have been correctly performed based on the rules you have defined.
Assets, including pictures of them, can be stored within AMCS Financials, meaning details no longer need to be stored in other external systems. Depreciation methods are also built into the system, facilitating automation of depreciation journals, and providing a full set of enquiries and reports demonstrating what has happened in the full financial life of the asset.
6. It has native capabilities to reconcile bank transactions, transactions, and expenses – and mobile!
AMCS Financials connects to major banks, allowing dramatically reduced time to balance the check book.
It connects to bank feeds, then selects, imports and auto-matches bank and credit card statements directly within the software.
Historic reconciliations can also be viewed, as well as the most current status of reconciled transactions.
Native Android and iOS apps enable the capture of expense receipts and artificial intelligence built into the app allows the data to be captured from the receipt and automatically entered for you – you just need to review the details and complete the process. The more you use the app, the more it learns diverse types of receipts and the better it becomes at completing the data. Process expense receipts will be seamlessly routed to the appropriate bank or credit card account within AMCS Financials or added as an accounts payable invoice if personal funds were used for the expense.
7. Other capabilities and integrations with external apps
AMCS Financials has full native function payroll capabilities for the US market with Canada, UK (United Kingdom) and other nations coming soon.
AMCS Financial contains native integrations with many best-of-breed products including Salesforce, SurveyMonkey, Shopify, Adobe, Google and Bing Maps, Microsoft Exchange and Outlook, Microsoft PowerBI, HubSpot, UPM and FedEx and a wide range of other apps.
Imports and exports are also instantly uploaded with integrated APIs.
Learn more here about how AMCS Financials can automate all your accounting operations.
Click here to sign up and watch the webinar ‘3 Ways how AMCS Financials helps control your bottom-line’ now
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