Integrated Financial Packages Simplify your Accounting
Why Focus on Multiple Databases when BMS Offers A Complete Financial Accounting System Integration?
Why Focus on Multiple Databases when BMS Offers Complete Financial System Integration? BMS offers a fully integrated accounting package. All the modules work together to streamline the posting of various accounting practices.
The POS sends information to GL, Payroll works with Timecard software and updates GL, Accounts Payable shares the vendor files used for Inventory control and in turn updates to GL. Subsequently, Balance Sheets and Profit and Loss statements can easily be generated.
The Accounts Payable system allows posting of vendor invoices and printing of checks. Recurring payments allow for the automatic payment of rents, leases or other fixed periodic payments. Cash requirement reports and vendor aging analysis are helpful in controlling your cash.
The system compiles vendor information such as year-to-date purchases, discounts earned vs. lost, average days to pay, and 1099 total. Finally, All purchases and disbursements automatically post to the general ledger.
BMS Payroll module added to your Wave by BMS software gives you the ability to manage your payroll in-house, vs paying a separate outside company.
The BMS Payroll package is robust in its ability and features. Pay by Company, Division, and or by Department. Employees can be set up to be paid Hourly or by Salary and can be paid Daily, Weekly, Bi-Weekly, Semi-Monthly, or Monthly cycles.
Additionally, the payroll software can pay and track available sick/vacation hours, by job class, handle multiple taxed &/or pre-taxed deductions as well as federal, state and local taxes. Detailed and Summary Reports can be run by pay-cycle, Monthly, QTD and/or YTD. Information is easily generated for completing Federal and State Quarterly and Yearly Tax forms. The BMS Payroll system automatically generates the necessary journal entry for General Ledger, or provides a report if using external General Ledger.
All modules flow to the general ledger. Each time you generate a bill, post an expense, write a check, or complete a payroll transaction, you generate postings to the general ledger. General journal postings allow for adjustments.
All journals must be in balance before they will post to the general ledger, assuring you that you’re always in balance. You can format financial statements, choosing from a wide array of options: year-to-date, last year-this-month, last year-to-date, actual vs. budgets, etc. Multiple periods can be posted without closing the previous month or year.
The BMS Payroll now includes the BMS Timecard software, which not only tracks employees’ time but also boosts workplace satisfaction, ensures accuracy, and improves efficiency.
Employees clock in and out on their actual workstations, preventing Buddy Punching due to Personal Login information requirements. Employees can run detailed reports by date range. The corresponding Pay Cycle is then entered with the total time worked.
Recording actual time worked promotes accuracy and saves money, leading to improved workplace accountability.