Virinchi FAME is a comprehensive solution for the Financial and Accounts Management for the financial and accounts management requirements both for Government and Corporate entities. FAME has been developed keeping in mind the current financial and accounting requirements of both Governmental and Non-Governmental bodies providing for an end-to-end financial solution. The solution captures every transaction right from posting Journal entries to user-defined reports, which can be generated at the click of a mouse in a real-time environment. This provides for a highly robust and transparent system enabling integration with existing systems and third party/legacy systems. FAME delivers the tools and automated processes necessary to transform your financial functions for today's economy generating value and increasing profits throughout your company. Key capabilities include:
The focal point of an organization's financial management mechanism provides to establish the centralized management of the financial operations. General Ledger enables global data management; it is a comprehensive financial management solution that dramatically enhances financial controls, data collection, information access, and financial reporting throughout your enterprise.
The system is capable of accepting data related to payroll computations or processing on-line and provides tools to calculate earnings, taxes, and deductions efficiently; maintain balances; and report payroll data while minimizing the burden on IT managers and payroll staff. This also provides for multi-organizational processing, including a common paymaster.
The system processes incoming invoices, in the form of payment Vouchers, within agreed terms or credit, ensuring availability of funds and proper authorizations, and generate checks, electronic payments, produce "advice to payee" details. Streamlining accounts payable transactions dramatically reduces procurement cycle times and lowers administrative costs.
The module supports the processing of all revenue, receipt issue and posting of revenue transactions to the General Ledger. Streamlining accounts receivables activities, such as invoicing, tax calculation, receipt application, collections, and revenue recognition, dramatically reduces settlement cycle times and lowers administrative costs.
The system provides for the control systems that monitor the ins and outs of material from the warehouses as per the rules defined by the Organization concerning inventory and its control.
The system processes incoming invoices, in the form of payment vouchers, within agreed terms or credit, ensuring availability of funds and proper authorizations, and generate checks, electronic payments, produce "advice to payee" details. Streamlining accounts payable transactions dramatically reduces procurement cycle times and lowers administrative costs.
The System is capable of recording in a register an asset acquired using budget funds, and allows for changes in the asset value and location over time, to the point of being retired from service either by disposal or write-off.
Budget Preparation Module of FAME is a comprehensive, dedicated and integrated Web-based solution that empowers organizations to meet the full range of budget planning and execution requirements seamlessly, efficiently, and cost-effectively. Supporting operational budget planning and strategic planning processes that demand complex and critical decision-making, the Budget Preparation System delivers information in formats tailored to meet user specific needs, using popular programs such as Microsoft Excel. The solution is robust enabling top-down and bottom-up budgeting with facilities for projections to multiple years.
The System allows control of the procurement of common use items through a centralized vendor database, linked to the Commitment and Accounts Payable systems. The system enables procurement via catalog, RFQ, Auction, Bids (Tender). The system also retains the database relating to any common item contracts that have been established through the tendering process
The Administration module provides for the maintenance and administration activities for the enterprise. The Administration is at the organizational(entity) level enabling features like creation of users, definition of access rights, definition of Chart of Accounts (Multiple) on the one hand and at the application (Portal) level with capabilities like Database Administration (Look-up Manager, Query Manager, Table Manager). This provides for ensuring a completely foolproof and robust system.
The application features comprehensive reporting capabilities Pre-defined and Custom reports. The system generates all the standard reports like Trial Balance, Balance Sheet, Summary/Analysis of Expenditure, Credit Aging
The system provides functionality for recording commitment of funds for future use against anticipated expenditure. The system also supports comparison of the committed estimates against the budgeted and actuals.