MYOB Greentree Financial Management: Part 1
The MYOB Greentree Financial Management Suite includes all of the key financial and reporting modules you need to have proper control over your business.
Ndevr applies our 20 years of experience to each and every project and, using MYOB Greentree, we help our customers by providing a business system that delivers vital information to drive business performance and assist you in making sound, fact based decisions.
Because Greentree is so comprehensive, we’ve split this financial management suite overview into 2 articles. This is part 1 of 2.
What’s Included in MYOB Greentree?
The MYOB Greentree Financial Management Suite contains 12 key modules to provide a complete solution for financial management and reporting. You can read about the first 6 below and we’ll cover the balance in next weeks EDM.
1. General Ledger
At the core of your financial management the General Ledger provides a powerful tool that enables business leaders to access and review key information on demand – daily if required.
Flexibility allows MYOB Greentree to be matched specifically to your business structure, lines of reporting, and territories.
Dynamic structures enable financial and transaction analysis at all levels of the business without the need to create complicated account structures.
Budget Management allows an unlimited number of budgets enabling variations and forecasts to be prepared and tracked and supports excel for ease of use.
Period end closing is a breeze with easy management of adjustments and reporting.
Journal management can be automated and updated from external systems and intercompany journals can be created at any level of the business.
Rules for cost and revenue allocations can be set up to allow automatic transaction assignment – improving accuracy and efficiency.
2. Accounts Receivable
MYOB Greentree enhances control over accounts receivable – increasing visibility and providing functionality to enabling improvements in management and collection of money.
The system can track and automatically manage customer-specific trading terms and provides visibility and exception reporting right down to individual sales levels. Parent-Child structures expertly manage trading with multi division or location entities.
The recurring invoices function and direct debit matching slashes administration costs and the built-in credit card function gives customers this option while taking care of the internal receipting and auditing processes. Refund management is simplified as is sales and receipt analysis.
Proactive debt collection includes the automatic administration of debt collection and reminder notices as well as escalation rules for human intervention to chase overdue payment and the system can apply automatic penalties for overdue payments as well as discounts for early settlement of accounts.
3. Accounts Payable
Providing greater controls over expenses and outgoings gives management peace of mind and improves both accountability and organisational performance.
Track and manage future cash commitments by setting up supplier trading relationships and avoid penalties for late payment. Payment options provide flexibility and automated payment processing takes the complexity out of who to pay, when to pay, and how much – significantly reducing errors.
Approvals and authorities reduces fraud and error with accurate approval limits and systems set up in harmony with your business rules.
Invoice management reduces errors by matching invoices to purchase orders and tracks and reports costs for expenses management. Keep electronic copies of invoices via AutoScan and have linked access to electronic copies of original invoices.
4. Financial Reporting Engine in Excel (F.R.E.E.)
MYOB Greentree seamlessly interfaces with excel via the “F.R.E.E.” functionality.
This delivers flexible, easy to build reports in Excel. With live access to your MYOB Greentree data, your reports are always up to date with the current information and multiple data sources can be easily consolidated into a single report.
All budgets may be created and edited in Excel, and automatically updated to and from MYOB Greentree as required. All security access settings carry over to Excel to protect your data.
Go paperless and eDocs will slash the labour required to process the thousands of documents and transactions your business handles each month including invoices, remittances, statements and expenses. Visible status updates are available in real-time and customer remittances are issued.
Accuracy is improved through automatic routing & data extraction – even from paper based invoices – and a copy of the PDF will be saved in the system and linked to the transaction providing background information at the click of a mouse as well as managing compliance requirements and paperless approvals.
Supplier statements can be reconciled against invoices and eDocs has safety measures built in to ensure you never pay twice by checking the invoice number as well as the date and value to stop duplicated payments.
Expenses manager streamlines expenses claims and improves staff efficiency – simply email a photo of your receipts to eDocs for coding, processing and approval via the system.
6. Fixed Assets
Increase efficiencies and work towards greater returns by streamlining asset management, maximising depreciation and planning for future capital investments or disposals.
Fixed asset management is streamlined and you’ll save time and admin costs as well as keeping better track of the location and value of assets and equipment. Full integration simplifies asset purchasing and removes accounts double handling purchase orders and payments.
Depreciation can be automatically posted across jobs for visibility and accuracy of true costs.
Valuation management enhances the approach to revaluations, differential depreciation and automatic calculation for profit and loss when disposing of assets. The forecasting facility allows “what-if” scenarios to plan for the impact of depreciation.
In MYOB Greentree Financial Management Part 2, we’ll cover:
- Consolidations & Translations
- Advanced Security
- Cash Management
- Managing Financial Entities
- Reports & Documents