Manufacturing
CODA Financials provides over 250 manufacturing organizations – from medium-sized national organizations to large multinationals – with unrivalled control over their finances.
Our customers span the range of manufacturing, from high-volume processes, to food processing, apparel, high-end make-to-order.
Accounting for change in the manufacturing sector
CODA solutions offer considerable strengths for the manufacturing sector. The highly flexible chart of accounts structure allows you to collect and analyze costs by many dimensions. For manufacturers trading, sourcing, assembling or selling overseas, CODA Financials’ renowned ability to handle even the most complex multi-currency issues and meet local legislative and reporting requirements is combined with strong multi-lingual and multi-company capabilities.
Also key to manufacturers is the ease and flexibility with which CODA Financials can be integrated with other business systems through our web services integration technology. This protects your integration investment if either the CODA Financials or manufacturing feeder systems are upgraded, and provides a seamless flow of data across the organization.
The extensive and unique way in which CODA systems are securely available over the Internet, via a web browser, fits well with the initiatives by many manufacturers to open up core back-office systems to secure self-service access by staff and partners.
Spend Management
One of the most under-automated and under-controlled functions in many manufacturing organizations today is the process for managing indirect expenditures. Indirect expenditures constitute items and services consumed in the normal course of operating a business, such as: office supplies, IT equipment, software, maintenance supplies, professional services, real-estate services and other outsourced services. Although indirect spend isn’t the largest expense category for most manufacturers, it can be ripe for savings and process efficiencies. Hence, indirect spend automation represents a “low hanging fruit” opportunity for companies looking to increase earnings. The beauty of indirect spend savings is that savings fall directly to the bottom line, without crippling production or leaving you to agonize over layoffs. You can increase earnings per share – without increasing revenues or enduring painful cost reductions.
CODA Financials offers you a truly end-to-end spend management solution, covering the whole cycle from requisition through to payment. Our Spend Management module reduces costs by providing fast, controlled, online access to key procurement functions to all employees, and also delivers accurate budgetary control over expenditure. It helps a company establish controls and consolidate purchasing activity, and positions it to leverage the full buying power of the organization.
Manufacturing partner spotlight – Cincom
Cincom’s Enterprise Management is a comprehensive web-enabled enterprise manufacturing business solution that streamlines business processes, integrates business systems, and eliminates waste. Cincom’s Enterprise Management is designed specifically to address the needs of complex manufacturing – with any, or a combination of, engineer-to-order, configure-to-order, build-to-order, and other manufacturing environments.
CODA Financials is fully integrated into the Cincom Enterprise Management solution. CODA Financials provides Cincom’s complex manufacturing customers with a solution that covers the business areas of accounts payable, accounts receivable, general ledger, and fixed assets. The solution’s flexible chart of accounts allows them to define how each account is to be uniquely sub-analyzed, coupled with its powerful browse and drill-through capability. Learn more about UNIT4 CODA’s partnership with Cincom.
Capabilities for the manufacturing sector
The following capabilities make CODA Financials particularly well suited for the manufacturing sector:
- Single financial model
- Eliminates time lags, sub ledgers, reconciling and unnecessary integration
- Instantaneous or perpetual close
- Allows for trade partner and agent netting
- Real time reporting and visibility
- Up-to-the-second reporting of cash positions, profitability, costing, budget variances etc.
- Full range of reporting tools available from online browsing to multidimensional data marts
- Easy and secure Microsoft ®Excel® integration
- Multidimensional analysis
- Infinite ways to classify, measure, and analyze the business
- Flexible analysis of projects, products, line of business and suppliers
- Extensive customer and product profitability analysis
- Unparalleled currency management and exposure analysis
- Integral Project Accounting
- Integral to the financial model – no reconciling
- Internal or external projects or jobs
- Flexible coding structure, i.e. accounts, work breakdown structure, tasks, projects, jobs, phases, locations etc.
- Budget at all levels and combinations of the project coding structure
- Statistical and quantity tracking at all levels of the coding structure:
- User-defined tracking of: hours, days, volumes, miles, units, length, gallons etc.
- Projects and work breakdown values available in multiple currencies:
- Company, dual, account(s), supplier and document currencies
- Advanced allocations
- Flexible allocation rules to distribute costs and service fees across products, services and companies
- Real-time or batch integration – for “joined-up” working with your manufacturing applications
- Expose all accounting logic, security and financial validation to any other application
- Provide secure, real-time accounting web services to other applications
- Automated processes and controls
- Extend and automate financial controls across operational processes, applications and people throughout the organization
- Continuous, visible and auditable compliance controls
- Self-documenting processes and audit trail
- Global – Multi-everything
- Multi-company, Multi-currency, Multi-language, Inter-company
- Designed for diverse and global operations
- Independent close calendars by company
- Centralized or de-centralized financial operations
- Spend Management
- Completely automated “req-to-check” process
- Online approval process and authorization workflow
- Three-way matching
- Reimbursable expenses – direct bill to customer from A/P
- Budget tracking and commitment accounting
- Consolidates buying activity with best suppliers
- Online and punch-out catalogs
- Spend visibility by project, item, manager, employee etc.
- Fixed Asset Management
- Integral to the CODA solution’s single financial model – no batch updates, always in balance
- Track assets across multiple companies, currencies and “books”
- Flexible and standard depreciation rules
- Any number of user-defined depreciation rules
- User-defined tracking, categorization
- Disposals: full or partial
- Transfer assets – either between cost centers or to create a new asset
- Revaluate appreciating assets and post the financial transactions to separate revaluation accounts.
- Revalue by value, percentage or a customizable rule.
- Forecast future year depreciation charges
- Export forecasts to a spreadsheet or to CODA balance codes for further analysis or reporting.
- Supports all methods of asset creation, including bulk loading
- Direct cost transfers from G/L WIP to Assets
- Users can browse customized lists of assets, with comprehensive drill-down to view full asset details, associated transactions and financial postings
Contact us for more information about how we can help manufacturing organizations to embrace change!