Benefits and Insights

Why use Team Software Accounting and Financial Management?

Key differentiators & advantages of Team Software Accounting and Financial Management

  • Accounts Payable
    • Track vendor information in one place, stay updated on outstanding balances and year-to-date info, and maintain default information to reduce admin time
    • Create Purchase Orders and match PO's to invoices before payment for added accuracy
    • Set up automated recurring payments to reduce admin time and guarantee on-time payment
    • Manage cash flow.
    • Streamline the garnishment process with payroll integration
    • Create NACHA payments
    • Reconcile credit statements with invoice, payment and liability transfer transactions
    • Create invoices and update GL accounts for credit liability transfers

  • Accounts Receivable
    • Maintain thorough customer information
    • Create recurring invoices to reduce admin time for items with a fixed billing rate and ensure invoices are sent in a timely manner
    • Ensure immediate billing of weekly schedules with Personnel Scheduling integration. Plus, include supporting documentation automatically with the invoice
    • Track taxability down to the item level
    • Deliver invoices electronically via e-mail or eHub Customer Self-Service. With eHub track when the customer viewed the invoice and keep 18 months' worth of invoicing history and documentation
    • Manage your money easily with cash transfers; record the transfer of funds from one cash account to another
    • Add visibility to outstanding and past-due invoices, assign responsibility for collection and track the status of the collection process

  • Job Costing
    • Budget labor, materials and other direct costs to the job, or site location, level
    • Budget labor by position or number of hours worked each day of the week
    • Calculate labor budgets based on working days in the month
    • Set up reports by region, division, manager, market segment or any other customized parameter
    • Determine profitability by job during a specified timeframe, drill down to source transactions for details and share profitability with management and site supervisors
    • Incorporate revenue and expense activity from the General Ledger

  • General Ledger
    • Create inter-company "due to/due from" transactions automatically and consolidate financial statements for multiple companies contained in one database
    • Create a comprehensive Chart of Accounts for management and control purposes
    • Test debit and credit balances from the GL with trial balance and catch errors in the posting process
    • Allocate revenues, expenses, gains and losses to the proper period with adjusting journal entries
    • Enter monthly transactions like rent and insurance payments as recurring journal entries
    • Create customized financial statements
    • Reconcile bank accounts from AR payments, AP checks, Paychecks and adjusting journal entries that affect cash accounts

  • Fixed Assets
    • Track equipment assets and repairs
    • Update Job Costing with Fixed Asset information
    • Assign equipment to jobs
    • Allocate the cost of one piece of equipment to multiple jobs
    • Track non-depreciable items
    • Create custom reports

  • Payroll
    • Create and track other compensations and deductions
    • Process garnishments
    • Use Accounts Payable integration
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