Supercharge Your Financial Edge - Maximizing It's Potential
Published
I am all about efficiency...making things easier whether it's adjusting the user options (see my Tips and Tricks series), developing import processes, or whatever.
The other side of this is maximizing the functionalities of Financial Edge so that it is doing as much work for you within the program itself. Here are some examples of that within FE. If you are currently doing something outside of the program, only then to enter it manually, import it into the GL, mix this info with a report you run in FE then export, then you may want to consider implementing the extra pieces.
Yes, I know what you are going to say. It costs money that we don't have. But how much time are you spending doing something that is taking you hours and hours that could be done in minutes. This is time that could be better spent doing other things.
1) Projects and Grants - This module is part of the General Ledger and helps you track activity related to various projects and grants. Reports can be run, budgets can be tracked, queries can be made, all on specific projects and/or grants. You can tie Grants to multiple projects or a particular project to multiple grants. And if you have reimbursable Grants, you can tie this into AR to pull the data, create the invoice and the record in AR.
2) Allocation Management - Do you have pooled investments? Are you creating those allocations in a large Excel spreadsheet that you then have to enter manually in a GL batch? Well with AM, the process can be done for you with a press of a button. AM can create the calculations and journal entries for Dividends/Interest/Gains and Losses/Management fees. If you have multiple investment managers you can even track their individual activity. AM can also be used for allocated such things as overhead expenses.
3) Raisers Edge/Financial Edge Interface - Are you taking a report from the Development office and manually entering those transactions into FE? Why do that when the interface can push the data into the General Ledger for you. Once mapped to all of the appropriate accounts and corresponding project codes, the data comes from RE whenever you want it to (match it to your deposits) into an open GL batch. You control it; you review it; you post it. You even can control the dates of the pledges/gifts that Development enters into RE by soft closing your prior fiscal periods.
4) Fixed Assets - Are you tracking your fixed assets in a spreadsheet, then entering your depreciation expense transactions manually into the GL? Or worse, are you paying the auditor to track these? With FA you have all of this within FE. Run your depreciation monthly; the journal entries are created for you. Now you have up to the minute accurate financial reports. It even creates all the necessary entries when you dispose of an assets (including any gain/loss on disposal). Its a great way to track your entire fixed asset inventory.
5) Web invoicing/Web purchasing - Are you still using paper for employee expense reimbursements? Do you have a manual purchase order system? If either of these answers are yes then maybe you need Web invoicing and/or Web purchasing. This automates both of these processes, funnels requests to the appropriate people for review and approval, and creates the invoices for you in AP.
6) Payroll - Yes there is a payroll module. It is not a payroll service, but it will run all of your calculations for you and post directly to the general ledger. You can print your payroll checks or EFT notices. It creates the EFT file that you can upload to your bank. You can import from a time clock system if necessary. Print your 941s and your W-2s as well. Find out if it provide a cost benefit for you.
7) Bank Reconciliation - If you didn't know already, FE has a cash management module where you do your bank recs internally. Every auditor really insists on this. If you are doing your bank recs externally, I am sure you have heard comments. And with FE NXT you can tie your bank register directly to your bank online for real time clearing functionality.
If any of these apply to you, you may wish to evaluate the functionalities and the cost/benefit analysis to implementing. Contact me directly and I can get you more information.
As we all know too, it is about controls. The more you can get automated and directly in FE as opposed to external spreadsheets, the better you are.
The other side of this is maximizing the functionalities of Financial Edge so that it is doing as much work for you within the program itself. Here are some examples of that within FE. If you are currently doing something outside of the program, only then to enter it manually, import it into the GL, mix this info with a report you run in FE then export, then you may want to consider implementing the extra pieces.
Yes, I know what you are going to say. It costs money that we don't have. But how much time are you spending doing something that is taking you hours and hours that could be done in minutes. This is time that could be better spent doing other things.
1) Projects and Grants - This module is part of the General Ledger and helps you track activity related to various projects and grants. Reports can be run, budgets can be tracked, queries can be made, all on specific projects and/or grants. You can tie Grants to multiple projects or a particular project to multiple grants. And if you have reimbursable Grants, you can tie this into AR to pull the data, create the invoice and the record in AR.
2) Allocation Management - Do you have pooled investments? Are you creating those allocations in a large Excel spreadsheet that you then have to enter manually in a GL batch? Well with AM, the process can be done for you with a press of a button. AM can create the calculations and journal entries for Dividends/Interest/Gains and Losses/Management fees. If you have multiple investment managers you can even track their individual activity. AM can also be used for allocated such things as overhead expenses.
3) Raisers Edge/Financial Edge Interface - Are you taking a report from the Development office and manually entering those transactions into FE? Why do that when the interface can push the data into the General Ledger for you. Once mapped to all of the appropriate accounts and corresponding project codes, the data comes from RE whenever you want it to (match it to your deposits) into an open GL batch. You control it; you review it; you post it. You even can control the dates of the pledges/gifts that Development enters into RE by soft closing your prior fiscal periods.
4) Fixed Assets - Are you tracking your fixed assets in a spreadsheet, then entering your depreciation expense transactions manually into the GL? Or worse, are you paying the auditor to track these? With FA you have all of this within FE. Run your depreciation monthly; the journal entries are created for you. Now you have up to the minute accurate financial reports. It even creates all the necessary entries when you dispose of an assets (including any gain/loss on disposal). Its a great way to track your entire fixed asset inventory.
5) Web invoicing/Web purchasing - Are you still using paper for employee expense reimbursements? Do you have a manual purchase order system? If either of these answers are yes then maybe you need Web invoicing and/or Web purchasing. This automates both of these processes, funnels requests to the appropriate people for review and approval, and creates the invoices for you in AP.
6) Payroll - Yes there is a payroll module. It is not a payroll service, but it will run all of your calculations for you and post directly to the general ledger. You can print your payroll checks or EFT notices. It creates the EFT file that you can upload to your bank. You can import from a time clock system if necessary. Print your 941s and your W-2s as well. Find out if it provide a cost benefit for you.
7) Bank Reconciliation - If you didn't know already, FE has a cash management module where you do your bank recs internally. Every auditor really insists on this. If you are doing your bank recs externally, I am sure you have heard comments. And with FE NXT you can tie your bank register directly to your bank online for real time clearing functionality.
If any of these apply to you, you may wish to evaluate the functionalities and the cost/benefit analysis to implementing. Contact me directly and I can get you more information.
As we all know too, it is about controls. The more you can get automated and directly in FE as opposed to external spreadsheets, the better you are.
News
ARCHIVED | Financial Edge® Tips and Tricks
08/17/2016 8:07am EDT
Leave a Comment