Unified ledgers offer an integrated transaction set that combines General Ledger, Accounts Payable, Accounts Receivable and possibly Stock Ledger into one ledger. Giving consistent and accurate data with no need for sub-ledger reconciliations.
Quoting Gary Simon at FSN (new tab) ... the "unified ledger" approach helps to simplify transaction processing whilst simultaneously opening up the possibility of more sophisticated analysis ...
A unified ledger allows the user to take control, giving fast, easy access to transaction data that delivers detailed information with transactional context.
As all the information is in one ledger, reporting that information is easy and straight forward. Complex structures and reports on sub-ledgers are no longer required. This greatly increasing a companies ability to monitor and improve performance by being able to easily produce reports and perform data analysis.
Just imagine having all your ledger data combined in one place. Without having to wait for batch updates of Sales or Purchase invoices or reconciliations of those items. You are able to close your books faster, resulting in lower costs and greater efficiency.
Decision makers get immediate access to integrated financial and operational information enabling better and faster decisions.
- have immediate access to all financial and accounting information. Enabling them to make fast and effective decisions about all aspects of finance management, including:- general ledgers, payable and receivable ledgers, consolidation, corporate allocations, stock levels and values, multiple currencies, fixed assets, and debtor management. Be able to meet evolving reporting requirements like GAAP and IFRS.
- simplify your budgeting, forecasting and financial planning processes. Turn data into meaningful
information, and deliver it to the right people, in the right format, at the right time. Gain insight into every aspect of
your business. Be able to deliver financial and operational KPIs
to managers at every level, helping
them make better, faster decisions.