Accounts Receivable

Posted Posted in Financial, Syspro

What Is It? Most companies are in business to sell goods and/or services in order to make a profit. To achieve this, organizations need to have customers. To facilitate the management of customers, records must be kept of what is purchased, what is the value of outstanding invoices and the […]

Assets Register

Posted Posted in Financial, Syspro

What Is It? ​In accounting terms, an asset represents a resource that is owned by a company and is represented as such on the company’s balance sheet. Assets may have a short-term horizon, i.e., current assets (e.g., cash, accounts receivable, inventory, etc); or long-term value, i.e. fixed or non-current assets […]

Budgeting and Targets

Posted Posted in Financial, Syspro

What Is It? A budget can be defined as ‘a quantified plan of action relating to a given period of time’. The purpose of budgeting can have two main roles: • Act as authorities to spend i.e. they give authority to budget managers to incur expenditure in their department of […]

Cash Book

Posted Posted in Financial, Syspro

What Is It? ​​’Cash, being the most liquid form of money, is of prime importance to the enterprise. Cash must be carefully administered and controlled, and the cash flow recorded in the cash journal. The balance on the cash account must regularly be reconciled with the bank balance’. (Accounting An […]

Electronic Funds Transfer

Posted Posted in Financial, Syspro

What Is It? ​​Electronic funds transfer (EFT) allows transfer of funds between accounts and firms electronically. ​​EFT is a transaction that allows banks to have premium payments drawn directly from their bank accounts, eliminating the need to write checks. EFTs simplify record keeping, eliminate postage fees, and reduce bank processing […]

General Ledger

Posted Posted in Financial, Syspro

What Is It? All Businesses require a General Ledger to record all transactions that are processed by the organization. Regardless of the type of business, the General Ledger is the book of entry which controls budgets, provides a trial balance, income statement and balance sheet. The General Ledger can run […]