Enterprise Finance Management (EFM)

One Solution to Meet all of your Needs

Util360’s Financial Management helps finance leaders design, transform and streamline their processes and operations. EFM seamlessly couples core finance and accounting functions with strong compliance management, which improves business performance and increases financial close efficiency while reducing back-office costs. With real-time access to live financial data, you can quickly drill into details to quickly resolve delays and generate statements and disclosures that comply multiple regulatory financial compliance requirements such as ASC 606, GAAP, SOX, and others.

• General Accounting Management: It manages all accounting procedures such as general ledger, expense, payments, cash flow management and purchasing.
• Expense Management: It manages the expense of the organization into the form of documentation, it contains all information regarding the expenditure requirements, necessities, and funds etc.
• Budget Management: It helps in the management of budget control.
• Fixed Assets Management: It includes Setup, Purchasing, processing, Depreciation, Retirement of Fixed Assets.
• Cashiering Management: It includes Cash management, Online Payment Management, Day-End processing, etc.
• Accounts Receivables: It includes Customer Management, Invoice Management, NSF Management, and Payment Management
• Accounts Payables: It includes Vendor Management, Invoice processing, Payment Processing, 1099 Form, etc.
• Advanced Financial Reporting: It has an ability to generate reports such as profit and loss statements, balance sheet, CAFR Reporting, and other financial statements rapidly.

How Can Util360 EFM Benefit Your Business?

• Easy availability and accessibility of all information help managers in taking decisions efficiently on the bases of facts and figures.
• Better transparency - It records all information systematically and made it available to all business users.
• It ensures that all activities of business go in accordance with the estimated cost and should not go above the pre-set budgets.
• It ensures that all financial resources are efficiently utilized and there is no wastage.

Cost Effective and Efficient

Access the Open Finance portal directly from a school district or municipal website on desktops, tablets, or Smartphones. As a cloud-based service, Open Finance does not require an additional hardware investment or on-site technical support.

• Cloud-based implementation is efficient and easy
• Reduces on-premises IT support and staff FOIA workloads
• Customized data display options available

Connect Citizens to Government

Many finance officers can relate to spending significant time digging for information to respond to requests from elected officials, the public, or other departments. Oftentimes, answers require data from multiple departments, leading to a series of inquiries and dozens of emails. Connecting a government’s information to all stakeholders through publicly accessible portals not only empowers stakeholders to access accurate information on their own, (financial information isn’t held hostage when the finance officer is unavailable), it frees up the finance department’s time from tracking down, assembling, and passing on information.

When communication is two-way and allows residents to self-report 311 issues, automated systems can trigger work orders, asset deployment, employee scheduling, reporting, and more. This not only increases transparency, public service, and public trust, it provides personnel and asset costs as they occur, for increased financial insight and more informed decisions.

Connect Internal Processes

On the expense side of the ledger, connections create efficiencies that improve a government’s bottom line. Automated processes that move through integrated systems end redundant and manual data entry. Instead of employees in multiple departments keying in the same information, these employees are now free to work on more strategic priorities. At once, overtime is reduced, and data integrity is increased. Because the data stream is integrated and not Siloed, all departments are looking at the same information. Having a “single source of truth” ensures that everyone is looking at and operating from accurate numbers.

Digitized documents can be attached to files or orders as they wind their way through the system, negating the need to file – and later retrieve – paper documents. Purchase orders and invoices are automatically attached to projects and remain accessible; a great help during audit season when supporting documentation may be needed.