Blog post

Keep Your Finances Grounded with AerData Financials

Thursday, 28 February 2013

AerData Financials is a feature rich General Ledger system seamlessly integrated with CMS. AerData Financials provides, out of the box, a preconfigured Financial Accounting System designed specifically for the aircraft leasing environment. The standard configuration comes with a predefined accounting structure, data analysis and reporting structure that will meet the needs of any leasing organization irrespective of size. The standard design can easily be modified to meet any local requirements that are specific to the needs of any customer. AerData Financials is of course fully integrated into CMS insofar as financial transactions created in CMS ultimately end up within the Financials module.

AerData Financials can be hosted by AerData, or locally, depending on client requirements. Log-on is achieved via the same route as CMS so that data is always accessible to active users. It comes with varying levels of user access, and so the correct security set up can be put into place, ensuring that only authorized users have access to the various modules available.

AerData Financials offers users a secure environment within which customers can manage their company accounts. AerData has established strong working relationship with Core Financial, a Dublin based firm who have developed a number of additional modules specifically for the Leasing Market. By working with Core we can offer a fully functional feature rich solution that can address functional requirements in the following areas:-

- General Ledger - Financial Reporting - Invoice Registration

- Accounts Payable - Intercompany Processing - Capital Projects

-Accounts Receivable - Consolidation - Asset Management

- Planning and Forecasting - Expense Management - Purchase Ordering

“The simplicity of the integration with CMS and the capacity to work with complex intercompany transactions differentiates AerData Financials from all competitors within the Aviation sector.” – Tony Salmon – Director of Core Financials Systems Limited

AerData Financials is fully flexible system that can not only account for multiple currencies, but also supports intercompany accounting across currencies and business units. Furthermore, it supports different accounting calendars for individual business units. The complexity in the aviation industry of having many legal entities is significantly reduced by offering a single ledger system which is able to report on an entity level but also offers a very efficient and easy consolidation tool.

Benno de Paauw, AerData Customer Account Director; “AerData Financials can be set up in a way that allows for multiple statutory and management reporting requirements at any organizational level, including site, country and business unit.”

It is also worth remembering that AerData Financials is a system that is fully compliant with international accounting standards including those of IFRS, US GAAP and Sarbanes-Oxley.

All of the data generated by AerData Financials can be exported into and out of Microsoft Office products, allowing users the ability to analyze the data across various dimensions. The standard dimensional analysis can be run against; Account Codes, Legal Entity, Intercompany Codes, Aircraft, Lease, Department, Project, Tax Identifier, Cash Flow Analysis, Lease and Component ID’s, all of which can be regulated by the system in such a manner that ensures no codes are duplicated.

The procurement module allows users to generate a comprehensive, online management control solution. With a regulated approval system in place, all budgets can be locked (once agreed upon) thus creating stability within the system. The procurement module also allows users to review data at a variety of levels from general summary overviews to individual invoices and purchase orders. Amendments can be made with an automated re-queuing system in place, should any amendments be made to the ordered materials.

The Capital Projects module has been designed specifically for the Leasing Marketplace to allow Technical Managers to review and manage expenditure. The module allows the user to build Project/Activity Templates and assign financial budgets to these. Orders and Invoices are assigned to the Capital Projects within the procurement module and the budget management functionality allows the Technical Manager to review any current project from a financial prospective. It also allows the manager to control the processing of orders against capital projects where the budget could be exceeded.

AerData Financials offers a full audit control management facility that allows reporting to be done at both master file and field level within the application itself. On top of this, the system can be integrated into local electronic banking solutions, thus allowing for a fully automated payment cycle; from Purchase Order through to the final Invoice payment.

Have you had any experience with AerData Financials, or are you interested in hearing more about this package? Please get in touch via email, or leave a comment at the end of this post.

Alex Laybourne