IFS Cloud Finance module

IFS Cloud Finance General ledger & parallel accounting is the central component of the financial application that supports multi-company, multi-currency, and multi-dimensional reporting and analysis.

It provides balance and transaction queries and analysis views, security for information access, tax ledger for tax reporting, currency revaluation, period and multi-company cost allocations, year-end routines, and parallel ledgers and currency.

The IFS Cloud Finance module provides comprehensive functionality for adeptly managing accounts payable and receivables. Users can effortlessly view and analyze balances, along with historical trends, for both accounts payable and receivable. The module centralizes the management of diverse customer invoices, seamlessly integrating them with other invoicing sources. Additionally, it facilitates the tracking and evaluation of customer claims and credits, as well as the efficient handling of disputes and collections.This level of integration contributes to the effectiveness of an IFS integrated financial system.

The system streamlines the approval and routing of supplier invoices with predefined rules, automates the matching of invoices with orders and deliveries, and supports self-billing for suppliers—significantly reducing the administrative workload. Efficient payment processing is achieved through bank statements, with support for various payment methods and formats.

With IFS Cloud Financial management software (in IFS Cloud platform) you can store and track the balances of projects independently, and integrate them with the general ledger and other financial modules, connect project accounting with project plans, and reflect the progress and changes of projects in the financial transactions.

Apply different rules for financial planning, capitalization, and revenue recognition, and comply with various accounting standards and regulations, capitalize costs on account and project activity level, and transfer them to fixed assets or inventory when needed.

Recognize revenue based on events, such as milestones, deliveries, or percentage of completion, forecast revenue recognition based on project plans, and adjust them according to the actual performance and risks. It helps users to analyze project performance and profitability interactively, and drill down to the details of project transactions and report project financial information in various formats and dimensions, and support internal and external reporting requirements improving project delivery and cash flow. ERP finance system integration enhances financial capabilities.

IFS Cloud business planning helps organizations create various plans such as budgets, financing, forecasts etc. Configure the planning process with security controls, and assign roles and permissions to different users, enter the plan data by few or many contributors, and collaborate and communicate with them through the planning module. Use a demand-driven model with central calculation rules, plan at a high level using structures and configurable timeline, and drill down to the details as needed.

Store the plan data centrally and securely, and access and update them easily, plan on company level and/or consolidated level, and support multiple companies and currencies. Plan the balance sheet items, and integrate them with the income statement and cash flow statement, create and compare different planning scenarios, and analyze the alternatives and risks. Customize and adapt the entry formats according to the customer needs, and use various input methods and templates. IFS financial management online software helps users to increase business planning efficiency and effectiveness, and synchronize their business performance and strategy.

IFS Cloud Finance module offers a rich and user-friendly functionality for financial reporting and analysis. It allows users to use pre-packaged information sources and analysis models, such as income statement, balance sheet, cash flow statement, and perform various financial analysis and calculations. Integrate the models with the accounting structures and definitions to ensure the consistency and accuracy of the data.

Create and customize the reports and dashboards according to the user needs and preferences. You can also use analytical high-level reporting, such as IFS business reporter, and generate and distribute the reports in various formats and channels (also available as pre-packaged report templates, such as financial statements, tax reports, and management reports). Additionally report tax information from the tax ledger, and comply with the tax regulations and requirements. IFS Cloud integrate with best-of-breed modern tools, such as Microsoft Excel and Power BI. This makes IFS Cloud an effective and comprehensive enterprise finance solution.