5 REASONS WHY SAGE X3 IS SUPERIOR IN FINANCIAL MANAGEMENT
The market is flooded with all sorts of software packages that are supposed to be capable of automating every facet of a company’s business processes, eliminate redundancy and facilitate reporting.
However, most of these are not Enterprise Resource Planning (ERP) solutions as they are portrayed to be. They are merely accounting packages that rely heavily on “middleware” and “frameworks” to integrate other third-party applications.
Once the middleware crushes, everything comes to a standstill, jeopardizing daily business activities and contributing to huge backlogs of un-captured transactions, and hence delayed or inaccurate reporting. The repercussions of such connectivity issues are dire.
Not so with Sage X3!
I’m sure you would ask…
Sage X3 is multi-language, multi-company, multi-site, multi-currency, multi ledger and multi-legislation by design, and provides a better way to manage your business in its entirety. The system comes shipped with core modules such as Financials, Supply Chain, Production, Project Management, Manufacturing and Customer Service.
The solution is faster, simpler and flexible and is priced at a fraction of the cost of typical ERP systems on the market.
Sage X3 is by design a multi-language, multi-company, multi-site, multi-currency, multi ledger and supports multiple legislations. Not every ERP can boast of this capability.
1. Multi-company & Multi-site
The solution has the ability to manage several companies in the same database. Organizations can share same repository whilst dedicating specific data to one or several site/companies. What’s more? Sage X3 can manage several structures within a company. It’s really up to you to define the sub-structures within the company database. You could set-up business lines, organizational functions or even geographic locations as “sites” within a company database. This feature makes it easy for the system to automate intercompany and inter-site transactions in the General Ledger.
With Sage X3, you are rest assured when it comes to foreign currency transactions and foreign currency ledger management. The system is loaded with unlimited number of currencies and exchange rates. Exchange rates in the system can be manually managed, daily, monthly, by average or automated.
G/L Accounts can be managed in the nominal currency and at the same time report other currencies. More so, exchange rate variances originating from transactions and translations are automatically managed.
2. Analytical Dimensions
G/L Accounts and budgets can be managed and analyzed by dimensions. Dimensions in X3 are analytical tags that inform the system how transactions are allocated to/between various departments, cost-centers, geographic locations or business units. It really depends on how you want to analyze your transactions, you can define up to nine (9) dimension types and up to 99 dimension values for each account core model.
Unlike traditional ERPs, the use of dimensions make posting transactions much simpler and reduces the number of G/L accounts and the length of the Trail balance. If your trial balance is longer than two pages, then it’s time to switch to dimensional accounting.
4. Automatic Journals
Transactions that impact a business’s profit and loss need to be recorded accurately. In Sage X3, a great feature is that all documents such as Purchase Invoice, Sales Invoices, Shipments and Goods Receipts etc. are coded with ‘automatic journals’. Thus, once configured, auto journals trigger the appropriate postings to G/L accounts that needs to be debited/credited.
Nonetheless, these entries are created in the ‘temporary’ mode thereby allowing the user to modify the entry in terms of ledger accounts, customers, suppliers, amount and description before it is changed to ‘final’ during posting. Once validated and posted as final, no further modification is allowed.
5. Reporting & Business Analytics
Gain actionable insights into your business “on the fly”.
Sage X3 comes with built-in business object tools and a selection of predefined reports to collate all your business data and access it on-demand. Sage Intelligence and Sage Enterprise Intelligence come with advanced features that can be added on to your Sage X3 Core.
Sage X3 displays KPIs in a dashboard format based on real-time information. This gives you a bird’s eye view of your business operations. What makes it even more interesting is that you have the flexibility to define your own KPIs that are specific to your business.
Similarly, Sage X3 People empowers your HR managers in achieving more efficiency and control over the cost of your workforce by automating processes such as payroll, hiring, onboarding and retaining talents and providing them with a global and accurate view of HR budget, anytime and in real-time. With Sage X3 People, you are able to accurately estimate workforce costs and performance and take personnel decisions based on actual data.
Why don’t you switch now?
Managing finances, sales, customer service, fixed assets, inventory, manufacturing, production, and human capital separately is time consuming, inefficient and unreliable. Why not have an-all-in-one solution that is available in the cloud and on premise? Sage X3, the ideal business management solution for growing businesses who wish to improve their agility and efficiency, you get in-depth insight into your business in one simple solution.
Sage X3 is the Future!
Expand your business capabilities with integrated solutions from
- Certified Sage Business Partners