Accounting and Financial System (Steps AFS)

Steps AFS - Accounting & Financial System, the pinnacle of innovation in ERP solutions developed by WEBNS Technology Ltd. In today's fast-paced business landscape, where agility and accuracy are vital, harnessing the power of cutting-edge technology is essential for sustainable growth and staying ahead of the competition. That's where Steps AFS takes action to offer a revolutionary suite of tools precisely engineered to revolutionize accounting processes, optimize financial workflows, and flawless decision-making.

Our ERP module isn't just software it's a dynamic ecosystem designed to propel your organization toward fiscal excellence. With an intuitive interface and analytics, Steps AFS empowers you to navigate the complexities of modern finance with unparalleled ease and efficiency. Whether you're a growing startup or an established multinational business, our platform seamlessly adapts and scales to meet your evolving needs, ensuring compliance, agility, and strategic foresight at every turn.

Say goodbye to manual data entry and cumbersome spreadsheets our advanced automation capabilities streamline routine tasks, freeing up your team to focus on high-impact initiatives. Join the power of predictive analytics and machine learning algorithms to uncover hidden insights within your financial data, enabling proactive decision-making and unlocking new avenues for growth.

But we don't just stop at efficiency Steps AFS is your strategic partner in unlocking the untapped potential within your organization. With customizable modules tailored to your unique requirements, you have the flexibility to tailor the platform to suit your specific industry and business model. From real-time financial reporting to seamless integration with third-party systems, we empower you to take control of your financial destiny and chart a course toward unparalleled success.

Join the ranks of industry leaders who have embraced the future of finance with Steps AFS. Experience the difference between next-generation ERP solutions and embark on a journey toward limitless possibilities. Welcome to the future of accounting and financial management, Welcome to Steps AFS.

 

Usability of Steps AFS (Accounting & Financial System)

1. Comprehensive Receivables and Payables Management:

• Maintain detailed histories of receivables and payables.

• Generate customer invoices and supplier invoices in real-time.

• Manage outstanding and historical receivables/payables efficiently.

• Bill Processing and Management:

• Streamline supplier bill management.

• Integrate seamlessly with the Supply Chain & Inventory Management System.

• Reconcile bills with purchase orders and Goods Received Notes (GRN).

2. Automated Tax and VAT Calculation:

• Ensure compliance with government regulations regarding TDS and VAT.

• Automatically calculate VAT & taxes as per the specified rules.

3. Payment Schedule Management:

• Efficiently manage and prepare payment schedules for suppliers/vendors.

4. Allocation of Activities:

• Create journal entries to allocate activities between accounts.

• Define allocation percentages and utilize system-defined cost-driven for accurate allocations.

 

5. Bank Reconciliation:

• Balance accounting transactions with bank statements in real time.

• Reconcile foreign currency transactions and manage bank balances effectively.

6. Corporate Cash Management:

• Consolidate payment processes across connected entities for efficiency.

• Reconcile bank transactions centrally for a consolidated view and control.

7. Budgeting:

• Set up monthly and annual budgets for revenue and expense GL accounts.

• Analyze performance and variances to budget using standard and custom reports.

8. General Ledger Management:

• Enter and manage journal entries in real time, including automated reversals.

• Handle transactions in foreign currencies with exchange rate conversions.

• Automate voucher creation for various transactions such as house rents and payroll.

9. Centralized Accounting:

• Customize and control charts of accounts across multiple entities.

• Process inter-entity general ledger journal entries and inventory transfers efficiently.

• Generate reports at individual entity level or consolidated level as needed.

10. Financial Reporting and Consolidation:

• Generate complex financial reports including balance sheets, income statements, and cash flows.

• Consolidate financial statements for multiple companies with different base currencies.

• Recognize translation gains/losses and manage elimination entries at a consolidated level.

11. Deployment Options:

• Offer flexible deployment options including on-premises and cloud-based solutions.

12. Integration Capabilities:

• Easily integrate with other modules and third-party systems such as CRM software and banking platforms for seamless data flow.

13. Security and Compliance:

• Prioritize security measures such as encryption, access controls, and audit trails to protect financial data.

14. Scalability and Customization:

• Scale the system to accommodate growing business needs and customize it to specific industry requirements.

15. User Interface and Experience:

• Provide a user-friendly interface with customizable dashboards and mobile accessibility for ease of use.

Overall, Steps AFS offers a comprehensive collection of features and functionalities designed to enhance financial management processes, ensure regulatory compliance, and support informed decision-making across various business functions.

 

Features of Steps AFS (Accounting & Financial System)

Steps AFS (Accounting and Financial System) is designed to revolutionize financial management with a comprehensive suite of features. Tailored for businesses of all sizes, Steps AFS enhances efficiency and accuracy through real-time invoicing, automated tax calculations, advanced budgeting, and multi-company consolidation. Its user-friendly interface, robust integration capabilities, scalability, and stringent security measures ensure streamlined operations and secure financial data. Discover how Steps AFS can simplify your financial processes and empower strategic decision-making.

1. Comprehensive Receivables and Payables Management

• Detailed Histories: Maintain extensive records of all receivables and payables transactions, providing a complete financial history.

• Real-Time Invoicing: Instantly generate customer and supplier invoices, ensuring timely billing and payment processes.

• Efficient Management: Monitor and manage both outstanding and historical receivables/payables effectively, enhancing cash flow management.

2. Bill Processing and Management

• Streamlined Bill Management: Simplify the entire supplier bill management process from receipt to payment, ensuring accuracy and efficiency.

• Seamless Integration: Integrate with the Supply Chain & Inventory Management System for synchronized data flow and streamlined operations.

• Reconciliation: Reconcile supplier bills with corresponding purchase orders and Goods Received Notes (GRNs) to prevent discrepancies and overpayments.

3. Automated Tax and VAT Calculation

• Regulatory Compliance: Ensure compliance with government regulations regarding Tax Deducted at Source (TDS) and Value Added Tax (VAT).

• Accurate Calculation: Automatically calculate VAT and other taxes according to the specified rules, reducing manual errors and improving accuracy.

4. Payment Schedule Management

• Vendor Payment Scheduling: Efficiently manage and prepare payment schedules for suppliers and vendors, ensuring timely payments and optimal cash flow management.

5. Allocation of Activities

• Journal Entries: Create journal entries to allocate activities between different accounts, facilitating accurate cost tracking.

• Percentage Allocation: Define allocation percentages to distribute costs or revenues based on predefined criteria.

• Cost Drivers: Utilize system-defined cost drivers to determine allocation percentages, enhancing accuracy and efficiency in cost allocation.

6. Bank Reconciliation

• Real-Time Balancing: Balance accounting transactions with bank statements in real-time, ensuring accurate financial records.

• Foreign Currency Reconciliation: Reconcile foreign currency transactions and create necessary foreign exchange adjustment transactions.

• Bank Balance Monitoring: Maintain real-time visibility of bank balances, providing accurate cash flow status.

7. Corporate Cash Management

• Payment Process Consolidation: Consolidate payment processes across connected entities for improved efficiency.

• Centralized Reconciliation: Reconcile bank transactions centrally, providing a comprehensive view and control over finances.

8. Budgeting

• Budget Setup: Establish monthly and annual budgets for revenue and expense general ledger (GL) accounts.

• Performance Analysis: Analyze performance and variances to budget using standard and custom reports, aiding in better financial planning.

9. General Ledger Management

• Real-Time Journal Entries: Enter and manage journal entries in real time, including automated reversals for errors or adjustments.

• Foreign Currency Handling: Manage transactions in multiple currencies with automated exchange rate conversions.

• Automated Voucher Creation: Automate the creation of vouchers for various transactions, such as house rents and payroll.

10. Centralized Accounting

• Customizable Charts of Accounts: Customize and control charts of accounts across multiple entities for consistent financial tracking.

• Efficient Processing: Handle inter-entity general ledger journal entries and inventory transfers efficiently.

• Flexible Reporting: Generate reports at both individual entity levels and consolidated levels as needed.

11. Financial Reporting and Consolidation

• Complex Financial Reports: Generate detailed financial reports, including balance sheets, income statements, and cash flow statements.

• Multi-Company Consolidation: Consolidate financial statements for multiple companies, even with different base currencies.

• Elimination Entries: Recognize translation gains/losses and manage elimination entries at a consolidated level for accurate financial reporting.

12. Deployment Options

• Flexible Deployment: Choose between on-premises and cloud-based solutions to suit your organization's specific needs and preferences.

13. Integration Capabilities

• Seamless Integration: Integrate easily with other modules and third-party systems such as CRM software and banking platforms, ensuring seamless data flow and operational efficiency.

14. Security and Compliance

• Data Protection: Implement robust security measures, including encryption, access controls, and audit trails, to protect financial data from unauthorized access and breaches.

15. Scalability and Customization

• Adaptable System: Scale the system to accommodate growing business needs and customize it to meet specific industry requirements and unique business models.

16. User Interface and Experience

• User-Friendly Interface: Provide an intuitive interface with customizable dashboards, enhancing user experience and accessibility.

• Mobile Accessibility: Access the system on mobile devices, ensuring flexibility and convenience for users on the go.

Steps AFS stands at the forefront of accounting and financial management solutions, offering a powerful combination of features designed to streamline your accounting processes, enhance accuracy, and support strategic decision-making. With real-time capabilities, seamless integration, advanced analytics, and robust security, Steps AFS is the ideal partner for businesses looking to optimize their financial workflows and achieve fiscal excellence. Embrace the future of accounting with Steps AFS and unlock new potential for growth and success in your organization.

 

Modules of Steps AFS (Accounting & Financial System)

1. Accounts Receivable:

• Maintain Receivables History: Keep track of all transactions related to sales made on credit, ensuring a complete record of amounts owed by customers.

• Real-Time Invoicing: Generate customer invoices instantly, including options for consolidated billing to streamline the billing process.

• Manage Receivables: Monitor outstanding receivables and historical payment data to track customer payment patterns and aging trends.

• Deposit Processing: Efficiently process customer payments and deposits, ensuring accurate recording and reconciliation of received funds.

2. Accounts Payable:

• Comprehensive Payables Tracking: Maintain a detailed record of all transactions related to purchases made on credit, providing visibility into amounts owed to suppliers.

• Real-Time Invoice Creation: Generate supplier invoices in real time to facilitate timely payment processing and accurate expense recording.

• Payables Management: Monitor outstanding payables and historical payment data, enabling effective cash flow management and vendor relationship management.

• Multi-Currency Payments: Process payments in multiple currencies, accommodating international transactions and foreign supplier payments seamlessly.

3. Bill Processing:

• Supplier Bill Management: Streamline the management of supplier bills, from receipt to payment, ensuring accuracy and timeliness in bill processing.

• Integration with Supply Chain: Seamlessly integrate with the Supply Chain & Inventory Management System for synchronized data flow and streamlined operations.

• Bill Reconciliation: Reconcile supplier bills with corresponding purchase orders and goods received notes (GRNs) to verify accuracy and prevent overpayments or discrepancies.

• Cross-Checking: Automatically cross-check supplier bill amounts with purchase orders and GRNs to identify any discrepancies and ensure accurate billing.

4. Auto TDS/VAT Calculation:

• Regulatory Compliance: Automatically calculate taxes such as Tax Deducted at Source (TDS) and Value Added Tax (VAT) in accordance with government regulations to ensure compliance and accurate financial reporting.

5. Payment Schedule Management:

• Vendor Payment Scheduling: Efficiently manage and prepare schedules of payments for vendors/suppliers, ensuring timely settlement of invoices and optimal cash flow management.

6. Allocations:

• Activity Allocation: Create journal entries to allocate activity from one account or group of accounts to another, facilitating accurate cost allocation and expense tracking.

• Percentage Allocation: Define percentage-based allocations between accounts to distribute costs or revenues based on predefined criteria.

• Cost Drivers: Utilize system-defined cost drivers to determine allocation percentages, enhancing accuracy and efficiency in cost allocation processes.

7. Bank Reconciliation:

• Transaction Balancing: Balance all accounting transactions posted to cash accounts against bank statements in real-time, ensuring accurate reconciliation of financial records with bank records.

• Foreign Currency Reconciliation: Reconcile foreign currency transactions and automatically create foreign exchange adjustment transactions when necessary to account for currency fluctuations accurately.

• Bank Balance Monitoring: Maintain a running total of the bank balance as each transaction clears, providing real-time visibility into available funds and cash flow status.

• Individual Reconciliations: Provide individual bank reconciliations for each bank account, enabling detailed tracking and management of multiple bank accounts.

These elaborations provide a deeper understanding of each module's functionalities and how they contribute to efficient accounting and financial management within Steps AFS.