The SmartARC application is a
ground-breaking Accounting software
The SmartARC application is a ground-breaking Accounting, Reconciliation and Control software package proprietary to Entigy Software, designed specifically for market sectors that process huge amounts of data in their booking and payment engines.
SmartARC is the critical link between a variety of booking engines and multiple accounting systems and its core functions support the following critical accounting functions
• Accounting for sales and revenue events, production of invoices and journals for postings to the financial ledgers.
• Reconciliation of current asset and current liability accounts.
• Controls to minimise revenue and expenditure losses and protect margins.
SmartARC provides the opportunity to enhance and replace existing manual and semi manual processes to streamline the finance function whilst also providing strong control and reporting possibilities. These are often identified during early discussions with clients, but we would need to undertake a more detailed discovery phase with greater analysis to establish a full list of deliverables
What does “smARC” provides
No limit to the sources of data which can be imported, or outputs of workflow that can be managed within this data.
Each smARC solution is managed alongside each client’s data source to provide an inherent “off the shelf” package but with bespoke considerations worked within the client’s requirements, enabling revised processes to be employed to maximum benefit to suit the client’s needs
Streamlines the finance function, providing stronger control and more accurate and accessible information
Reduces time consuming manual processes relating to reconciling cash receipts and payments and replaces time consuming matching of supplier invoices to specific costs, thereby reducing the likelihood of manual errors
Replaces the previous lack of clarity and inability to reconcile to the required transaction level
Enables tasks to get completed within appropriate timescales required by the business, thereby relieving pressure on the finance team
Provides firm system controls in key points, thereby reducing the client’s dependence on outdated and inaccurate manual working practices
Provides client with a single system to manage margin accounting, reconciliation and control, with summarised P&L / BS postings made to client’s accounting software
With much easier reconciliations, users can look at simplified exception reports, instead of running large reports with all data, and deal with exceptions instead of doing reconciliations
The audit trail provides greater transparency of the transactions behind accounting entries
Improved management control for the client will arise from more timely processing, elimination of manual errors, faster reconciliations and improved control reports
smARC has a core design with functions tailored for different business segments and target markets, notably:
TravelARC – accounting for sales and revenue as principal or agent together with travel fulfilment costs within gross profits and gross margins
FlightARC – accounting for passenger and cargo sales and revenue, together with all fixed and variable flight costs to client defined marginal contribution level
FreightARC – accounting for consignment sales and revenue together with transportation fulfilment costs within gross profits and gross margin
smARC will, where relevant, perform matching and reconciliation routines. EG, card payments and receipts from client’s bank , will be reconciled to the expected payment or receipt value in the booking data. The outcome from this will be:
• Exception report
• Control report
• Output to client’s accounting system
Exception reports will highlight differences between input data and expected results, e.g. a booking with a payment type of “Bank” does not match to the Bank input file, the details would be included in an exception report. After the processing of inputs and subsequent reconciliations, output files for the customer’s accounting package will be produced. Files can also be pushed back into the booking engine or other software if relevant.
Control reports will provide the audit trail and the supporting evidence for items posted to the customer’s accounting package. It will provide the booking analysis for the following control reports: Debtors control; Creditors control; Deferred revenue reports; VAT from margin postings. Others will be identified during the discovery phase.
Depends on the nature of adoption by each client and include:
• Optimised accounting operations that supports better governance and releases finance to provide more value-added decision support to the business
• Reduced cycle times, improved productivity, lower unit costs, better cash flow and significantly, reduced leakage
• Better understanding of business segment performance and customer behaviours
Consistency of information across the organisation providing only one version of the truth, without contrasting set of results
• Increased scope for revenue and cost recoveries and implementing new relevant strategies
• Pay as you grow; capital expenditure minimised and only required for systems integration