How Sage X3 is Important for Financial Management?

Financial management is important for any business and is somewhat of a crucial task to handle. Money is the key component and sometimes a major intent for someone while running a business. Therefore, it is mandatory for them to keep track of all the money going in and out of the company. This is what financial management is all about. The bigger a business is, the more complicated the task of financial management becomes. At a small level, the expertise of a single person or even an accounting expert will be sufficient. So, let’s learn all about Sage X3 Software Features.

However, for medium or big-scale enterprises, even for a team of experts, it is somewhat hectic and difficult to manage so many transactions in different departments. Therefore, there is a requirement for an application that can help the company manage its finances and automate different tasks of financial management. This is where Sage X3 comes into light. Here, we are going to tell you how Sage X3 can be helpful for any business in terms of financial management. Read this blog post till the bottom to get all the information regarding Sage X3.

About Sage X3 Business Cloud

The Sage X3 Enterprise Management Planning tool that has been provided by Sage Enterprises is specifically focused on fulfilling the working needs of medium- and large-scale businesses. Various features available in this application provide various amenities through which users can easily automate their daily functioning and easily track other aspects like inventory, finances, and other crucial components. Some of the highlighting features of Sage X3 include:

• Cash Flow Management
• Account Payable and Receivable
• Budget Forecasting and other amenities to determine future tasks of the company.
• Analytical accounting and expenditure management.
• General Ledger and Financial Reporting
• Easy access to relevant data for various departments of the company.
• Compatibility to run on a variety of devices.
• Accessibility to other Sage resources and easy integration with other applications

Also Read: ERP Accounting Software for Business

Sage X3 Software Features for Financial Management:

Coming back to the line of discussion, the first thing is to explore what Sage X3 can offer to businesses that make it the number one choice for their financial management. The foremost and mandatory feature that needs to be available in every financial software is real-time data access, which can be crucial for a company operating in multiple locations across the globe. Other major Sage X3 Software features in include budget accounting, General Ledger, Financial Reporting, Asset Management, and many others. All these Sage X3 Product Categories features available for the users are discussed below:

Financial Data Modelling

While finance is a major aspect of a company determining its current position, it is also a key component in estimating its future value. The process of Financial modelling involves the analysis of the company’s earnings and various expenses based on which the future position of the company can be decided. Also, data available under financial modelling is a key Sage X3 Product categories component to determine various aspects, some of them are :

1. To estimate the company’s current valuation.
2. Company’s current position in front of other competitors.
3. Representation of the company’s ongoing operations.
4. Factors relevant to the financial performance for present and future and risky factors too.

Thus, it is mandatory for any business software to provide various features based on which the financial data model can be created. While Sage X3 comprises all the mandatory amenities for such tasks, it does offer some additional Sage X3 Software features that can be helpful for financial modelling:

Multi-Site and Multi-Company

The Sage X3 is capable of managing several companies in one database. Various organizations in the same database of Sage X3 will be sharing the same archive. While various organizations have different needs, the ERP allows the business to manage several structures within an organization.

Multi-Language and Multi-Currency

Any company can have a number of sites based on different geographical locations, and various factors are there, which can make data sharing difficult to handle. Two such important factors are language and currency. To eliminate these factors, the Sage X3 is built to offer the interface in multiple languages. Along with that, the Sage X3 ERP software offers the features to convert the transaction currency into ledger currency.

Ledger and Accounting Model

• Sage X3 ERP software can manage multiple companies in the same database, where each company is linked to an account model that can have up to 10 ledgers.
• In order to make a finance model more effectively studied, the application can define the ledger and account model with up to 20 analytical dimensions.
• Moreover, Sage X3 offers various attributes through which users can easily automate various components like inner-site transactions and many other inter-company transactions as part of sales and purchase modules.

Journals and Accounts

Users can create an unlimited number of Journals in Sage X3. Users can also utilize pre-defined journals belonging to various categories like sales, purchases, inventory, operation, and even miscellaneous.

Any account belonging to a company can have nine analytical dimensions, with a multi-level structure keeping in mind various other mandates like validity, financial records quantity elements, and many others.

Various Analytical Dimensions to Define Ledger and Accounts

With data being presented under various parameters, it becomes possible for the business to create the best finance model that has been created keeping in mind even a micro detail. Various tags and data that can be added to the transaction for better analysis are:

• Multi-Level structure.
• Distribution Keys -Predefined.
• Post Entry
• Financial Quantity
• Distribution of finances based on various parameters.

General Ledger Accounting

This is the key component to be considered while talking about financial management. The General Ledger is a single record that comprises all the transactions that a company has made. Records can be for a given period or from the start to the latest transactions. Maintaining a general ledger is a mandatory task. Records or data available in the General Ledger can be utilized for creating various reports and other important documents. The more features or accessibility available for the users, the easier it is for them to utilize it. Various features available in Sage X3 for General Ledgers are:

Automatic and Manual Journal Entry

• The option for users is a definable transaction for automating their work while making entries.
• Automatic inter-site transactions and inter-company transactions, and linked account balancing
• Manual or automatic matching with the availability of various automatic options like automatic generation of matching and exchange variance

Various Components for Tax Management

The Sage X3 offers various features to automate various tax-related processes like Tax reporting, tax declarations, para-fiscal taxes, Tax Prorate management, and many others.

Accounts Payable and Receivable

After the ledger comes the accounts payable and receivable, which display information regarding the money that the company owes or the money owed by the company from the vendors. Crucial components of Accounts Payable and receivable which Sage X3 can Automate are:

• Invoice Generation and unique numbering.
• Automatic tax calculation for VAT and fiscal, along with management of legal information.
• Management of recurring invoices and electronic signatures.

Open Items Management

Easy options to manage uncleared items and other claims and liabilities still existing at the given time. This includes:

• Easy calculations for open items and easy management of payment schedules.
• Easy ways or options to expand the open items list and availability of definable transactions for changing open items.

Credit Management

The Sage X3 offers various amenities for charges/discount management. Along with that, it offers various amenities through which users can easily analyse various factors like payable/receivable, risky business factors, and many others.

• Different features to manage due amounts collection with the amenity of running a reminder campaign for payment. This reminder campaign can be run under the user’s defined rules through which business can easily analyse their risky business partners and the ones who can be non-redeemable.
• Automatic calculation of delayed payment and interest notes.

Easy automation of the Payment Process

For a big-scale enterprise operating in different locations, payment transactions can be tricky, where one can have numerous options available while another location has limited payment means. Therefore, managing various payment processes sometimes becomes complicated. However, through Sage X3, users can easily automate these payment processes by offering different attributes, some of which are as follows:

• Automation of inter-site, inter-company, and inter-business transactions.
• Easy management of exchange variation.
• Automatic payment under user-definable rules.
• Quick entries and open items.
• Bank charges management, along with unpaid posting automation, re-invoicing, and tax adjustments.
• Easy ways to import bank statements, with automatic bank reconciliation along with the generation of advanced bank statements.

Management of Employee Expenses

Financial management not only includes various transactions made between the companies or within companies and customers but also comprises expenses made by the employees as part of business operations. To handle that easily, Sage X3 offers amazing features, some of which are as follows:

• Automatic posting and workflow validation, which can be user-defined.
• Cash forecasting.
• Sales and Purchase translation and also providing various amenities to analyse future cash position.

Other Features to Manage Account and General Ledger

• Easy way of cash forecast based on user-definable information.
• Payment processing on short-term open items.
• Cash Balance transfer to open accounting.

Budget Analytics

Through Sage X3, users can automate the distribution of annual budgets for a given period. Also, it is easy to manage budget transactions through direct entry and updated records, both of which will be beneficial for tracking changes in the users.

• Numerous options are available for the users to set budget structures and roles. Also, you can configure workflow for approval of various budget levels.
• Easy options for expense control and different features for off-the-line budget management.

Asset Financing and Management

Through Sage X3, users can easily manage equipped subsidies. Among various features available in Sage X3 as part of Asset Management, the major one is calculation of subsidies assigns to various investment projects, posting reintegration, and fixed assets. Other features of asset financing include

• Identification of contract payment schedule.
• Financial commitment reports generation.
• Generated account entries for the company and consolidated accounts.

Also Read: Sage 50 Pay Error 4020 Invalid IP Address

Ending It Up

Finance Management is an integral part of any business through which it can be easy to make future decisions of the company. It comprises various features like finance data modelling, General Ledger, accounts payable and receivable and many others. While it can be difficult to handle finances, through ERP applications like Sage X3, it can easily managed with the help of various automation features and easy generation of different financial reports. While all the information on how Sage X3 software features can be helpful for Financial Management, users can easily connect with Sage Online Solution for any query related to Sage X3 or another version of business software offered by Sage Enterprises.