Better Accounting with the OnRamp Finance Module

January 30, 2023

We take your responsibilities seriously at OnRamp Solutions. This means that any step to digitize a process or function of your job is always well researched. And when it comes to the financial department, this is doubly true. While building the OnRamp ERP, we were constantly consulting with any and all of our partner’s business units. What we found is that, time and again, the smallest action on the part of any one person always affected the financial team. It was always an added receipt, a corrective invoice, an updated GL account… The list was endless.

In other words, any change to process would add work to accounting.  For a company that prides itself in improving productivity and efficiency, it wouldn’t do to just move productivity gains from the shop floor to added headaches in the office.

So, OnRamp got to work. With so much of the business tied to finance, we made sure to consult our partners’ accountants and comptrollers to develop an integrated accounting/ financial module that would register and update any accounting documents in real-time.

This means that OnRamp ERP automatically registers all cost changes to work orders, shipments, and purchases made in your shop. With all your accounting data in one place, the next logical step was to create a ‘brain’ that could ensure that you could minimize the number of software tools required. To do this, OnRamp ERP was created to track:

• Variances to the productivity or material used when processing a work order
• Changes to cost or delivery time when a purchase order is received and adjusts the part cost
• Generated inventory transactions and invoices from processed shipments with costing updates

How does it work?

The process is as follows:

1. When a purchase order is received, it generates inventory transactions and records the entry of the part along with its cost. These changes are saved to the GL calculation table.
2. When a work order is processed, it generates inventory transactions and records any variance to the cost as a separate transaction that appears on the accounting tables, including scrap, receipts, and reporting operations.
3. When the customer shipment is processed, it generates an invoice to account along with the inventory transactions detailing what parts have left inventory.

All those these transactions are created and referenced to your GL accounts, as setup on one screen. These accounts are automatically setup during your OnRamp Implementation and migration. Any gaps or holes will quickly be addressed by our veteran implementation team to ensure you can start enjoying improved accounting transparency and tracking.

Conclusion

The benefits that you get from this level of transaction tracking is massive. OnRamp ERP will improve your visibility in: purchasing, costing, shipping, and more.

By using the Finance/ Accounting module, any changes that are made in your production cycle are automatically received and added to your fiscal calculations. This leads to a more precise view of your expenses and any cost savings. Many of our customers have grown so accustomed to such minute financial tracking that they have begun to run weekly financials with no issue to time taken to prep and review the reports.

That does indeed mean that with OnRamp ERP, the accounting at your firm can run so well that demanding a weekly review of the financial data is easy. And all this with less staff. One of our largest customers found their accounting department cut from 6 full time staff to 1 full time and 1 part-time staff to handle all that financial data more precisely and in less time.

Added to the benefits that come from daily tracking of all your transactions that can lead to weekly financial reviews, OnRamp is 100% paperless-ready. Between EDI and Form Recognition, all your invoices, receipts, and other items can be immediately received into the system with no human interaction required.

Contact us today to find out more about how OnRamp ERP can help you improve your financials and your bottom line!