Essent Webinars: EssentOne™ in Action: Automatic Accounting

The EssentOne business management system automatically performs even sophisticated accounting like job costing and commission simply as a result of processing orders like normal.

Watch the Accounting Webinar

Slide 1: Integrated Automatic Accounting

Hello and welcome to the latest webinar from Essent. Today we’re going to take an inside look at EssentOne, specifically in terms of Accounting. EssentOne features an integrated accounting engine so that system automatically performs accounting activities for you. Even sophisticated accounting activities, like job costing, are performed automatically just as a side effect processing orders.

Slide 2: Moderator: Douglas B. Brill

My name is Doug Brill. I’m the Essent marketing coordinator and I specialize in the promotional products industry. I’m also your moderator today.

Slide 3: About Essent

Before we begin, a very brief overview of Essent. Essent is the leader in providing Comprehensive business management solutions since 1981. Essent has been serving Distributors, Decorators, and Suppliers in the promotional products industry since the year 2000. $3 Billion in Commerce flows through Essent’s solutions each year.

Slide 4: If You Have Questions

We want to answer everyone’s questions in a way that’s sensitive to everyone’s time, and we do aim to wrap up within half an hour. So if you do have questions we ask that you please submit them in the webinar dashboard. And then we’ll be happy to answer those questions offline after the webinar has ended.

Slide 5: The One and Only Fully Integrated Business Management System designed for the unique needs of the Promotional Product Industry.

EssentOne is a fully integrated business management system. That means that Information flows automatically from one step of the order lifecycle to the next. Data flows from pre-sales, to sales, to fulfillment, all the way out to accounting. And it all happens without the redundant rekeying of information. The result is the most efficient order lifecycle possible.

Slide 6: End-to-End Solution

Today we’re going to look at the employee-facing portion of Essent – namely the EssentOne Business Management System But I also want to point out that in addition to your back office solutions, we also offer customer-facing solutions such as ecommerce websites and company stores. And we also offer vendor-facing solutions such as integration with your suppliers.

Slide 7: The one and only fully-intergated Business Management Solution

Here’s a top-level look at what Essent does. You can see it touches every part of the order lifecycle -- from sales and marketing all the way out to accounting. The portion we’re here to focus on today is Accounting – how EssentOne automatically performs accounting just as a side effect of processing orders.

Slide 8: Presenter: P. Bryan Sheaffer

Here to take you into greater detail is you presenter, Bryan Sheaffer. Bryan is the Vice President of Sales for Essent. And he’s also a specialist in the promotional products industry. Bryan will tell you a little more about how EssentOne automatically handles accounting. Then he’ll take you inside EssentOne so you can see it for yourself.

Slide 9: Integrated Accounting vs. Segregated Accounting

Thank you, Doug. One of the best ways to illustrate the power of Integrated Accounting is to look at the opposite. That would be Segregated Accounting

Slide 10: Segregated Accounting

Many companies are used to having one system for order management and a second system for accounting. The two systems are segregated and independent. This requires duplicate entry from Sales to Invoice, from PO to Bill and often manual Journal postings. The manual effort causes delays so information is never real time. This requires time human labor which has costs and human errors. Organizations falter with no enforcement of business rules because any mistakes at one step can be corrected when we rekey in the next step.

Slide 11: Integrated Accounting

Integrated Accounting, on the other hand, brings business management and accounting together. Integration allows Operations to drive Accounting. The Sales Order can define or enforce invoicing rules. Since it’s integrated with operations, business rules can be enforced. Orders process can automatically define the postings, the invoicing rules and the commission all as a side effect of processing the Order. Integration allows accounting to be in sync up to the second with operations without any delays or errors.

Slide 12: Integrated Accounting (continued)

The enforcement of business rules is a powerful feature of integrated accounting. Integration avoids the question if we should invoice for that overun Operations can define if we invoice after ever shipment or if we wait to vouch and bill. Net Terms and Credit Limits can be defined by Accounting and automatically enforced at order entry.

Slide 13: Integrated Accounting: Prepayments and/or deposits

Prepayments or deposits on Orders can automatically adjust invoicing. Posting can be automated based on the Order or Product as you defined. Bills entered as Payables can automatically job cost sales orders for accurate profit And accurate sales commission Adjustments.

Slide 14: Let’s take a look.

Start demo.

Slide 15: EssentOne™ Accounting

We saw EssentOne Works with your Chart of Accounts Allows visibility and adjustments to the GL Provides the flexibility to soft close a period and open for adjustments and reclose without any long month end ritual.

Slide 16: EssentOne™ Accounting: AR

Invoicing is automatic as orders process Multiple Sales Orders can be consolidated to one invoice Credit and Refunds can be managed and applied. Past Due accounts can be simply identified for collections. Prepayments from Sales adjust invoicing.

Slide 17: EssentOne™ Accounting: AP

Bills are entered and linked back to Sales Orders for real time job costing Reoccurring bills can be scheduled for rent, or taxes. Sales Commission is calculated with a click of the button

Slide 18: EssentOne: Automated, Integrated Accounting

EssentOne simplifies Sales and Operations while automating Accounting. Hand off back to Doug.

Slide 19: Go One-on-One

Thank you very much Bryan. The best way to learn more about EssentOne is to get your own one-on-one demonstration. Just visit essent.com/EssentOneDemo to schedule a free session for you and your company. You’ll be able to view and review the specific features that interest you the most. And we’ll be able to answer any questions that you may have. Again, that’s Essentc.om/EssentOneDemo to schedule your own session to learn more. Thanks again to everyone for attending today’s webinar. EssentOne, a fresh yet completely familiar way to manage the critical parts of your business.