Financial Management (FM)

Financial Management Overview

An Intuitive Finance and Accounting Solution that enables Strategic Financial Management

Key Features of Financial Management

• Simplify Your Daily Tasks with the VIENNA Advantage Business Cockpit - The VIENNA Advantage Business Cockpit provides you with a simple and efficient way of accessing all important and relevant business-related information on a single view making the execution of tasks simpler for you. All information related to payments, accounting, and banking is easily accessible making it less time-consuming and very cost-effective for you.

• Robust and Adaptable General Ledger Accounting: All relevant accounting steps involving year-end processes, general ledger categorization, and distribution, etc are seamlessly managed by the solution.

• Flexible Chart of Accounts: VIENNA Advantage allows to define a multi-dimensional Chart of Accounts that enables the user to perform powerful financial analysis and performance measurements. The user-defined structure can be changed easily and dynamically as per business evolves. Each account can be used to accept both financial amounts and statistical information for reporting purposes.

• Journal Entries: VIENNA Advantage allows the user to post various types of journal entries:

  • Excel import facility for journals

  • Powerful allocation engine

  • Balance transfer to multiple ledgers

  • Automatic reversal option

  • Allow journals for recurring transactions

  • Approval process for adjustment entries

  • Regular and intercompany Journals

• Control and Consistency: Fiscal calendars, accounting period definitions, and closing rules provide control and consistency for applications that impact the General Ledger.Transactions from other VIENNA Advantage modules are designed to integrate with the General Ledger module seamlessly.

• Control Your Payables: Accounts Payable in VIENNA Advantage provides you with a powerful set of tools to control payables and effectively handle the payment side of business.

• Optimize receivables: VIENNA Advantage’s Accounts receivable helps maximize return on assets by providing a focused collection system to keep cash outstanding to a minimum.

• Become Cost-Effective with the Bank and Cash Management Feature – Cash and Bank management in VIENNA Advantage reduce time spent on routine tasks while improving accuracy in paying your vendors via wire transfers, collect your customers using direct debits and reconcile your bank accounts by uploading bank’s file.

  • Cashbook

  • Cash Forecasting

  • Bank Reconciliation

• Budget and outlook simulation - In order to manage your budget vs. your actuals, you will need a dynamic solution that allows you to define budget at multiple dimensional levels, such as organization, cost center, project, activity, etc. and then link that budget with purchase requisition and orders and expenses transactions. The Financial Management solution from VIENNA Advantage further allows you to maintain multiple budgets and forecast versions.

• Accurate and Automated Product Costing - With the VIENNA Advantage Financial Management solution, you can track your product cost more accurately and through an automated process to manage your purchase and material transactions. The system further generated real-time reports which allow you to follow costings and surcharges and make informed costing decisions going forward.

• Improve your Business Performance with our Fixed Asset Management - Improve your business performance drastically by automating your fixed asset management with the VIENNA Advantage Financial Management solution.  Whether it is individual assets or groups of assets, track their life and maintenance activities automatically using various scheduling tools. Moreover, the solution allows you to track the location and movement of each asset, manage deliveries of assets to business partners or customers and also select from a range of depreciation methods of assets.

• Customized Financial Reporting - The Financial Management solution from VIENNA Advantage recognizes your need to access a dynamic multi-dimensional view of your corporate finances. In addition to standard reporting formats and standards, the solution offers you to customize your reports and build customizable dashboards using data going back months. All financial reporting is under user control through a self-contained financial Report Writer. Single or multiple period reporting can be used to define required reports such as income statements, balance sheets, divisional consolidations, period comparatives, budgets, and outlook reports. This feature can be used to maintain statistical as well as financial results. You can make use of current trends and forecasts to generate reports that are tailored specifically to your observations and experiences.

• Flexible Tax Management Engine - In order to localize the management of your taxes, VIENNA Advantage offers you a flexible tax management feature that allows you to define country-specific tax legislations and generate tax periodic tax declarations accordingly. The solution follows a formula-based tax calculation which can be defined specifically as per your requirements.

• Set Service Level Agreements - Service Level Agreements (SAL) are a key part of any business which allows you to set KPIs for every stakeholder in your business, be it your business partners, your employees, or even your customers. With the VIENNA Advantage financial management solution, you can set financial and non-financial targets and receive alerts in the event of a change in, or on completion of these targets.

• Financial Consolidation:  VIENNA Advantage provides an end to end solution for both effectively and efficiently managing the consolidation and close process. No matter what the size of company, organizations can have 100% confidence in their financial consolidation, close and reporting processes. VIENNA Advantage ensures that processes are: dependable and correct, timely and transparent, streamlined and efficient and, compliant and auditable.

• Lease Management: VIENNA Advantage also provides the perfect end-to-end solution to help manage the new leases standard including data collection, calculations, reporting & disclosures.

🏹 Objectives

👥 User personas

💪 Jobs we want to cover

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📜 Some history

👀 Constraints

🗺 Explorations + Decisions

🗓 Releases

👣 Next steps

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📈 Impact

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