Financial Management
Logix financial management system
Financial Management
Logix financial management system
Financial Management
Logix financial management system
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Logix financial management system

Standard Solutions for Information Technology provides professional solutions and services to improve, facilitate and develop business. These solutions help decision makers in making appropriate decisions.
* Every facility needs systems to manage the flow of funds into and out of its business, but the financial management system in the Logix system can accomplish more than that, such as: improving profitability, measuring cash flow, identifying obligations, ensuring compliance, and maintaining the sustainability of the facility in the long term.
* The financial management system is one of the solutions of Logix resource planning systems, where the system manages income, expenses, assets and liabilities, and the main goal is not only to maintain the health of the daily business activity of the facility, but to achieve maximum profits and continuously protect financial data from fraud, theft and manipulation.

The most important advantages offered by Logix system in financial management

* Error-free financial management: not only converting operations into digital, but also reducing accounting errors and shortening the work cycle for documents, as well as extracting financial reports at any time.
* Application of current and future accounting standards: The financial system applies local and international accounting standards and has the ability to deal with the latest accounting standards, with flexibility in adapting to new changes when they are approved.
* Accurate financial data: It is not just an accounting program, but the system reduces redundancy in records, provides the best budgets, forecasting, planning, and managing expenses better and correctly, achieves seamless integration in operations, enables more accurate audits, and maintains detailed tracking records for all operations.
* High security of data and systems: The financial management system helps protect important data from theft, fraud and other illegal operations. The system covers the cycle of auditing and error checking to cover the separation of tasks and the planning of roles for responsibilities.
* Integration and interdependence with other systems: The financial management system is part of the Logix resource planning system that links and unifies financial data to achieve compatibility in the operations of the facility and reduces complexity as all financial operations in other systems such as human resources - projects - stores - sales - purchases Manufacturing and production hear in financial management.
* The ability to expand in the future: the financial management system has the ability to expand quickly and easily to deal with growth - across markets, geographical regions, and products. The system also covers the management of several companies together, such as holding companies, so that there is a unified financial center or at the level of each company.

Services provided by Logix financial management system

The basic settings include a set of options, the most important of which are:
* Directory of Accounts: The Logix system is characterized by a flexible, effective and unspecified directory of accounts. The system also has auxiliary accounts without the need to re-add them in the accounts directory such as (customers catalog - suppliers catalog - employee catalog). This feature gives us a set of options for dealing with auxiliary accounts .

* Cost Centers Directory: Through it, we can classify cost centers and determine their levels in a tree form, such as (departments - projects - cars - employees - and others). This feature enables us to extract more detailed and analytical reports at the cost center levels, such as account statements for a project, showing all the revenues and expenses made on this project.

* Fiscal years and accounting periods: Through it, the financial years are opened and closed, as well as dividing the fiscal years into accounting periods, whether monthly, quarterly, semi-annual or annual, as needed.

*** The system is characterized by the possibility of working on more than one fiscal year at the same time, as well as moving between fiscal years without exiting the system, in addition to related fiscal years, through which we can view reports for several consecutive years and compare with fiscal years.

All successive operations that take place in other systems are based on the generation of automatic accounting entries in the financial department. These entries appear in the list of entries based on the type of operation and settings in the accounting directives according to the types of entries and cost centers. These operations need to be audited and reviewed by the financial department and approved for effect. On the financial reports and statements, the system also provides some features in the entries such as (repeating the entries - reversing the entry - posting the entry - releasing the posting of the entry - the entries of the inventory settlements (expenses paid in advance) - the entries of the settlement of the covenant).

All receipts and revenues that are received from customers and from any module that was linked to this module, such as (payment of invoices - payment of project payments and abstracts - advance payments - payment of rents in property management, etc.)

Recording expenses and distributing them to cost centers, as well as paying the obligations of the facility to suppliers, are all done in an easy and flexible way so that the system manages these operations and links them with other modules such as (payment of purchase invoices based on purchases - payment of subcontract payments to contractors - payment of salaries based on payrolls - Likewise, all expenses) Expenses and payments can be linked to a series of Workflow approvals, so that there is no payment except after approvals from those with authority, and all of them are electronic and documented.

One of the most important functions of the financial system is to follow up deviations in the budget by comparing it with the actual one, as the system offers the advantage of building an estimated budget at the company level or at the level of a branch, project or cost center.

An inventory and analysis of all fixed assets compatible with all recognized depreciation methods, including adding an asset - depreciating an asset - extending and replacing an asset - selling and excluding fixed assets.
It also contains the possibility of depreciating expired assets as well as specifying depreciation methods (daily - monthly - quarterly).
Adding a number for each asset used in asset inventory with the possibility of using a barcode.
Track the life of the asset (addition - renewal and replacement - depreciation - exclusion or sale).
Adding the assets at the beginning of the period (in case of switching from manual work to working on the system) and determining the value of the previous depreciation until the program completes the depreciation and follow-up of the assets.
Call the asset inventory at any time and at any date.
Transferring the asset between branches and between cost centers.
Assigning the asset to an employee and following up the movements of the asset between the employees.
Final financial reports needed by chartered accountants.

The financial system is very rich in detailed, analytical and total reports, as the system provides all approved standard reports such as (trial balance - financial position statement - income statement - profits and losses - cash flows - account statements) in addition to other reports such as cost center reports - asset reports - reports The estimated budget - revenue reports - expense reports - comparing the estimated with the actual and showing deviations - and other reports that work in financial management requires.

Each transaction in the financial management must have attachments for this process, as the system provides the feature of archiving in all its operations without the need for an external archiving system. This process helps auditors and auditors to access the original document directly from the same window of the financial transaction.