General Accounting and Reporting System (GARS)
Intro
Accounting department holds an important role in the project because they can track all of the payables, receivables, and monitor financial health in your project. Giving them powerful tool to do their tasks is essential, providing accurate data to make decisions for your project.
That`s why having an accounting software will help the project to manage their financial transactions, keep track of cash flow, and generate reports.
General Accounting and Reporting System (GARS) is fully web based and integrated, giving you access to real-time report to make better decisions and business across the project. You can easily track the most important matters in your project.
General Accounting and Reporting System (GARS) uses the power of the internet to move goods, information, and money quickly and securely, ensuring the delivery of the right products, to the right location at the right time, and at the right cost. It provides employees with instant and global access to the tools, communication, and data they and need in order to interact with colleagues, partners to customers over distances. It enables the employees work faster, to serve customer better, to track order easier.
Highlights
- Fully integrated system for professional services
- Flexible and customized to your Project`s need.
- Improved accuracy of financial data.
- Increased ability to identify new opportunity thought in depth reporting and analysis
Key Benefits
Accuracy
GARS Accounting can help to increase accuracy by eliminating or reducing human error made in financial transactions.
Integration
Seamlessly share a vital information to enable error free transactions.
Cost Saving
Reduce overhead having a computerized accounting system.
Multi Currency
Issues associated with exchange rate are eliminated.
Efficiency
Process reports quickly. Giving the employees more time to do more tasks.
Speed
Allow businesses to process tasks with faster speed the manual processing.
Reports
General Accounting and Reporting System (GARS) helps to provide an accurate financial information real time.
Real time Monitoring
Get instant reports to support real –time decisions as well as short, mid, and long term strategic goals.
Key Features
Project Management Support
Set up and track utilization and realization of projects with customized revenue recognition, account integration, and the project or budget configuration that best fits project needs.
Integrated Financial Management
Deliver accurate, up-to-date information throughout project financial management solution, with direct integration of receivables, payables, inventory control, and other accounting functions.
Accuracy
It can help to increase accuracy by eliminating or reducing human error made in financial transactions.
Efficiency
Process invoices quickly and giving the employees more time to do more tasks.
Flexible Transaction Adjustments
Bulk-transfer costs from one project or cost category to another and adjust fields such as billing rates, cost rates, or billing type with a full audit trail.
Customizable Reports
View, sort, and filter customizable reports and worksheets to view revenue per project, expenditure per project, and other project-related information. Use the Report List to access and launch project reports quickly, with flexible options to create the exact data set for project.
Web Access
Provide access to critical project information over the Web. With Business Portal, project employees can link to Project Center and other views of project data—with options to expand views beyond those provided with the basic solution.
Real Time Monitoring
Get instant reports to support real-time decisions as well as short, mid, and long term strategic goals.
Flexible Cost Allocation
Allocate costs from one project to another based on unit, amount or percentage.
Expense Tracking
Track billing expenses whose direct costs are recorded elsewhere, such as equipment usage or copying services and know how much projects cost in relation to their revenue.
Cost Saving
Reduce overhead by having a computerized accounting system.
Maintains budget information
Maintains budget information for each account, calculates account budgets based upon actual, current or next year budgets.
Key Modules
Budgeting
This module provides a flexible budget management, multi-currency transactions and information for each account year. Altogether, the budgeting provides calculate account budgets based upon actual. It also included to prepare the Annual Development Plan (ADP).
Annual Procurement Plan (ADP)
This module integrates primary concept of procurement is that advanced planning, scheduling and bulk purchasing result in cost savings, efficient business operation, and increased value for money. Moreover it Explains how the procurement function of the entity will be improved and managed during the ensuring period and how vendors will be managed and who will be involved at each stage of the process.
Simplify source of Fund & Use of fund book keeping
In built chart of accounts which shows track and sort All projects expense receipts, Keep all contribution and donation receipts, create an accurate invoicing system, seamless payroll system, use software that’s secure and compliant, maintain current P&L statements, collect applicable taxes and set up an all-in-one payment solution. This window shows how a project cash inflow and outflow over an accounting period, usually a year or a month or arrange of date. This is also configure to accurate book keeping of all expense of the project.
General Ledger (GL)
This module provides a flexible chart of accounts structure to keep track of its financial transactions and to prepare Interim Unaudited Financial Reports (IUFRs). Altogether A general ledger is a record-keeping system for a project financial data, with debit and credit account records validated by a trial balance.
Trial Balance
A trial balance is a financial report that lists the balances of all general ledger accounts of a project at a certain point of time. It is a list of credit entries and debit entries that project use to internally audit their double-entry accounting systems.
Cash Book
A cash book is a financial journal that contains all cash receipts and disbursements. It is a subsidiary ledger in which are stored all cash receipt and cash payment transactions
Automated IUFRs Preparation
This module provides Project Sources & Uses of Funds, expenditure by project component, Statement of contracts subject to Bank's Prior Review, Statement of contracts not subject to Bank's Prior Review and Project Cash Forecast Statements.
Statement of Expenditures (SOE)
Statement of Expenditure (SOE) is a form prepared by the Recipient to report the expenditures which includes: Preface, Consolidated financial Data and financial classification.
Subsidiary Ledger (SL)
Individual party wise or procurement package wise payment status.
Designated Account (DA) Activity Statement
A Designated Account is a bank account into which the World Bank may deposit amounts withdrawn from the Financing Account to pay for eligible expenditures as they are incurred. GARS help to reconcile the DA Activity of the project accurately.
All our solutions are offered to allow ultimate flexibility in implementation & provide the lowest total cost of ownership.
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