Bromcom's Finance 1
November 20, 2018 / Simon Lewin
Welcome to the first product blog for Bromcom’s new Finance module. Being new, I will start by giving a brief walk through of its key facilities and put it in the context of Bromcom’s offering.
Bromcom Finance is an optional suite of functions that extends the Bromcom MIS to deal with purchasing, sales, double entry accounting, commitment accounting, budget management and equipment. It is fully integrated with and forms part of the single MIS/Finance web application. Each user has one user log in, one set of access permissions, one dashboard containing MIS and Finance headlines and one product with which they interact for their school MIS and Financial needs.
Bromcom Finance is an optional module and you can continue to use your third party Finance management solutions. Rest assured that we will continue to support integration with third party solutions, and indeed we actively promote third party integration to give users’ choice. We have been beavering away for the past year developing Finance with our development partners. We took the decision to develop the core of the system and first release to LA maintained schools. With that finishing off, we are now moving into developing additional advanced features, many of which will benefit LA maintained schools and academies, and some geared to the differing needs of academies. In 2019, we are also extending to support the needs of MATs.
We have designed the module to be easy to use and on screen drill down from top level financial figures down to the individual purchase orders, invoices etc.
Purchasing is straight forward with our purchase order processing routines, which gives features such as authorisation, auto emailing of orders, budget controls, and supplier catalogues. Integrated with our standard Document Management System, you can attach documents to orders, invoices, suppliers etc.
The included General Ledger (Nominal Ledger) gives you effective financial control with its double entry accounting. The comprehensive journal processing includes recurring journals, cash book, VAT reimbursement etc, and user defined templates for your common posts.
With comprehensive auditing, the module is designed to make life easier for finance users! If you have external agents who support your school’s financial management, they can now securely login from anywhere and perhaps avoid some traveling at your expense.
Last week it was show cased for the first time at an LA schools event and received very positive feedback. Watch this space for news over the next few months!
I will wrap up for now. In the blogs over the forthcoming months, I will try to give you a flavour of the features that exist in Finance today and the continuing developments of Finance. As a rapidly developing product, it is growing in sophistication every week, and our intention is for Bromcom Finance to become the leading product for Financial Management in the schools’ market, well able to hold its own with other products and a perfect complement to our MIS.