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      • What is Enterprise Management Accounting software?

      Accounting software manages and records an organization's daily financial transactions, including fixed asset management, expense management, revenue management, accounts receivable, accounts payable, subledger accounting, reporting and analysis. A complete accounting system tracks the organization's assets, liabilities, revenue and expenses. These transactions are then posted to the general ledger in real time, giving CFOs, treasurers and controllers immediate access to accurate, real-time financial data. It also allows P&L owners to see their performance at the operational level.

      Systematically recording these financial transactions enables quarterly and annual financial reporting, including the balance sheet, income statement, cash flow statement, and statement of shareholders' equity. Accounting software is a core component of an enterprise resource planning (ERP) system.

      By using the right software solution, all of these schedules can not only be handled electronically, but a significant portion of them can also be automated.

      How does Management Accounting software
      benefit your company?

      Save time and money

      With 70% of processes automated so you no longer have to handle them, most of the manual work involved in your day-to-day schedule can be eliminated, allowing staff to focus on more important tasks.

      Automation at scale

      Management accounting software provides advanced reporting and analysis. Businesses get a comprehensive view of the organization's financial performance and a better understanding of profit, costs and revenue by running trend analyses on the available figures, and more.

      Increased throughput

      A management accounting software system helps process more transactions, faster, than doing everything manually. This allows your company to increase profits and free up time to build customer relationships.

      Which businesses Management Accounting software
      is a good fit for

      Management accounting software helps newly founded businesses track and update everything in a timely way, once traditional methods (e.g. MS Excel or paper documents) can no longer keep up. SIS MAC will grow along with the company and won't get in the way of future expansion.

      Bookkeeping can take a significant amount of time, especially with a manual system. If you use double-entry bookkeeping, you may find yourself performing the same tasks over and over in a seemingly endless loop. Accounting software can automate those repetitive tasks, letting you reinvest that time into more important business initiatives.

      Or when you need to move through accounting tasks quickly so you can focus on running the business. You may no longer even do the bookkeeping yourself, so a slow system forces you to pay someone by the hour while they wait on the software. That's a waste of time and money.

      By contrast, a powerful accounting software system can process large volumes of tasks quickly, streamlining your workflow and saving time for you and your staff.

      As your headcount grows, your payroll needs grow with it. Even if you've already set up an accounting system that lets you run payroll, it may limit the number of employees you can process each month.

      Some payroll solutions only support up to 50 employees. In cases like this, it's time to adopt an accounting software solution that grows with you. Beyond asking "do I need accounting software for my small business," figure out which platform best fits your business processes.

      Having convenient reporting is essential to the growth of any business. Customizing reports so you can review data in a specific way becomes more important as you grow.

      Integration is a key part of the best accounting software today. For example, a good accounting program should be able to easily import data from expense-tracking apps and process it usefully.

      When software programs are integrated, you save hours compared with manually transferring data from external apps. The right software solution delivers the benefits of integration without the maintenance cost — meaning accounting solutions on the same platform as your other business tools stay connected in the background without costly integration work.

      Do you need accounting software for your small business in addition to an outsourced tax accountant? It makes sense to use both accounting software and a human accounting expert to run your company. A good accountant helps you report on and analyze the data a powerful software solution provides.

      Most outside accountants want you to use licensed accounting software to ensure your data is accurate and up to date. When looking to hire an outside accountant, here are a few aspects to keep in mind:

      Security

      You can set up an accountant with their own login credentials to sign in and work with the software. It's important to make sure the accountant is proficient with the software you've chosen, so they can do their job effectively.

      Lower cost

      Hiring an outside accountant can help reduce costs for small businesses with relatively simple accounting processes. Slightly larger companies with more revenue will benefit more from an in-house accountant. In either case, choosing the best accounting software makes it easy for an in-house or outside accountant to handle the fine details well, freeing up more time for higher-value tasks.

      Customization

      An outside accountant can perform accounting tasks such as running quarterly and annual reports, processing payroll, filing taxes and reconciling bank statements. Other tasks, such as inventory management, may still be best handled in-house. If needed, most accountants can customize the company's accounting software to make sure the right tasks are completed quickly and accurately.

      Core modules of
      Enterprise Management Accounting SIS MAC

      Cash management

      The cash management capability in accounting software provides accurate information on cash and bank transactions. This also lets companies make timely investment, borrowing and other cash disbursement decisions through automated cash forecasting based on payables, receivables, sub-payroll and external transactions.

      Payables and receivables

      Management accounting software helps organizations reduce redundant records, produce better forecasts and budgets, and enables thoroughly and rationally categorized expense management. It also provides seamless integration into banking systems, enabling more accurate auditing and detailed tracking records of all assets and liabilities.

      Product costing

      The manufacturing module helps manufacturers plan production and ensure they have everything they need for planned production activities, such as raw materials, machine capacity and labor. During production, it can update work-in-progress status and help companies track actual output against the production forecast. It also provides the clearest possible cost and product-costing reporting system.

      Inventory and revenue management

      This module enables inventory control by tracking individual item quantities. It provides a complete picture not only of current stock but also of incoming and outgoing inventory. It manages inventory costs, ensuring the right stock levels are maintained. It surfaces sales options based on available products to help companies make informed decisions that increase profit and inventory turnover. It can help prevent stockouts and delays, improving customer service, and provides detailed and multi-dimensional aggregate revenue management.

      Asset and tools/equipment management

      The Asset and Tools/Equipment Management module helps businesses manage the entire financial lifecycle of fixed assets and tools/equipment, including new purchases, cost increases/decreases, depreciation and disposal. These detailed and consolidated reports on fixed assets and tools/equipment help businesses receive complete and timely figures for accurate financial reporting related to asset appreciation and depreciation.

      Consolidation and analysis

      Management accounting software doesn't just record financial transactions — it also includes reporting and analysis capabilities. These built-in dashboards help leaders understand their organization's financial position. These dashboards measure key financial KPIs in real time, including the current ratio, quick ratio, debt-to-equity ratio, net working capital and inventory turnover
      Standout features of SIS MAC software
      Debt alerts
      Managing customer debt is a key capability of accounting software. With comprehensive collections management, customer ranking, setting collection strategies, managing collection payments and initiating late-stage collections for bankrupt customers all become easier
      System connectivity
      Connects with banks to track loan parameters (maturity dates, changes to interest and principal during the contract term, early termination, etc.), calculate fees, and connect with banks to receive payments. Connects with e-invoices, HTKK (tax declaration software), social insurance, and personal income tax
      Account management

      Built-in protection against unauthorized user access through security, permissions, risk management and control features. Internal controls and segregation of duties help users comply with regulations and give your business a single, reliable, secure source of data.

      Reporting
      Cash flow tracking, individual and bulk reporting on sales interactions, contract profitability analysis, credit scoring, visualizing company growth, and risk management.
      Frequently asked questions about
      management accounting software?

      Bulk data upload (list-based) functionality minimizes data entry work and increases the accuracy of updated data.

      Track transactions and attach documents and records to each transaction, with no storage limit

      A multi-dimensional management reporting system, continuously updated on inventory, cash and receivables/payables

      Incoming and outgoing invoices are automatically updated into the accounting software through data synchronization with the General Department of Taxation and e-invoice providers. The accountant's job at that point is simply to check the reasonableness and validity of the records.

      SIS MAC synchronizes with CRM, allowing continuous, real-time visibility into customer care data. Or it connects well with HRM and timekeeping devices to feed attendance and salary data into the consolidated payroll and pay employees directly

      An important aspect of security is encryption — a standard that ensures data is protected both in transit and at rest.
      It's also important that the software has user access controls in place, as well as regular updates that address security vulnerabilities.

      The basics include understanding income, expenses, assets, liabilities and equity. With accounting software, small business owners can easily track cash flow and generate reports and balance sheets. SIS MAC makes financial management convenient, effective and fast. That said, to get the most out of accounting software, it's important to learn how to use it correctly.

      Paid accounting software usually offers a more comprehensive toolset, including advanced reporting, inventory management, payroll services and integration with other business tools. Paid versions also typically offer superior customer support and regular updates. The choice between free and paid software largely depends on the business's specific needs and budget constraints.
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