Financial Accounting Module
The Financial Accounting module captures the financial transactions in real-time ensuring accuracy of the financial information. Tightly integrated with Underwriting, Claims, and Billing modules, it gives the accounting department consistent real-time access to information and supporting notes, regardless of the department in which it was entered.
Each feature of the module provides the specific functionality needed to support the business, the way you want to, giving you the independence and freedom needed to run the business . The in-built features enable you to adapt to market trends and requirements with greater speed and agility.
End-to-End Accounting Module
IFRS 17 Compatibility
The tight integration feature of all modules within the suite allows insurers to control the credit limit process, which is provided to external entities such as customers, brokers, agents.
The financial accounting module is capable of handling multi-currency transactions with ease.
Chart of Account with Segmentation
The module provides the option to define chart of accounts and group them with multiple segmentation. The segmentation provides option to determine additional input for each account defined.
Accounts Receivable & Payable
The accounting module of the suite is fully integrated with the Beyontec Financial Analytical Tool enabling the generation of pre-defined AR and AP reports.
The financial accounting module is configured to generate the General Ledger, transactions and status reports from time to time.
The module provides the option for revaluating other currency receivables and assets with respect to the variations in exchange rates at periodical intervals. The difference on the exchange is processed and journals gets created automatically.
Automated Bank Reconciliation
The accounting module’s in-build reconciliation feature allows automating reconciliations for banks, credit cards and alternative payment methods and comply with regulations through improved visibility and reporting.
The module assists in tracking and auditing the financial expenses and to estimate the expense forecasts based on historical data.
Track and manage all external vendor payments and receivables as per pre-defined schedules.
Fixed Asset Management
The module allows insurers to manage and audit all fixed assets under the company ownership
Budget & Control
Undertake budget planning and control using historical data and projections available in the module.
Local Regulatory Reporting
Simplify the demands of compliance reporting by capturing, consolidating, and reporting data in the appropriate reporting templates.
Financial Closing and Reporting
Generate year-end reports by product, coverage, segments, channels, and use these results to improve the product profitability and pricing.