Enterprise Management ERP System - Demo
Efficiently Manage Financial and Supply Chain Processes
Plex's Enterprise Management ERP System is designed for organizations with multi-site manufacturing operations that want to more efficiently manage their financial and supply chain processes with scalability, visibility and control. (4:29)
Plex Enterprise is specially designed for organizations with multi-site manufacturing operations that want to more efficiently manage their financial and supply chain processes with scalability, visibility and control. Let’s take a look at how Plex Enterprise allows you to create a hierarchical relationship among business entities that exist in your enterprise. For example, the Submit Payments transaction here has Detroit as the controlling entity while other regions are represented as contributing entities. This means that designated users in Chicago, Mexico, New York and Europe can submit payments for their regions at the same time users in Detroit can submit payments locally and for any of the connected businesses.
On the other hand, authorized payments set-up has Detroit as the controlling entity for Chicago and New York. However, in the case of Europe, Mexico is identified as the controlling entity for authorized payments. To help consolidate all foreign currency payments, for example. Using the same hierarchical relationship, Plex Enterprise makes the management of Chart of Accounts across entities a breeze, and yet allows you to remain in control. From the Chart of Accounts definition screen for Detroit, with a simple selection of one or more accounts, we can choose to replicate accounts to one or more connected businesses. It’s as simple as that. Further, we can take away the rights of adding or deleting accounts at the entity level so no one in Chicago or New York will see those options. Of course, regional users can be given update rates for account descriptions and some of its attributes.
Now, let’s take a look at Multi-Entity journal entries in General Ledger. As a controlling entity, Detroit can enter a journal entry that spans across businesses. For example, a debit in marketing expenses in Detroit is balanced by two separate credits in Chicago and Mexico. Of course, there is a lot going on behind the scenes here as enter entity contra accounts are used for maintaining accounting balance in each individual entity. This becomes evident from the Account Transaction Report that shows due from accounts are used to balance entries in Detroit while due to accounts are used to balance journal entries in Chicago.
Next, we’ll move to the corporate cash management functions of Plex Enterprise, which help you consolidate your payments and receipts at the controlling entity level. In this case, Detroit. Let’s pull a supplier, Dryden, and look at invoices submitted by contributing businesses in Chicago and by controlling businesses in Detroit. We can quickly select one or more invoices across entities, and choose to prepare for payment. Thereby, taking advantage of the enterprise-wide relationship with Dryden, and also making the centralized bank reconciliation process a breeze.
Similar benefits can be drawn from Accounts Receivable where enterprise-wide customer credit check limits can be utilized to confidently prevent any unauthorized shipments of orders no matter which entity is dealing with that customer. Let’s look at this customer, Edge. Details of Edge have already been replicated across all connected businesses. You can see that this customer has an enterprise-level credit limit of $500,000.00, and of which, about $300,000.00 limit is still unused. We can go to the AR aging report and look at consolidated report transactions for this customer and see invoices entered by various connected entities.
With Plex Enterprise, you can take advantage of Economies of Scale, Collective Business Terms and Consolidated Management of funds, while gaining visibility across your global operations for a holistic decision making. You no longer need to rely on localized controls and manual management of inner entity transactions. To learn more, or to see a more detailed demonstration, please contact Plex at 855-534-8012 or online at www.plex.com/contact.
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