Financial ERP & GL Systems

hms specializes in Financial Enterprise Resource Planning (ERP) and General Ledger (GL) software, designed to execute financial planning of organizational resources. These softwares are designed to help businesses manage their daily activities, such as accounting, acquisitions, project and risk management, compliance, supply chain operations, and more. Our experts focus on various financial models, including general ledgers, customer and supplier ledgers, budget control, and other ERP services, in order to ensure data compatibility across different systems.

our impact

Financial ERP & GL Systems

Enabling compliant and informed financial management

The Financial ERP & GL Systems Department offers clients the opportunity to access reports created in Oracle’s BI tools in the cloud. These reports include categorizing clients based on their level of risk and CECL (current expected credit loss). This allows for data comparison and report generation across multiple databases. Our team specializes in generating real-time performance reports, thereby affording the organization an edge when making decisions. 

This department’s activities involve selecting and assimilating ERP systems such as  SAP and Oracle, as well as accounts-related systems such as XBRL reporting systems, credit risk reporting systems, and CECL. 

In order to ensure consistent data reporting across different areas, we have established a centralized system for regulatory reports submitted to the Bank of Israel. Oracle’s Business Intelligence (BI) tools in the cloud are used for creating the basis for the reporting. This tool also enables further analysis of reported data, for the assimilation of smart controls – such as graphical displays, manipulation of data and connecting between the financial information database and other business databases within the organization, including location-based systems.

Our Coverage

The range of our services

Assimilation of Leading Financial ERP Systems

hms has extensive experience in assimilating international ERP systems, such as Oracle and SAP. We specialize in the assimilation of Oracle on both client and the service provider’s side. For SAP, we specifically specialize in assimilation on the client-side for large organizations. Additionally, we possess comprehensive knowledge of all financial models’ functions, including – GL (general ledger), client ledger, service providers and suppliers, budgetary control, inter-bank reconciliations, and financial statements consolidation. Additionally, we are well-familiar with the acquisitions function within the logistic model and with the budget planning module.

Reports to Regulators according to the XBRL Standard

hms provides a unique service of submitting reports in accordance with the XBRL and iXBRL (inline XBRL) technologies, which have been endorsed and adopted by the Bank of Israel Banking Supervision Department and the by Israel Securities Authority. These technologies enable exercising accurate control over the data which is being reported, as well as making  comparisons between similar organizations (for example, banks). 

We have entered into a collaboration with UBPartner – an international supplier which is authorized by the Bank of Israel Banking Supervision Department (using the XBRL method) and complies with the requirements posed by Israel Securities Authority (using the iXBRL method). The report’s accounting side (the tagging-of-data job) is carried out by hms’s Accounting Department. Collaborating with UBPartner system supplier guarantees compliance with all regulatory standards and serves as a readily available tool for analyzing and monitoring reported data. Furthermore, instilling compliance with the Standard in public companies will encourage private and institutional investors to invest in such companies. 

Accounting Systems for Managing Credit Risk

Credit risk management is a fundamental element in the financial outcomes which are reported by financial institutions. It is therefore increasingly imperative to well grasp regulatory requirements, which are becoming ever more stringent. hms possesses in-depth knowledge of the Bank of Israel’s reporting and management standards, as well as of creditworthiness classification. We are skilled in carrying out debt analysis, carrying out provisioning calculations by using CECL rules (these rules require carrying out the calculation from the time credit is granted, on the basis of credit risk layers and specific parameters, such as PD, LGD, and EAD). We are also skilled in carrying out credit rating monitoring for each client, and in identifying discrepancies in rating. Our expertise in using all reporting and calculation standards which apply to a variety of financial institutions and international systems, such as SAS and WK – guarantees our clients a quick, comprehensive and cost-efficient tool for the management, calculation and reporting of credit risk. 

Reports to the Bank of Israel and to the public

hms’s Financial ERP & GL Systems Division has developed a platform which integrates all data sources and ensures consistency of the data which are being reported, in accordance with the stipulations of the various Directives. The platform also enables tracking the origin of data – down to the level of individual transactions in the system of origin. Our proficiency of the Bank of Israel regulations, public reporting requirements and of data maintained in systems of origin and in accounting systems, combined with our technical capabilities and our connection to the Bank of Israel’s UBP system – guarantees our clients enjoy the full benefits of a comprehensive solution that requires minimal effort on their part, and optimal success and precision on hms’s part.

Data Analysis – BI 

hms has extensive experience in using Oracle’s BI tools in cloud-based systems. BI tools  enable the carrying out of analysis of financial data, in-depth reviews of data precision and monitoring changes occurring over time, tracking the origin of data and integration with business databases in order to carry out financial data analysis in comparison with the business data. These BI tools are connected to Oracle’s database and provide quick responses and exceptional capabilities for handling gigantic databases. Our in-depth understanding of financial requirements and excellent control of BI tools enable us to ensure accurate financial reporting and to free up accounting staff to focus on carrying out analyses which can provide valuable business insights, instead of wasting time on detecting and correcting data errors. 

contact

Let's Set Up a Meeting

We’ll be happy to discuss how we can help you with your challenges

I’d like to talk about