Business Transaction

Sales:

Sales are transactions in which a company sells goods or services to its customers in exchange for payment. Sales are recorded in the accounting system as revenue and increase the company’s assets and equity.

Receipt:

A receipt is a document that acknowledges that a payment has been received. In accounting, receipts are used to document the receipt of cash, checks, or other forms of payment from customers or clients. Receipts are important for keeping track of payments received, and they are usually recorded in the accounting system as an increase in cash or other asset accounts.

Purchase:

Purchases refer to the acquisition of goods or services by a company from its suppliers or vendors. Purchases are recorded in the accounting system as an increase in the company’s inventory and a decrease in its cash or accounts payable accounts.

Payment:

Payment refers to the transfer of money or other forms of payment from a company to its suppliers, employees, or other parties. Payments are recorded in the accounting system as a decrease in the company’s cash or other asset accounts.

Journal:

A journal is a record of all the financial transactions that a company has made during a specific period. Journals are used to document and organize financial transactions before they are posted to the company’s accounts in the general ledger.

Adjustment:

An adjustment is a correction or modification made to the financial statements to reflect changes in the company’s financial position or performance. Adjustments are usually made at the end of an accounting period to ensure that the financial statements accurately reflect the company’s operations and financial position. Examples of adjustments include adjusting entries for accrued expenses or revenues, depreciation of assets, and inventory valuation adjustments.

Finance Reporting

INCOME STATEMENT

Revenue:

This section shows the total amount of revenue earned by the company from sales or other sources.

Cost of Goods Sold (COGS):

This section shows the direct costs associated with producing or delivering the company’s products or services.

Operating Expenses:

This section shows the indirect costs associated with running the business, such as salaries, rent, and utilities.

BALANCE SHEET
Assets:

This section shows the total value of the company’s assets, which can include cash, accounts receivable, inventory, property, and equipment.

Liabilities:

This section shows the total amount of the company’s debts, which can include accounts payable, loans, and other obligations.

Equity:

This section shows the company’s net worth, which can include the value of shares issued to shareholders and retained earnings.

Cash Accounting

Cash accounting is a simple method of accounting that records transactions only when cash is received or paid out. It is relatively easy for small businesses or individuals to maintain as it does not require complicated bookkeeping or accounting software.

One way to maintain cash accounting is through a cash register that records cash in and cash out transactions. The cash register can be used to track sales, purchases, and expenses, and can provide a record of all cash transactions. Petty cash can also be maintained through software designed specifically for petty cash management.

Although cash accounting is simple and easy to maintain, it may not be the most accurate method of accounting as it does not account for transactions that have not yet been paid for or received. For example, if a business sells goods on credit, those sales would not be recorded until the cash is received, which could create a misleading picture of the company’s financial position.

However, with the use of proper accounting software, cash accounting can produce a trial balance, income statement, and balance sheet. These reports can help businesses monitor their financial performance, identify areas for improvement, and make informed financial decisions.

Complete Accounting

Complete accounting systems are designed to provide comprehensive financial management for businesses. These systems typically include a range of features and modules that cover all aspects of financial management, from invoicing and payment collection to inventory control and project costing.

Receivable and payable modules allow businesses to manage their customer and vendor accounts, track outstanding balances, and process payments and invoices. These modules can automate payment processing, send payment reminders to customers, and help businesses stay on top of their cash flow.

General ledger modules provide a central repository for financial information, allowing businesses to track transactions and generate financial reports. This module can help businesses monitor expenses, track revenue, and maintain accurate financial records.

Inventory management modules provide businesses with tools to manage their inventory levels, track stock movements, and optimize inventory control. This module can help businesses ensure that they have the right amount of inventory on hand to meet customer demand while avoiding overstocking or stockouts.

Project costing modules help businesses manage the cost of specific projects or jobs, track expenses, and bill clients. This module can help businesses ensure that they are meeting their budget and profitability targets, and can provide valuable insights into project costs and profitability.

Overall, complete accounting systems provide businesses with a comprehensive suite of financial management tools. By centralizing financial information and automating key processes, these systems can help businesses streamline operations, reduce errors, and make better-informed financial decisions

Cloud Accounting

Cloud accounting is a modern accounting solution that leverages the power of cloud computing to provide businesses with a comprehensive financial management system. With cloud accounting, all financial data is stored securely in the cloud, and can be accessed from anywhere with an internet connection.

Cloud accounting solutions typically include a range of features and modules, such as invoicing, accounts payable and receivable, inventory management, and financial reporting. These modules are designed to work seamlessly together, providing businesses with a complete financial management solution.

One of the key benefits of cloud accounting is its ability to facilitate remote work and collaboration. With cloud accounting, business owners, salespeople, and accountants can all access financial data in real-time, from anywhere in the world. This allows for fast decision-making and the ability to quickly respond to changing business needs.

Cloud accounting solutions can also help businesses improve their cash flow by providing real-time visibility into their financials. This allows businesses to track expenses and revenue more effectively, identify potential cash flow issues, and make informed decisions about when to make payments or collect payments from customers.

Overall, cloud accounting is a powerful tool that can help businesses streamline their financial management processes, improve collaboration and decision-making, and gain a more complete understanding of their financial position. By leveraging the benefits of cloud computing, businesses can gain a competitive advantage and position themselves for long-term success.

Mobile Accounting

Mobile accounting is a new trend in accounting that allows businesses to manage their financials from anywhere, using mobile devices such as smartphones and tablets. With mobile accounting, businesses can access their financial data on the go, without the need for expensive hardware or software.

One of the key benefits of mobile accounting is its scalability. With no hardware costs, businesses can easily add as many users as they need, based on their specific authorization requirements. This allows businesses to easily scale their operations as they grow, without having to worry about hardware limitations.

Another advantage of mobile accounting is its global reach. With mobile accounting, businesses can connect with professional staff from anywhere in the world, regardless of their physical location. This allows businesses to tap into a global pool of talent, and take advantage of different time zones and cultural expertise.

Mobile accounting solutions also leverage the power of new technologies, such as image recognition, voice notes, and AI translators. This allows businesses to attach images of documents to transactions, record voice notes to provide additional context, and translate financial data into multiple languages in real-time.

Overall, mobile accounting is a powerful trend in accounting that is transforming the way businesses manage their financials. By leveraging the power of mobile devices and new technologies, businesses can streamline their financial management processes, improve collaboration and communication, and gain a competitive advantage in today’s fast-paced business environment.

ERP Accounting

ERP (Enterprise Resource Planning) is a software system designed to manage and integrate all aspects of an organization’s business processes, including accounting, finance, human resources, manufacturing, supply chain management, customer relationship management, and more.

ERP is module-based, meaning that businesses can choose which modules they need to support their specific business processes. For example, a manufacturing company might use modules for inventory management, production planning, and quality control, while a service-based business might use modules for project management, resource planning, and customer relationship management.

ERP is designed to be a central hub for all of a company’s data, and integrates with other front-office systems and core finance systems. This integration allows for real-time data sharing and streamlined communication across departments, reducing errors and improving efficiency.

In terms of accounting and finance, ERP modules typically include general ledger, accounts receivable, accounts payable, fixed assets, and financial reporting. These modules provide businesses with a complete view of their financial position, and enable them to manage their finances more effectively.

Mobile devices: Mobile devices such as smartphones and tablets can be used to access and input data into the ERP system from anywhere. This can improve efficiency and allow for real-time data sharing.

Artificial intelligence (AI) and machine learning (ML) technologies: These technologies can be integrated with ERP systems to automate repetitive tasks, such as data entry or invoice processing. They can also be used to analyze data and provide insights to help businesses make better decisions.

Overall, ERP is a powerful tool for managing and integrating all aspects of an organization’s business processes. By providing a single, centralized system for managing data, ERP can help businesses improve efficiency, reduce errors, and gain a competitive advantage.

DC360ERP Functional Modules

           
FINANCIAL
  • General Ledger
  • Accounts Receivable
  • Accounts Payable
  • Cash Flow & Bank Reconciliation

 

         
INVENTORY
  • Inventory Management
  • Consignment
  • Ordering Management
  • Warehouse Management

 

         
PROJECT
  • Estimate Management
  • Procurement & Budget Control
  • Site Management
  • Job Costing & Billing          

                                 

   
MANUFACTURE
  • Process Planning
  • Manufacturing Order & Costing
  • Assembly & Ingredient Schedule & Production

 

         
 SERVICE
  • Service Management
  • Estimate & Quote
  • Job Card Management
  • Unit Tracking Service Delivery

 

DC360ERP Facility Modules

       
FIXED ASSETS
  • Asset Classification
  • Depreciation Rules & Setup
  • Recurring Entries Disposal Revaluation

 

         
CRM
  • Target Monitoring Lead & Follow-up
  • Pipeline & Quote Management
  • Task/Schedule & Appointment Diary

 

         
E-COMMERCE
  • Warehouse Automation
  • Smart Pickup & Delivery Notification
  • Ordering & Approval
  • Processing
  • POS /Mobile-DCPOS

 

         
POWER BI
  • Real Time
  • Archive Big Data
  • Analysis
  • Goldmine Database Construction
  • Secure & Bridge DB Third Party Access

 

         
API & TOOLS
  • Integration Consultation
  • Learning Tools & Digital Trainer
  • IOT , Wearable
  • AI Advancement Mobile Process m2m

 

DC360HRMS Process Modules

           
CORE HR
  • Employee
  • Management
  • Time Attendance
  • Leave Management
  • Document
  • Validity & Reminder

 

         
ACQUISITION
  • MyCvJob Portal
  • Recruitment
  • Management
  • Pre-On boarding
  • Post-On boarding  

      

       
DEVELOPMENT
  • Performance Management
  • Learning Management
  • Career Progression
  • Succession Planning

 

         
ENGAGEMENT
  • Self Service (ESS)
  • Surveys
  • Reward Recognitions
  • Talent Analytics
  • Schedule & Appointment

 

           
FINANCE
  • Automated Payroll Expenses & Claim
  • Pension & Tax Computation
  • Manpower Job Cost Accrual (Pre/Post)

            

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