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Financial Management and Accounting |
Financial Management and Accounting (FMA) component fully automates the business accounting and financial reporting processes of the insurance company. FMA includes the following sub-sections:
- General Accounting
- Debt Management
- Salary Accounting
- Financial Reporting
- Insurance Policy Accounting
- Claims Accounting
General Accounting manages the configuration and automation of basic accounting principles and transactions applicable for all company types. This includes creation of accounting operations templates and specifying accounting entries, asset classification, reserves allocation and management, calculation of amortization, automatic recalculations based on exchange rates fluctuations, balancing of accounts and etc.
Debt Management system provides real-time access to information on received and disbursed funds of the company. The information collected and maintained in this component is used to support the transfer of funds to the appropriate recipients and to provide payment information to the appropriate debtors.
Salary Accounting sub-system is strongly related with HR Management through access to the personnel data managed from that component. Salaries and other kinds of payable sums to employees such as incentives, advance, penalty charges, business trip allowances, and others are automatically calculated considering applicable taxations.
Financial Reporting implies automatic generation of different accounting statements on interim, quarterly as well as annual basis, which consolidate data from different sub-sections. The main reporting services provided by this component are permanent assets report, debt statement, financial liability report, T-account, accounting operations report, turnover statement, commercial invoices, bank deposits and capital issues statements and etc.
Insurance Policy Accounting provides information on accounting operations performed automatically by the system at the time of creating new insurance policy or applying reinsurance schemes to policy risks in Insurance Policy Management or Reinsurance Management components respectively. In turn, the Claims Accounting represents details of accounting entries and indemnity calculations made for the received insurance claims upon inputting the data in Claims Management module.
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