Accounting: Top Features and Benefits

Introduction: The Infinity Accounting module houses all the accounting and financial transactions for the organization.  This page covers the top features and benefits of the Accounting module.

This page explains:

  1. External Financial Statement
  2. Auto Check Writing
  3. Importing Bank Statements
  4. AR Write-Offs
  5. Accounting Import
  6. Recurring Entries
  7. Blank Stock Checks
  8. Integration with Other Modules
  9. Multiple Profit Centers
  10. User-Friendly Interfaces

External Financial Statement

The external financial statement provides owners, shareholders, and potential lenders with the ability to gauge the financial strength and stability of the company. Decisions about future projects and forecasts can easily be derived from this report.

Auto Check Writing

The ability to write checks to vendors in batches speeds up the amount of time spent processing checks to multiple vendors. It also allows the AP clerk to print remittance reports for selected invoices to get approval from management prior to printing the batch.

Importing Bank Statements

The user can import bank statements which speed up the process of reconciling the bank account at the end of the month. The system will automatically clear checks and deposits based on your bank statement.

AR Write-Offs

Infinity allows the AR Clerk to expense bad debts. The system will automatically create an entry that zeros out AR balances that are less than the specified write-off amount, allowing the user to dictate which balances will be written off. This also saves time from having to manually make these entries for each account balance individually.

Accounting Import

Users can import formatted Excel spreadsheets to create journal entries. If the dealer does any accounting outside of the system such as payroll, they can import that transaction into the system which saves time from having to manually key the transaction.

Recurring Entries

“Recurring entries” is a journal entry that is recorded in every accounting period. This feature allows accounting users to create journal entry templates for entries that will be recorded in multiple periods. This prevents them from having to manually key in these entries in every period. The system also allows the user to set the frequency at which the entries will be recorded giving them the flexibility to create weekly, monthly, quarterly, or annual entries.

Blank Stock Checks

This feature allows a company to use blank check stock and populate MICR information on the checks from the system.  This provides protection again theft because it is not much you can do with a blank page as opposed to a check that’s pre-printed with the account information.

Integration with Other Modules

Because the accounting system integrates with all of the other system modules, all departments within the company have access to real-time data. It minimizes the need for duplicate data entry by the accounting department when entering invoices or transactions that occurred in another department.

Multiple Profit Centers

Infinity allows a parent company to run multiple companies, profit centers, and departments within the same accounting system.  This eliminates the need for shareholders to maintain different software systems for their different businesses. It also provides consolidated or independent reporting for all profit centers and departments.

User-Friendly Interfaces

Easy-to-use interfaces allow users to quickly write checks, make bank deposits, reconcile bank accounts, receive payment for outstanding AR balances and receive payment or credit for outstanding warranty claims.