Many mid-sized Australian Financial Service (non-banking) organisations can quickly outgrow their entry-level business accounting software and ERP software solutions.
They find the general ledger capabilities too shallow and completely inadequate when dealing with multiple entities, consolidations and intra and inter-entity accounting. This fact is further compounded when the group grows to include entities in other countries, with different home currencies and financial years. As a solution to these problems CitySoft recommends and implements Sage 300 and Sage X3.
CitySoft specifies Sage 300 for SME sized Financial Services non-banking companies because of its general ledger capabilities. Sage 300 supports up to 10 layers (segments) in the Chart of Accounts (CoA) providing organisations with the ability to report across a wide range of facts in the business, as well as supporting the roll up of accounts for insightful reporting and analysis. Sage 300 has advanced reporting tools that make creating, running and distributing reports simple.
Many Australian companies in the Financial Services non-banking sector manage multiple entities. Sage 300 includes an option for intra-entity accounting, where multiple entities reside in a single database, yet the system manages quad accounting to ensure no entity can be out of balance.
The system also offers an inter-entity module where companies operate multiple individual databases (entities) that transact with each other or are consolidated into a parent (Group entity). Sage 300 software also offers a General ledger Consolidation module to simplify group consolidations and reporting.
Some companies only require group consolidated reporting, rather than the creation of a consolidated entity (database) and the Sage Intelligence and Sage Enterprise Intelligence Reporting tools enable this to take place with ease.
Multi Legislation Compliance, Multi Country Coverage
Sage X3 is designed to manage, in a single instance, enterprises with multiple entities operating across multiple countries, dealing with multiple legislation’s and possibly multiple languages. Delivered in a single database (Universe) Sage X3 provides system users a mid-market all in one ERP solution in a true Web environment. The system is ideally suited to firms operating multiple offices across multiple continents.
Sage X3 is a Web native, ‘best of suite’ mid-market ERP software solution, ideally suited to organisations operating in the Financial Services sector non-banking who have complex accounting and reporting requirements and who may also operate multiple entities in multiple countries.
The Sage X3 Web-native technology removes the need for an additional thin client layer such as Citrix or Microsoft Remote Desk Top Connection to connect remote offices and users. This deployment flexibility reduces a companies cost of system ownership, and cuts implementation and upgrade costs. It also reduces the time to market to set up and commission a new office or interstate or overseas workforce and provides remote users an enhanced user experience.
The depth and spread of functionality in the Sage X3 application compares favorably to many tier 1 ERP systems and with a wealth of pre-configured functions, workflows, visual processes and role based dashboards and reports, all configurable to meet specific company needs, Sage X3 is faster to deploy and requires fewer consulting services than most tier 2 ERP systems.
The Sage X3 ‘single universe,’ multiple legislation framework, best serves companies with multiple offices across multiple legislations. This fundamental difference between Sage X3 and other mid-market ERP solutions ensures you have access to simplified reporting for multiple companies, operating across multiple borders as the inter- company, multi-site and consolidation requirements of the group are all accommodated using the standard features of the Sage X3 system. A 3rd reporting currency provides exceptional flexibility for groups operating multiple entities in multiple legislation’s.
With Sage X3 administrative capabilities, it is simple to limit user access to sites, legal entities and transaction types removing system distractions and helping focus staff on key activities. The statistical and dimensional accounting capability of Sage X3 support a simplified Chart of Accounts (CoA) and aids in optimized management reporting and analysis. With role based work flows, dashboards and visual processes new staff induction times can be cut. Further to this with customizable on screen HELP, favorites, short cuts and electronic approvals your staff can do more faster and more accurately with Sage X3. Sage X3 document and file management supports streamlined administrative functions and deep integration with Microsoft productivity tools helps drive timely intuitive decision making. Sage connectors allow Sage X3 connectivity with industry specific non Sage applications to ensure companies benefit from a unified end to end business system.