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Vietnamese Infor SunSystems Cloud, just like any of its predecessor versions, brings plenty of benefits to organisations, regardless of the industry in which they operate. As we explore what sets it apart in this article, we will examine how these unique features can benefit your organisation and address some common concerns about this venerable solution.
Read more: A Comprehensive Overview of Infor SunSystems Cloud Core Modules
Content
Benefits of Infor SunSystems Cloud
- Real-time automated reporting
- Automated data entries
- Parallel books for different accounting treatments (GAAP, IFRS)
- Smart transactions
- Multi-tax (withholding, VAT, TAX)
- Empower your employees
- Eliminate manual tax
Commonly asked questions about Infor SunSystems Cloud
- Question 1: What is the maximum number of reporting currencies that SunSystems can accommodate?
- Question 2: Do I need to update exchange rates in SunSystems on a daily basis?
- Question 3: Is it easy for newcomers to navigate the SunSystems software if they have never used it before?
- Question 4: How does SunSystems Cloud handle revelations for audit purposes?
According to Tim Truesdale, the Director of Global Partner Enablement for Infor Systems, it is important to consider the overall costs in the long run rather than just comparing support costs to new subscription costs. He also highlights the long-term benefits of the cloud, stating that the investment costs will eventually be outweighed by the advantages, especially with the capabilities offered by Infor OS.
Benefits of Infor SunSystems Cloud
Real-time automated reporting
With SunSystems Cloud, you can streamline your reporting and planning cycles, align analysis to meet your evolving business needs, and report on any change you make.
The solution makes it easier for users and stakeholders to understand how your business is performing in real time. Decision-makers can get immediate access to the integrated financial and operational information they need. Also, you can specify the currency you are reporting based on the transaction currency or your home currency in the reporting currency.
Read more: Infor Query and Analysis - Financial Reporting At Your Fingertips
Automated data entries
With SunSystems Cloud, you are able to automate certain entries, such as tax calculations. When the invoice amount is entered into the customer's account, the tax amount is automatically calculated and captured in their respective tax account.
Furthermore, when a particular entry is being entered, SunSystems Cloud allows you to automate accounts, debits, credit markers, etc. This speeds up the transaction entries and eliminates the possibility of errors, thus enabling users to work more efficiently.
Parallel books for different accounting treatments (GAAP, IFRS)
In addition to the actual accounting transaction, SunSystems Cloud allows you to define another 10 books per company. These books share the same accounting structure and setup but hold separate transactions.
This allows the capture of budgets, commitments, and transactions, as well as enabling adjustments to be recorded to satisfy local generally accepted accounting principles, international financial reporting standards, or tax adjustments.
You can carry out real-time budget checking as an actual and committed expenditure to ensure you stay within your budget.
Read more: Learn everything you need to know about IFRS
Smart transactions
With SunSystems Cloud, you have the ability to capture and store additional data on all source transactions and customise the required data for different types of transactions and accounts.
For example, for travel-related expense postings, you may choose to capture the employee code or the destination. You can change the data capture requirements and add new dimensions.
Smart transactions allow you to manage additional data requirements that arise for local accounting practices, even when the requirements change.
Multi-tax (withholding, VAT, TAX)
SunSystems Cloud's tax calculation capability is simple, flexible, and integratable with common taxation platforms to provide automated maintenance of rules and rates. Additionally, you are also able to automate the capture of both withholding VAT and tax.
Read more: Ready to Rebound: Accor Poised for Recovery with Infor SunSystems SaaS
Empower your employees
You will appreciate how the Infor SunSystems Cloud balances simplicity, speed, security, reliability, and performance to produce an intelligent, intuitive, and easy-to-use experience for every user.
Every aspect of the solution, from design to production, has been improved, modernised, and simplified. SunSystems will increase your productivity and satisfaction with a modern user interface and business collaboration tools.
Eliminate manual tax
Your accounting system should support your finance functions and therefore reduce the time spent on manual chores, allowing the team to spend more time on value-added tasks, such as analysing the organisation's performance.
With SunSystems Cloud, you will be able to import statements and automatically reconcile them against your cash book, automate the depreciation of assets via multiple depreciation methods, and automate the apportionment of cost and income across accounts and periods via definable rules. This saves time and increases efficiency.
Read more: How Infor SunSystems Can Help with Your Intercompany Accounting
Commonly asked questions about Infor SunSystems Cloud
Question 1: How many reporting currencies can we have in SunSystems?
Answer:
As mentioned in the previous article, businesses can have up to four parallel currencies:
- A base currency (fixed)
- A second currency, which can be the transaction currency you will transact with.
- A third currency, which can be your reporting currency
- And an additional currency for every transaction that will be captured.
Answer: Different organisations have different policies in terms of how or when to update their exchange rates and all other things that require or need to be posted using a particular currency rate. You have the option to override the existing system rate and capture it at the rate you define during the entry.
You have the flexibility to update rates on a daily, weekly, bi-weekly, monthly or any other schedule that suits your organisation's needs.
Answer: One of the advantages of SunSystems Cloud is its single ledger entry platform.
In SunSystems, you select the account of interest, use Q&A to extract the balances, and easily link postings in the inventory to the general ledger. While this process may seem unfamiliar at first, it is easily customisable and can be configured to meet your specific requirements.
Still want to fast-track your SunSystems skills, check out TRG Academy and our wide array of on-demand courses about SunSystems and other Infor/TRG solutions. Learn from industry experts today!
Question 4: How does SunSystems Cloud handle revelations for audit purposes?
Answer: SunSystems Cloud offers the option to automatically carry out revelations, allowing you to select the accounts you want to value and the appropriate revelation rates.
This feature is particularly useful when revaluing entries at the end of a period or fiscal year that were captured using a specific rate.
In cases where a transaction was booked at a different rate than the payment rate, SunSystems will automatically detect the difference and post the appropriate gain or loss to the relevant accounts. This ensures accurate and efficient accounting without the need for manual intervention.
For further inquiries about Infor SunSystems Cloud, feel free to get in touch with us and consult with our team of experts on how TRG solutions can cater to your specific requirements.
