Integrated Accounting

The accounting Engine in Omni is a complete double-sided accounting system.  It is a core part of the software- integration with the rest of the system is seamless.  Functions performed by other departments will automatically flow into the accounting engine without any input from your accounting staff.  Receipts, inventory adjustments, production kits, production labor, freight costs, cost of sales, etc are all automatically processed by Omni and appear in your GL for review.

When product is added into Omni, the appropriate account numbers are assigned so that debits and credits to the Inventory, WIP and Cost of Goods account all happen transparently at the right time.

In addition, Once accounting closes a day in Omni, users can’t post any transactions in any module to those days.

Omni is a double-entry accounting system-  An international standard for business accounting.  Every entry in Omni requires at least two accounts resulting in balancing debit and credit entries.  Mistakes made during any entry  in Omni are easy to spot and correct in Omni, ensuring better data accuracy.

Sarbanes-Oxley Compliance

For publicly traded companies, Sarbanes-Oxley (SOX) compliance is mandatory.  Key to ensuring your success in maintaining compliance is having the proper controls and Auditing capabilities.

Omni Security capabilities provide the controls necessary to ensure that the correct personnel, and ONLY the correct personnel are able to post to your accounting system.  Our auditing system provides an extremely verbose log of every activity performed by every user in Omni.

The precision with how transactions are processed ensures that no duplicate transactions could be possible.

Our auditing system is a multi-layered engine that prevents the possibility of any user being able to commit fraud by altering or attempting to remove transactions that have been posted.

Sarbanes Oxley Section 302: Disclosure Controls

This mandates a set of internal procedures to ensure accurate financial disclosure.  Within Omni, once a internal procedure is defined by a company, we assist in implementing their versions of the controls, monitoring and reporting.  Once committed, no member of the organization can directly make any changes that would cause a variation to the established internal procedure.

Sarbanes Oxley Section 401: Disclosure of Off-Balance Items.

This mandates that off-balance sheet items be disclosed.  Omni allows for off-balance items to be maintained, keeping a full audit trail on any changes to these Asset and Liability accounts.

Sarbanes–Oxley Section 404: Assessment of internal control

Under Section 404 of the Act, management is required to produce an “internal control report” as part of each annual Exchange Act report.  This rule effectively requires management to report the adequacy of their internal control structure and procedures for financial reporting.  The accounting engine in Omni is designed to enforce the controls a company puts into place.  Internal Auditing reports from Omni will show that personnel have access to the proper sections of the accounting system as defined by company’s internal controls.

Other features

  • Budgeting
  • Supports 12 or 13 fiscal periods
  • Chart of Accounts structure in four sections: Company + Branch + Department + Account
  • Alphanumeric or Numeric account numbers
  • Customer Credit Management (AR)
  • Statement generation (selective bypass option)
  • Exclude zero balance or inactive customers
  • Flexible aged accounts receivable reporting
  • Optional statement delivery by e-mail
  • Automatic finance charge calculations
  • Automatic minimum charges
  • Automated credit hold management.
  • Automatic duplicate Invoice checks
  • Matching between Invoice, Purchase Order and Receiver
  • Discounts and due dates automatically calculated based on Vendor Terms
  • Invoicing / Credit Memo (AR)
  • Option to batch invoice all shipments for any given customer, part number or sales order
  • Batch generate all invoicing for a given day (or any other period)
  • Non-Shipment invoicing/memo option
  • Expense distribution to multiple accounts and/or companies
  • Option to invoice at time of shipment. Invoice prints with packing list
  • Credit Card Processing
  • Term discounts calculated automatically
  • Due dates calculated automatically
  • Optional invoice delivery via e-mail