Definition
The system is an important data source for financial reporting.
A financial accounting system records books of account, documents, accounts payable and receivable, taxes, and financial statements. It can be a standalone application or a module of a larger ERP system. In a digital process, it often remains the system of record for final accounting entries, while an invoice is first retrieved, coded, and approved in other tools. Integration should define the data scope, transfer point, validation, correction handling, and method for returning status information. Reporting can then combine financial accounting data with sales and operational information. Explore solutions for finance and controlling.