iWise Financial Management

It is extremely difficult to describe a painting in words rather than pictures. iWise software is a "see" rather than a "what." But, we will do our best to describe the software in both words and images. Below is a summary of iWise Financial Management.

iWise Financial Management is used to track assets, invoices, purchase orders, contracts, budgets, and conflicts involving any of them.

Managing and maintaining a current inventory of assets and related financial data can be a difficult and complicated process. Purchase orders, invoices, contracts, assets, and financial information all must be related and verified to ensure that vendors' billings are accurate, expenses are valid and allocated appropriately, and the company is paying only for existing assets. iWise Financial Management assists in managing these processes. It may be used to manage and monitor financial information associated with products, vendors, services, and data processing and voice systems. It also provides a central location where assets, purchase orders, contracts, invoices, budgets, and resulting conflicts are stored.

The main objective of iWise Financial Management is the automation of financial management -- including invoice verification and automatic entry of assets from purchase orders or external files. This application can be used to maintain a complete account of an asset, including data on payments, taxes, depreciation, accruals, orders and purchases, cost allocation, contracts, and a variety of other information.

iWise Financial Management provides the relational capability required for automating long and labor-intensive tasks associated with managing financial data. You simply match your installation's data to the dialogs provided with iWise Financial Management. iWise Financial Management can then be used to replace the time-consuming and error-prone tasks of invoice reconciliation, installation chargeback allocation, and asset verification.

iWise Financial Management consists of six features designed in a task-oriented manner to provide an easy way to enter, search, and report data. Each feature is concerned with a separate area of financial management. Each operates independently, but they are implicitly related, based on several fields; iWise automatically relates feature data for you. Dialogs are provided for collecting, managing, displaying, and reporting information for each feature. Following is a brief description of each feature:

• Contract Management: Records and manages data associated with contracts and proposals the company has with its vendors (internal and external) for the maintenance of current assets and the acquisition of future assets, including the contract status, and by whom it must be approved.
• Asset Management: Records and tracks the company's hardware, software, and all other fixed assets, whether purchased, leased, or rented.
• Purchase Order Management: Manages the acquisition of materials, services, and any other assets acquired through purchase orders or material requests; also manages other items related to the acquisition of goods or services. Information about purchase orders can include requester, cost, date, status, and hardware and software inventory data.
• Budget Management: Manages and records budgets for purchase order acquisitions, projected costs, invoice verification, purchase versus lease evaluation, and other budget-related administrative tasks. This also allows you to increase expense control by allocating hardware and software costs and tracking all allocated expenses.
• Invoice Management: Records and manages invoices for goods, services, or other assets the company has acquired, including discount and finance charge data. This allows personnel to determine when invoices were received and paid.
• Conflict Management: Records, tracks, and helps resolve disputes the company has with a vendor over an invoice, contract, or asset, including the conflict status and the approval needed to resolve it.
• Telephone Directory: Defines telephone lines and extensions. The iWise Telephone Directory links these Directories with the Centrex/IntelliPath/PBX switch, where applicable, as well as to the individual assigned to the telephone line. iWise Profile definitions are used to define rules for a specific or set of telephone lines. iWise Profiles allow for estimating calling amounts, estimated minutes, allowed variance, etc.
• Access Code: Allows a customer to define one or more access codes for a specific Telephone Directory. Access codes are used when making long distance, interstate, TriState, and international telephone calls. A telephone directory may have one or more access codes available for use.

iWise can also provide an interface to CMDB, and a method to correlate financial data using reports or interactive facilities.

Data recorded in iWise Financial Management becomes increasingly valuable as your database grows and systems management areas are integrated. iWise implicitly creates relationships which allow you to clearly compare data from various areas. This allows you to perform tasks such as verifying the existence of an asset in your configuration, displaying the request which initiated the purchase order process, and generating assets based on purchase order objects.

Objects Defined in Financial Management