Regardless of sector or industry, finance department is the beating heart of an entire operation. Without financial fluency, it is difficult for an organization to thrive. Identifying a robust accounting system that communicates crucial financial information empowers management to take a proactive approach to improve business performance.
Modules At A Glance
For every single transaction that took place in a course of business, it is a statutory requirement to capture in account book and the finance team must be equipped with a proper system to close a company’s account on time.
All transactions created in Panda ECO System are able to match and post into general ledger, account receivable and account payable entries of any integration-ready financial accounting system. Apart from the popular financial accounting systems like AutoCount and SQL Acc, we also work with enterprise solution like Biztrak, SAP Finance and Microsoft Dynamic 365. With our robust solution, Your CFO is able to meet the month-end closing for your company.
The charm of retailing is to be able to buy on credit and sell for cash. Since the bulk transaction of retail business derives from purchasing where supplier extend credit term to retailer, it can be a hectic task for finance team to manage when it comes to payment process.
We team up with several financial accounting partners to develop the bulk payment module that simplifies payment process. Based on user-defined criteria, system auto contra the outstanding AR/AP invoices, auto knock-off unapplied credit notes, and auto generate bulk payment entries which greatly reduce payment process time and increase efficiency.
As most of the transactions in retailing are cash, store operation team is tasked to manage the daily deposit of cash collected into bank account while finance team is required to monitor the bank-in and manually book into accounting entry upon confirmation. When there are many stores to monitor, it will become an exhausting yet inescapable task for finance team to coup with.
Our cash management module is built to ease the processes, allowing store to deposit the cash collection into a designated bank account while enabling finance team to monitor the bank-in by store and auto create accounting entry upon confirmation.
It is not unusual in retailing to entrust store operation team with petty cash for minor expenses or reimbursing employees claim. Since a petty cash fund is subject to undergo periodic reconciliations with transactions to be recorded on the financial statements, it can be a tedious job for finance team if entries are booked manually.
Panda cash management module features the reimbursement and disbursement of petty cash with preset authority limit by store. Say goodbye to manual recording as our module enable store operation team to submit expenses claim via system while entries are auto created in financial accounting upon confirmation.
“Our stores accept many types of card payment and the MDR is different for each card type. We already facing issues to reconcile the card payment manually, not to mention the recon for e-wallet, it’s killing us!” – if this is what you heard from your finance team, your company really need to use our system to resolve the recon issue.
Panda sales recon module is developed to overcome the constraint encountered by your finance team to manually reconcile credit/debt card and e-wallet payment. Forget about manual entry and use our appliation to automate recon process with system generated accounting entries for MDR charges and payment received from the bank.
The e-pay reload and bill collection services rendered by retailers is to enhance customer shopping experience. However, the back-end works to manually reconcile the transactions is time consuming and can lead to cashier fraud if not managed carefully.
Our e-pay recon function is specially built to relinquish cashier fraud and expedite the recon process by auto matching system transactions with e-statement records furnished by service provider.
Panda ECO System integrates with GHL e-Pay and Razer Pay, the two largest reload and bill collection service providers in Malaysia.
The consumption of non-trade items such as shopping bags and disposable trays for retail grocer can be overwhelming especially if the store has high sales revenue. Proper management of non-trade items in retailing is always a challenge for finance team as the items are recorded as inventory in DC but booked as expenses while transferring to store.
Panda allows transferring of non-trade item between DC and stores via our IBT/ICT module. The stock is auto deducted from DC inventory when the transfer took place and system auto generate accounting entries to book in as stores expenses during month-end process.
Choosing the right system at the right price is never an easy decision to make. Talk to our experts today and let us assist you in identifying the perfect fit solution for your operation. Let’s reinvent your future business together.
Apart from the gross income generated through the sales of products, it is an integral part of retail business to seek income from other sources like trade incentive and rebate income from suppliers. Such incomes can be significant to a company’s profit especially for stores with high sales revenue. For that reason a system is needed for retailers to manage the buying-income in retailing.
Panda Retail Income Management System enable retailer to maintain supplier’s trading terms such as account opening fee, new product listing fee, rebate incentive, etc, is which the system is capable of auto calculating the charges and debit to supplier.
Every inch of the selling floor can be turned into lucrative income and smart retailers would surely know the tricks to make full use of spaces by renting the gondola and block display to suppliers. Managing display income can be a great challenge for finance to issue monthly tax invoice for hundreds of lettable gondola and block display housed in a supermaket.
One of the features in our retail income management system is to allow user to maintain the amount and details of recurring display rental agreed by suppliers. Tax invoices can be generated via system and matched to financial accounting to ensure no invoice is omitted.
It is a common practice in retail business for suppliers to offer purchase rebate and incentive scheme to entice retailers to buy more. With the absence of an automated system, more efforts are required from finance to compute the amount to be rightfully charged to suppliers since the rebate incentive amount varies from each supplier and product.
Panda Retail Income Management System simplifies the calculation of individual product rebate maintained by the retailers. As a result, tax invoices can be generated in our system and matched to financial accounting to debit supplier account.
Sales promotion targeted at consumer is one of the most effective avenues to boost sales in retailing. In order for the sales promotion to be successful, the scan-sales promotion claim supported by supplier is inevitable. Without a proper system in place, finance team is expected to manually calculate the amount claim based on sales report and issue tax invoice to debit supplier accordingly.
Our Retail Income Management System automates the scan-sales promotion claim process with system generated tax invoice based on sales amount captured to debit supplier.
Since the nature of retail business involves mass market products and consumers, there is massive data that has the potential to add a lot of value to the business. However, to unlock the value, analytics component which give management access to insights is needed.
Panda ECO System provides ample reports for the management to analyse your business and understand your customers. Our reporting tool allows your team to gain insight into the store performance to enhance product assortment, improve customer service, analyse financial performance and increase the bottom lines of your company.
Be in the driver’s seat, the more your money works for you, the less you have to work for the money.