One universal truth is that a picture is worth a thousand words. Your operations team makes decisions every day, week in and week out, that impact the company’s bottom line.
Effective management decisions can therefore lead to operational improvements. But what if your managers do not have a complete picture of how their department’s activity effects corporate finance?
Would you be interested in way for IFS users to see quick visual charts or summaries of key financial factors during the course of their daily routines?
John Cleary, a RutterKey Senior Business Analyst specializing in finance, frequently works with operational personnel who struggle to understand the financial information and functionality found within IFS Applications™.
All organizations have the accounting basics, he said, which are fairly similar and straight forward regardless of the industry. However, the real challenges come into play regarding the unique ERP scenarios faced by individual companies.
For example, in some industries, calculating, collecting and paying taxes could be challenging. For others, pricing on sourced materials and discounts to customers is a big challenge. Or we have seen geographic and logistical obstacles that cause a company to have strong performance in certain markets while struggling to find traction in others.
Business leaders know that accurate management of the reporting process and giving key people a view of the right information at the right time can lead to greater operational efficiency, more effective decisions, and may ultimately result in cost savings.
The good news is, IFS Apps have ways to help visualize financial data “on the fly”. Unfortunately, some users aren’t sure how to utilize this finance functionality in IFS. For example, segments of data can be selected and displayed as graphs using the “Administration” attribute to show balances for and departments which are part of Administration.
Under GL Balance Analysis, users can access either previously defined reporting categories (a.k.a. code parts) or create new code part attributes on the fly for use on this page to display financial information graphically or export the data to Microsoft Excel when necessary.
Attributes are especially valuable if the initial IFS system setup does not include all code parts that are needed or if available code parts have been exhausted. Code part attributes allow IFS customers to group pre-existing code parts or create new virtual code parts to provide the requested data visibility. Attributes can be used on any code part, including account. The real power is that unlike code parts, this technique can be defined retroactively, so it does not have to be set up in advance of transactions being created in the general ledger.
Contact RutterKey Solutions, LLC for assistance with Navigating IFS Financial Functionality