Financial Accounting Module
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The Financial Accounting module captures the financial transactions in real-time ensuring accuracy of the financial information. Tightly integrated with Underwriting, Claims, and Billing modules, it gives the accounting department consistent real-time access to information and supporting notes, regardless of the department in which it was entered.
Module Highlights
Each feature of the module provides the specific functionality needed to support the business, the way you want to, giving you the independence and freedom needed to run the business . The in-built features enable you to adapt to market trends and requirements with greater speed and agility.
End-to-End Accounting Module
The financial accounting module is tightly integrated with all other modules of the Beyontec Suite, to provide you with a real-time view of data and transactions.
IFRS 17 Compatibility
The module is fully compatible with the upcoming accounting standards of IFRS 17 and fulfils the requirements of the new IFRS 17 reporting format.
Reinsurance Accounting
The accounting module will accommodate and manage the accounting and reporting requirements for reinsurance of short-duration and long-duration contracts.
Real-Time Integration
The tight integration feature of all modules within the suite allows insurers to control the credit limit process, which is provided to external entities such as customers, brokers, agents.
Multi-Currency
The financial accounting module is capable of handling multi-currency transactions with ease.
Chart of Account with Segmentation
The module provides the option to define chart of accounts and group them with multiple segmentation. The segmentation provides option to determine additional input for each account defined.
Accounts Receivable & Payable
The accounting module of the suite is fully integrated with the Beyontec Financial Analytical Tool enabling the generation of pre-defined AR and AP reports.
General Ledger
The financial accounting module is configured to generate the General Ledger, transactions and status reports from time to time.
Forex Revaluation
The module provides the option for revaluating other currency receivables and assets with respect to the variations in exchange rates at periodical intervals. The difference on the exchange is processed and journals gets created automatically.
Automated Bank Reconciliation
The accounting module’s in-build reconciliation feature allows automating reconciliations for banks, credit cards and alternative payment methods and comply with regulations through improved visibility and reporting.
Expense Management
The module assists in tracking and auditing the financial expenses and to estimate the expense forecasts based on historical data.
Vendor Management
Track and manage all external vendor payments and receivables as per pre-defined schedules.
Fixed Asset Management
The module allows insurers to manage and audit all fixed assets under the company ownership.
Budget & Control
Undertake budget planning and control using historical data and projections available in the module.
Local Regulatory Reporting
Simplify the demands of compliance reporting by capturing, consolidating, and reporting data in the appropriate reporting templates.
Financial Closing and Reporting
Generate year-end reports by product, coverage, segments, channels, and use these results to improve the product profitability and pricing.
