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Finance & Accounts

PharmaVerge ERP system helps pharma companies in the finance and accounting module by providing accurate data, reducing errors, improving productivity, and making sure that the business is running smoothly. Pharmaceutical companies are driving the use of ERP systems for their operations and their customers' operations to improve productivity and reduce errors. Our systems help with accounting functions, including inventory management and purchasing. It provides support in finance-related areas such as risk management, financial planning, and budgeting. Pharmaceutical companies use our ERP systems to manage their inventories. PharmaVerge ERP makes it easier to track the production process from raw materials to finished goods by providing real-time details on material usage and labor costs.

PharmaVerge ERP system's finance and accounts module can help companies track income. Profit and investment are the only things that drive every business. Investing a large sum of money and profiting from successful production and manufacturing, the module monitors the source of income as well as the return on investment in the company. The module also includes a number of tools for increasing the company's profit through a number of strategies.

Key Features of Finance & Accounts Module in ERP
  • Multiple Costing: Multiple costing is an accounting method that is utilized when two or more costing methods are used to estimate the final price of a product. Job costing, process costing, contract costing, and batch costing all are common types of costing.
  • Landed cost: The landed cost is the total cost of acquiring and shipping a product. It is the total price paid by a retailer until they receive the goods. The common charges involved are shipping costs, customs fees, insurance, and overhead.
  • GL Journal: The General Ledger (GL) acts as the main source for gathering and analyzing financial data. Entries can be entered directly into the General Ledger or from other application modules and then sent to the General Ledger.
  • GL Distribution: GL distributions show information about how revenue is or will be distributed in the general ledger. For each distribution, you may view information such as the account, description, debit, and credit amounts, postdate, and status.
  • Elimination of Inter organization: Elimination of Inter Organization is the process that a parent company goes through in order to eliminate transactions between subsidiary companies in a group in PharmaVerge ERP. Parent companies complete intercompany eliminations when they're preparing combined financial statements.
  • Inter organization accounting: You can easily manage all finance by using PharmaVerge ERP to perform all client organization accounting and finance operations.
  • Bank Reconciliations: The Bank Reconciliation Report shows the gap between the bank balance shown in a company's bank statement and the amount shown in the Chart of Accounts.
  • Post Dated Check: Post-dated checks in PharmaVerge ERP are used when the customer gives an advance check. So, if the company generates a sales bill or generates a certain amount, it will deposit that check and receive the amount against it.
  • GST Reconciliations: GST Reconciliation is the process by which a taxpayer company discovers a gap between company's account and GST Returns.
  • TDS: TDS stands for Tax Deducted at Source. It will help you with tax deductions, TDS provides tax credits and reduces your taxes.
  • TCS: TCS stands for Tax Collected at source. TCS module warn users or calculate tcs either line level or header level as configured.
  • E-way Bill: PharmaVerge ERP has a feature for generating e-Way bills; you need to enter e-Way bill details and export the transaction in JSON format. To generate an e-Way Bill, upload this JSON file to the e-Way Bill portal.
  • E-Invoicing: PharmaVerge ERP allowed you to generate e-invoice for every product you sell to vendor easily from here, you have to just enter all information and it will create the e-invoice and you have to just print e-invoice.
  • Period controls: The period control function is used for each asset transaction to determine the calculation period during the operation, which is also included in the determination of automatic decline.
  • User configurable financial reports: Here in the PharmaVerge ERP system, you can create and customize your financial report and print this report in different formats.
  • Reset accounting: The reset accounting method allows you to delete an organization’s financial entries completely or partially and recreate it.
  • Auto create counter documents: The PharmaVerge ERP system allows you to instantly generate a counter document automatically.
  • 3 Way Matching: A three-way match is an accounting module method that assures the purchase order, inventory receipt, and invoice all have the same product, quality, quantity, and price. PharmaVerge ERP helps you do three-way matching and keep your business running smoothly.
  • Suspense accounts: Suspense or control accounts help in tracing missing entries or errors in entering matching transactions. At year end suspension accounts must have 0 balance if not then there is mismatch in entry.
  • Budgeting: Budgeting module provides a way to generate budgets based on previous year turn over or import budgets. Financial reports can be produced to show budget vs actual to trek against budget expenditure.
  • Ageing: Reports and dashboard related to customer outstanding help in decision making for blacklisting or credit holding customer. A vendor payable ageing help to decide priority of releasing payment.
  • Vendor payment selection: This feature help in preparation of payment check for vendor invoice based on due and available cash in bank accounts.
  • Multiple currency: Transactions can be recorded in foreign currency as well as different accounting with different currencies can be maintained in case a company has entities in multiple countries. This helps in consolidating accounting.
  • Fixed Assets Management: Allow to perform transactions like addition, depreciation, disposal of fixed assets. Can create schedule of depreciation and according to schedule depreciation journals can be created per period.
  • Payment Gateway Integrations: If accepting payments from CC, integration with payment gateway allow to trek, reconcile transactions as well as refund from system.
  • Facts reconciling: When suspense account has balances, this feature allows to identify transactions which has matching transactions missing.
  • Revaluation: When dealing with foreign currency bank accounts, it can be revaluated based on the period end currency rate.
  • Department, organization wise accounting  : Accounting reports can be printed for department or organization allow to measure performance of department or organization.
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