Scope of Work

Maintenance of accounts has long been a hard and tedious task for as long as man started doing so. We, at Xiphias have found a solution for this hardship by making and introducing our Accounts Management Software. The latest and cutting edge technology software from Xiphias whereby the user can maintain accounts and ledgers and prepare final accounts to view his/her financial status. A fully automated accounts management system whereby a user with no accounting knowledge can also prepare Profit / Loss Account and Balance Sheets.

Computerization of accounts

Computerization of all books of accounts will make it easy to ensure uniformity and efficiency of records, retrieve information and keep track of all incomes and expenses of the Company. The computerization of accounts is a very long and rigid process. The factors to be considered are not by the dozen but by hundreds.

• Recording bills received and generating receipts

The one united system forms the recording of bills receivable, which usually is done through the bank. Information about the bills received, sales, and other income sin the business reaches through the computer network in the company, which facilitates to record such details and the distribution to funds.

• Recording all expenses incurred

The expenses incurred will include

1. Payment of Salaries.
2. Purchase of Stationary.
3. Maintenance expenses.
4. And many others.

Recording of journal entries.

All journal entries have to be recorded and posted to their respective accounts to be entered into the ledgers.

Preparation of ledgers.

All the ledgers have to be prepared automatically, updated daily and should only be viewed and not edited.

Preparation of financial statements.

All the financial statements have to be prepared, at regular intervals, automatically for viewing purposes only.

Preparation of trial balances.

The trial balance has to be prepared, at regular intervals or annually, automatically for viewing purposes only.

Preparation of profit and loss statement.

The Profit or Loss Statement has to be prepared from the trial balance, at regular intervals or annually, automatically for viewing purposes only.

Preparation of Balance Sheet.

The Balance Sheet has to be prepared from the trial balance and Profit or Loss Statement, annually, to show the financial status of the university. It should also be done automatically, and should only be viewed and not edited. These are just a brief list of the modules in the whole process, which in turn will go to deeper levels in their own way. The processes of different company subdivisions to the continuous system have to be connected, allowing the preparation of funds, from which the payments can be made, to distribute the disposition of these funds in a better way.

Features of Accounts Management Software

1. Covers all your accounting needs, from VAT returns to credit control.
2. Provides instant management information and accurate reports.
3. Saves you time and money, and offers complete business control.
4. Is easy to use, with information displayed in the most beneficial way.
5. Allows more than one person to work on the system at once.
6. Comes backed by excellent customer support, advice and training.
7. Integrates with other software and offers industry-specific add-ons.
8. Provides comprehensive data storage and full security.
9. Simple lookups for dates and lists of items like customers, vendors, products, etc.
10. Multiple document interfaces allows simultaneous examination of various transactions and information about customers, vendors, products, accounts, etc.
11. Previewed reports initially show summary information with a drill-down feature that lets you get to the detail without being buried by it.
12. Reconcilable accounts are easily reconciled from within the Check
13. Register.
14. Built-in calculator.
15. Quick, easy backup, database repair and compacting features.

Benefits of using our software:

Installation

Xiphias Accounting Software is easy to install and takes you through a quick and easy process. This enables you to tailor the set up, increasing the efficiency and usability of your program.

Easy to Use

Anyone can use Xiphias Accounting Software. No accounting experience is required and helpful wizards guide you through many tasks clearly and quickly. The intuitive look and feel puts the right information at your fingertips with just one click, whilst the Smart Link enable you to view a transaction and 'hot link' to any corresponding data within one screen.

Saves Time and Improves Accuracy

Xiphias Accounting Software streamlines your routines, reduces your data entry and removes the need to understand complex legislation or waste time on difficult manual calculations. This also improves the accuracy of your accounts, as does the Audit Assistant, which validates your books, checking for duplicated or unusual transactions, to help make sure your figures balance.

Helps You Make More Informed Decisions

Information Held in your accounting program is key to your business. Xiphias Accounting Software enables you to instantly gain a snapshot of your current financial position, and to analyze this data against previous performance. For Example, see your total sales to date or find out your best paying customers, without having to export or manipulate any data.

Offer You Total Cash Flow Control

Keeping track of cash flow is vital for business success. Xiphias Accounting Software lets you see what you can do to better manage your money, from displaying all outstanding payments to testing 'what if' scenarios. This increases you efficiency, enabling you to plan for and automate regular bills, so you can prioritize payments for credit control purposes.

Integrates to Create a Full Business Management System

Xiphias Accounting Software links seamlessly with many other products. This integration greatly reduces the need for tedious and error prone re-keying of information, to further improve your operational efficiency.

Modules

Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are:

1. Accounts Receivable.
2. Accounts Payable.
3. General Ledger.
4. Invoice Processing.
5. Stock / Inventory Processing.
6. Expenses.
7. Reports.

Accounts Receivable

Accounts receivable is one of a series of accounting transactions dealing with the billing of customers which owe money to a person, company or organization for goods and services that have been provided to the customer. On a company's balance sheet, accounts receivable is the amount that customers owe a business. Sometimes called trade receivables, they are classified as current assets. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. When the customer pays off their accounts, one debit cash and credit the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is always debit.

Accounts Payable

Accounts payable is one of a series of accounting transactions covering payments to suppliers owed money for goods and services. The average household performs this task by writing checks each month to such suppliers to the electric company, Telephone Company, cable television or satellite dish service, newspaper subscription, and other such regular services. Accounts payable is classified as a liability account and as such normally has a credit balance.

General Ledger

The general ledger, sometimes known as the nominal ledger, is the main accounting record of a business which uses double-entry bookkeeping. It will usually include accounts for such items as fixed assets, current assets and liabilities, profit and loss or income and expenditure items, and funds or reserves. The general ledger is a summary of all of the transactions that occur in the company. It is taken directly from the general journal, where each transaction is recorded.

Invoice Processing

Use an Invoice to record the sale of inventoried products. Using posting accounts, this type of transaction credits the inventory account, debits a cost-of- goods-sold account (determined by the customer's sales department), credits a sales (revenue) account (determined by the customer's sales department), debits a receivables asset account (or a credit card or cash-on-hand asset account) and, if sales tax is involved, credits the sales tax liability account. It also decreases the number and amount data in the products table. Using billing codes, other revenue accounts can be credited. It also handles the billing processes. One can create an invoice by rolling in a sales order or by entering the invoice information from scratch.

Stock / Inventory Processing

Inventory consists of a list of goods and materials held available in stock. This includes daily updating of stocks, viewing the materials in stock, checking for availability of materials in stock and reviewing the re-order level if it's below the minimum limit

Manufacturing organizations usually divide their "goods for sale" inventory into:

Materials and components scheduled for use in making a product
(Materials and Components or Raw Materials)
Materials and components that have begun their transformation to finished goods
Finished Goods ± goods ready for sale to customers

Expenses

An expense represents an event in which an asset is used up or a liability is incurred. Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrence of liabilities that result in decreases in equity, other than those relating to distributions to equity participants. You record an expense when you receive goods or services, even though you may not pay for them until later.

Reports

This module helps to print the information in detail such as printing journals, balance sheet, income statement, trail balance, activity report, journal entries report, vendor payments report, sales reports, purchasing reports, customer lists, customer statements, vendor lists, product an inventory reports, job costs reports using the Print function. This helps to print various kinds of reports which can be for monthly, weekly or yearly.