Financial Management
FinanceDefinition
Financial Management refers to the strategic planning, organizing, directing, and controlling of financial undertakings in an organization.
Detailed Description
Financial Management within ERP systems encompasses the processes and methods used to manage an organization's finances. This includes managing income, expenses, assets, and liabilities, as well as conducting analysis and reporting for decision-making. ERP systems typically offer modules to automate financial management tasks, ensuring accuracy and regulatory compliance.
Key Features
- Accounts Payable and Receivable
- Budgeting and Forecasting
- Cash and Liquidity Management
- Financial Reporting and Analysis
- Fixed Asset Management
- General Ledger Management
Common Modules
Accounts Payable
Manages outgoing payments to vendors and suppliers, streamlining the payment process.
Accounts Receivable
Handles incoming payments from customers, optimizing cash flow management.
Financial Reporting
Provides tools for creating various financial statements and analytical reports.
General Ledger
Central repository for accounting data from all financial modules, enabling comprehensive financial reporting.
Popular Implementations
Oracle Financials Cloud
Cloud-based solution for managing financial operations and improving business processes.
SAP Financial Management
An integrated financial management solution that covers all aspects of financial recording and reporting.