Financial service provider industry
ERP systems used by financial service providers must comply with strict supervisor authority and controlling institution requirements - especially finance and accounting. Closed and secure systems able to create authority reports have to ensure complete auditability.
The IBM i platform (previously known as AS/400) server environment is applied in great numbers at banks and insurance company throughout the world, thanks to its security, stability, and dependability. VERK/400 is able to extend the platforms advantages to the enterprise resource planning system.
VERK/400 financial functions
Current account
VERK/400 provides comprehensive current account management functions, and all of them are available on one simple interface. These include: default interest, account settling, and account assignment.
Accounts receivable
Functions include: credit limit management, aging, automated demand note generation, default interest, and collection management.
Integration
VERK/400's interfaces provide transparent data exchange with other systems both inside and outside of the company.
Partner relations
VERK/400 stores all partner related relevant information - terms of validity, payment conditions, contact data, access and modify authorities, and uses it to automatically assign accounts. Information regarding completion can be used to rate partners.
Management
Using VERK/400's integrated report engine, management and supervising authority reports can be created on a scheduled basis, or on-demand. Reports expanding to general ledger and controlling dimensions can be presented in the system, or on Excel outputs. Examples: general ledger report, operation cost planning "by line", plan variant comparision, plan-fact comparision.
Finance and accounting
VERK/400 comes standard with an integrated financial module, which conforms with US GaaP, IAS, and Hungarian accounting standards. Among standard financial and bookkeeping functions, management level accounting and controlling is also supported. Functions: cash-flow management, customer credit limit, aging, demand notes, default interest, collection management. With the use of controlled business procedures, automated pre-assignment helps in greatly reducing the number manual bookkeeping tasks. Further functions: e-bank management, cash register management, internal cost center management.
Controlling
VERK/400 is able support sales numbers planning, and cost+income planning with base or customized aspects. Plan/fact margin comparison can be carried out for cost centers, customers, product category, or individual products. Using VERK/400's integrated report engine, management and supervising authority reports can be created on a scheduled basis, or on-demand. Reports expanding to general ledger and controlling dimensions can be presented in the system, or on Excel outputs.