In any organization, managing, monitoring, and controlling finances is crucial. Financial Accounting (FA) serves as the core of any ERP system, handling and recording the day-to-day financial transactions. These include fixed asset management, expense management, revenue management, accounts receivable, accounts payable, sub-ledger accounting, cost center-wise expense tracking, project-wise expenses, reporting, and analytics.
Functionalities
- Transaction Management: Handle cash, bank, contra voucher, inter-branch contra entry, journal, credit note, and debit note transactions across multiple books for each category. Manage receipts and payments with TDS, and account for transactions within a hierarchy of accounts, sub-accounts, cost centers, divisions, and projects.
Key Features
- Real-Time Data: All transactions update the general ledger in real-time, providing stakeholders with accurate financial data and insights into the organization’s financial health through P&L statements and balance sheets.
- Comprehensive Management: The system supports billing, purchases, fixed asset management, and payroll integration through APIs from both Cognitive and third-party systems, populating the general ledger with these transactions.
- Developed on state-of-the-art 3-tier web-based technology architecture.
- Supports multiple companies, branches, and divisions.
- Allows for multi-year data storage.
- Provides robust password and operator permissions for each screen and function.
- Enables information and report sharing via email.
- Data export capabilities to MS Word and MS Excel.
- Ensures encrypted and secure data transmission between branches.
- User-defined accounting periods.
- Built-in audit trail and alert options.
- Voucher entry control for managing numbering of all types of vouchers and documents with customizable restart basis (daily, weekly, monthly, yearly, or carry forward).
- Integrated budget and fixed asset module.
- Bank reconciliations.
- Reports and analytics with a pre-built standard set of dashboards.
Cognitive’s full-fledged Financial Accounting System (FAS) complies with GAAP standards and can operate as standalone software or as an integrated module within an ERP solution. With features like multi-company support, encrypted data transmission, and comprehensive reporting and analytics, Cognitive’s FAS offers a robust and secure solution for managing an organization’s financial aspects.
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