Tag: Financial Management

  • Managing Assets and Depreciation in SapphireOne

    Managing Assets and Depreciation in SapphireOne

    Assets Software to manage your Assets Depreciations

    SapphireOne’s Assets Software is fully integrated across all modes of the application, enabling businesses to manage company assets and depreciation in a structured, accurate and efficient way. Because Assets is directly connected to Financials, relevant transactions can flow seamlessly through to the General Ledger where required, while still allowing detailed asset-level tracking to remain within the Assets module.

    When new data is entered in the Assets mode, a range of transaction types can be generated. These transactions fall into two clear groups, depending on whether they integrate with Financials or remain internal to Assets.

    Asset transactions transferred to Financials

    The following transactions are posted to Financials as General Journals (GJ), Vendor Invoices (VI) or Money Payments (MP):

    • DGJ – Depreciation General Journal
    • PGJ – Purchase General Journal
    • SGJ – Disposal Sale General Journal
    • VGJ – Revaluation General Journal
    • RGJ – Reverse Sale General Journal

    These transactions ensure that depreciation, purchases, disposals and revaluations are correctly reflected in your General Ledger.

    Asset transactions retained within Assets

    The following transactions remain within the Assets module and are not transferred to Financials:

    • DNT – Depreciation Note
    • DLN – Depreciation Loan
    • DSR – Depreciation Service
    • DRP – Depreciation Repair
    • DCO – Depreciation Company

    These entries allow you to maintain a complete asset history without affecting your financial reporting.

    Core principles of the Assets Software

    • Asset depreciation – SapphireOne supports multiple depreciation schedules for each asset. While only one depreciation schedule is transferred to the General Ledger (typically the ATO-compliant schedule), additional schedules can be retained within Assets for internal analysis. For example, a business may track both the written-down tax value and a projected resale value. Retaining company-specific valuations within Assets provides greater insight into the true worth of assets without distorting statutory financials.
    • Asset control and lifecycle management – SapphireOne allows assets to be purchased, sold and controlled with ease. Each asset record can store detailed information including location, responsible staff member, warranty periods, repairs, servicing and associated loans. This provides full visibility across the entire asset lifecycle, supporting stronger governance and more informed decision-making.
  • 7 Helpful Tips for Financial Controllers in Organisations

    7 Helpful Tips for Financial Controllers in Organisations

    Helpful Tips for Financial Controllers in any organisation

    The most important tips for Financial Controllers in any Organisation

    1. Bank Reconciliation – Reconciling your bank accounts is a vital part of your daily routine and forms best practise in any organisation. Why is it important to reconcile on a daily basis? because it gives the organisation their current cash position. It is essential that an electronic copy of all past reconciliations performed are retained for control and audit purposes.
    2. Financial Reporting – The three most important financial reports in any organisation are Trial Balance, Income Statement/Profit & Loss and Balance Sheet. The purpose of a trial balance is to prove that the value of all the debit value balances equal the total of all the credit value balances.Income statements will help the Financial Controller determine the past financial performance of the enterprise, predict future performance, and assess the capability of generating future cash flows through report of the income and expenses. A balance sheet summarises an organisation or individual’s assets, equity and liabilities at a specific point in time.
    3. Workflow – Workflow rules allow the setting up, performing, and monitoring of a defined sequence of processes and tasks, with the broad goals of increasing productivity, reducing costs, becoming more agile, and improving information exchange within an organisation. Having the ability to set definable limits based on predefined values at a transactional level, an automated process that the appropriate person within an organisation are notified when approvals are required.
    4. Sales Pipeline – Identifying the prospect, capturing the initial contact details is the first step in the sales pipeline. When planning for the potential sale it is important to have a structured approach. When you have assessed the potential clients needs and objectives, you can then gain a commitment. Then following up is essential to close the sale and keep the customer engaged for future sales
    5. CRM – Contact Relationship Management is an approach to manage a company’s interaction with current and potential customers, Vendors, Projects, employees and assets. It uses data analysis of the contact’s history with a company, to improve business relationships, specifically focusing on contact retention. The CRM compiles all the data from a range of different forms of communication, including a company’s website, telephone and emails etc. CRM allows a single repository for all contact data and facilitates better relationships within financial controllers.
    6. Accountability – Absence of accounting means an absence of accountability. Accountability cannot exist without proper accounting practices. User logging is essential to ensure everyone is accountable for their own actions.
    7. Posting Control – The batching of transactions gives the final control to a supervisor, to verify those transactions are true and accurate before they are posted to the general ledger. Looking to boost your financial management potential with a Dashboard equipped ERP, feel free to contact us.