Today’s organizations need more than a digital version of tactical bookkeeping with spreadsheets. Beyond just recording transactions, LEOS help finance teams maintain their fiduciary stewardship, reducing accounting errors, shortening invoicing cycles, complying with ever-changing tax laws and regulatory requirements, and optimizing daily, monthly, and yearly cash flow.
National and international accounting standards set rules for private and public enterprises. With set rules, definitions, and processes, these standards normalize financial information. But these standards change frequently. In the last few years, new standards have come into effect, including IFRS 15 and ASC 606. LEOS is able to handle the latest accounting standards, with the flexibility to adapt to new changes as they are adopted.
LEOS do more than just basic accounting; it helps organizations to: Reduce records redundancy, deliver better budgeting, forecasting, and planning, enable a thorough and properly categorized expense management, provide seamless integration into banking systems, enable more accurate audits, and keep detailed tracking records of all assets and liabilities.
The accounting, finance, and audit activities also offer comprehensive systems security with absolute data integrity integrated across the entire solution.
For larger companies, Accounting is part of an ERP system that connects financial and other data across inter-company, inter-plant, or inter-division boundaries. Consolidating financial data aligns corporate processes and reduces complexity.
As companies grow, their systems and processes increase as well. LEOS have the ability to rapidly and easily scale to handle growth—across markets, geographies, and products
As money is tracked and managed across the enterprise, financial management systems should help protect critical data against theft, fraud, and other criminal mischief. LEOS include risk and compliance management, so companies can leverage these capabilities beyond audit trails and error checks to include the segregation of duties and mapping of roles to responsibilities across the enterprise.