Can't find what you need?

General Ledger System

Features, Integrations, Benefits, Costs

Having 15-year experience in building financial software and practical knowledge of 30+ industries, ScienceSoft offers digital financial management consulting services to implement reliable general ledger solutions.

General Ledger Accounting System - ScienceSoft
General Ledger Accounting System - ScienceSoft

General Ledger System: The Essence

A general ledger (GL) system aggregates financial transactions across multiple business entities in real time, structures and reconciles them, and provides data to generate consolidated financial reports. The solution is especially helpful for companies having subsidiaries or branches that use different functional currencies, accounting calendars, or operate under specific local regulations.

Read on to learn about the solution’s capabilities, important integrations, amazing benefits it brings, costs and timelines to develop a custom general ledger system.

General Ledger System: Key Features

Each general ledger solution ScienceSoft creates has unique functionality to serve client-specific needs. Here, we have outlined the features commonly requested by our customers:

GL entry management

  • Real-time import of external and intercompany financial transactions from relevant sources.
  • Automated GL entries to the pre-defined books or to multiple books simultaneously.
  • Rule-based journal entry approval workflow.
  • Scheduled recurring and reversing entries.
  • Automated generation of closing entries (monthly, yearly).
Read all

GL structure management

  • Chart of accounts (COA) with customizable dimensions (regions, subsidiaries, product lines, cost centers, etc.).
  • User-defined hierarchy of GL accounts and sub-accounts.
  • Rule-based transaction classification and GL coding by account (asset, liability, equity, revenue, expenses, etc.).
  • Configurable subledgers, control accounts for subledgers, GL account segments, and more.
Read all

Multi-entity accounting

  • Real-time consolidation of financial transactions across multiple business entities (company branches, subsidiaries, etc.).
  • Configurable entity hierarchies.
  • User-defined financial close periods for entity-specific accounting calendars.
  • Rule-based elimination of intercompany financial transactions when generating consolidated financial reports.
Read all

Multi-currency accounting

  • Recording and tracking GL entries in multiple currencies.
  • Assigning book-specific functional currencies.
  • Automated conversion of foreign currency amounts in GL entries to the user-defined functional currency.
  • Revaluation of accounts recorded in a foreign currency when calculating GL balances in a functional currency.
  • Calculating unrealized gains and losses from foreign currency transactions.
  • Automated conversion of GL balance amounts in a functional currency to the subsidiary-specific foreign currency when generating subsidiary reports.
Read all

GL balance management

  • Calculating and tracking total debit and credit amounts, GL balances (by period, account, COA dimension, etc.).
  • Automated consolidation of the account balances across multiple business entities.
  • Rule-based re-allocation of the accumulated corporate account balance to the subsidiary/branch account balances.
Read all

Reconciliation

  • Automatically matching GL data on financial transactions with data in bank statements and subledgers.
  • Automated removal of duplicate financial transaction records.
  • Defining the outstanding transactions.
  • Alerts to accountants on reconciliation discrepancies.
Read all

Financial reporting

  • Drill-down financial reports (by period, COA dimension, consolidated reports, etc.), including trial balance, balance sheet, profit and loss statement, cash flow statement, tax summary, and more.
  • Customizable report templates.
  • Configurable reporting periods for various entities.
  • Creating comparative financial reports.
Read all

Security and compliance

  • Multi-factor authentication.
  • Data-level permissions.
  • Role-based access control.
  • Comprehensive audit trail.
  • AI-powered fraud detection.
  • Compliance with GAAP, SOC1 and SOC2, SOX, GDPR (for the EU), industry-specific and country-specific regulations.
Read all

Get Robust General Ledger Software

ScienceSoft’s team is ready to plan, build, and support an effective general ledger solution tailored to your financial accounting and reporting needs.

Essential Integrations for the General Ledger System

GL software integration with the relevant corporate solutions helps eliminate double data entry across disparate systems and ensures seamless recording, reconciliation, and reporting of financial transactions. ScienceSoft suggests establishing the following integrations:

Key integrations for general ledger software

  • Accounts receivable management solution - importing data on the amounts paid and due by customers, realized gains and losses from foreign currency transactions from the A/R solution to GL software to create accurate records in asset and revenue accounts.
  • Accounts payable management solution - importing data on the amounts paid and due by a company, including payable tax amounts, realized gains and losses from foreign currency transactions from the A/P solution to GL software to create accurate records in liability and expense accounts.
  • Asset management system - importing data on original costs, depreciation, the current value of fixed assets, and associated revenues and expenses from the asset management system to GL software to create accurate records in asset, revenue and expense accounts.
  • Inventory management system - importing data on inventory transactions (including intercompany inventory transfers) and current inventory values from the inventory management system to GL software to create accurate records in asset accounts.
  • Payroll software - importing data on employee salaries, overtime, bonuses, commissions, deductions, and payroll taxes from payroll software to GL software to create accurate records in liability and expense accounts.
  • Treasury software - importing data on financial transactions under operating, investing and financing activities from treasury software to general ledger software to create accurate records in asset, liability, and equity accounts.
  • Financial planning and analysis software - exporting financial data from GL software to financial planning and analysis software for accurate financial performance analysis, financial forecasting and planning.
  • Bank accounts - importing data on cash transactions for a specified period from bank accounts to GL software for faster reconciliation.

Build GL Software Integrations Hassle-Free

ScienceSoft will design a detailed plan of integrations and help you seamlessly connect your general ledger system to other business-critical solutions.

Factors that Drive ROI of the General Ledger System

Relying on 15-year expertise in designing and building accounting software, ScienceSoft’s consultants have defined important factors, which if covered, help bring the customer additional value across general ledger processes.

End-to-end automation

To eliminate time-consuming, error-prone manual efforts across all GL maintenance stages, from financial transactions aggregation and structured recording to reconciliation and generating financial statements.

Real-time FX rate feeds

To accurately record and track multi-currency financial transactions.

Easy-to-use APIs

To streamline integration of general ledger software with relevant business-critical systems to ensure quick and error-free import of financial data.

Off-the-Shelf General Ledger Software ScienceSoft Recommends

FlexiLedger

Key strengths

  • Configurable fiscal calendars for various business entities.
  • Automated transaction posting to multiple books simultaneously.
  • Company-, account-, task-level access control.

Features

  • A flexible COA structure.
  • Rule-based consolidation of financial transactions across multiple business entities.
  • Configurable elimination rules for intercompany financial transactions.
  • Automated GL entries, including recurring and reversing entries.
  • Automated multi-currency conversions.
  • Multi-step and recurring GL balance allocations.
  • Automated account reconciliation.
  • Pre-built financial report templates.
  • Compliance with SOX, IFRS, GAAP, FASB 52, and more.

Cautions:

  • Available as a part of the FlexiFinancials package.

Best for

Large enterprises that need to manage complex multi-entity and multi-currency accounting processes.

Acumatica General Ledger

Key strengths

  • Consolidated GL reporting across multiple business entities.
  • Automated currency conversions to track and report financial transactions in different currencies.
  • Native integration with other Acumatica financial management apps (A/R and A/P management systems, cash management system, tax accounting software, etc.).

Features

  • Role-based access control by accounts and sub-accounts.
  • Financial reporting by user-defined dimensions (product, department, region, etc.).
  • Configurable financial reporting periods for various entities.
  • Automated calculation of gains and losses from foreign currency transactions.
  • Creating custom account balance re-allocation templates.
  • Scheduled creation of reversing and recurring GL entries.
  • Attaching notes and supporting documents to GL records.
  • Drill-down to the source transactions.

Best for

Large businesses that need to prepare consolidated and localized financial statements in multiple currencies.

OSAS General Ledger

Key strengths

  • Multiple charts of accounts for various business entities.
  • Multi-language capabilities for international GL reporting.
  • Seamless integration with other OSAS apps, including A/P and A/R management systems, payroll software, and fixed asset management solution.

Features

  • 7 pre-built account segments, such as divisions, departments, sub-accounts, and more.
  • User-defined GL coding.
  • Automated creation of reversing GL entries.
  • Rule-based re-allocation of the main account balance to multiple sub-account balances.
  • Customizable financial statement templates.
  • Multi-year reporting.
  • Audit trails for each financial transaction. 

Best for

Large companies operating internationally via multiple subsidiaries or branches.

Do You Need a Custom General Ledger System?

Answer a few simple questions and find out whether you should opt for a custom-made solution.

Back
1/7
Skip
Yes
No

Please tell us a bit more about your needs

Answer at least 3 questions to get results.

Go to Questions

You can go with off-the-shelf general ledger software

Looks like market-available GL solutions are a viable option to meet your accounting needs. Turn to ScienceSoft if you need help with choosing the optimal ready-made GL tools, their implementation, customization, or integration with your existing corporate systems.

Get Assistance
refresh

You definitely should consider custom development

A tailor-made general ledger solution will help you reap the unique benefits that market-available GL software cannot offer. Turn to ScienceSoft to get the detailed assessment of a custom GL system’s feasibility for your business situation.

Discuss My Case
refresh

Custom general ledger software is your best choice

Looks like market-available GL tools don’t fit your specific business requirements and won’t be able to provide the expected operational and economic feasibility. Turn to ScienceSoft to get a consultation on custom GL software development and receive cost and ROI estimates

Talk to Us
refresh

General Ledger System Implementation Costs

Average costs for building a custom general ledger system vary between $140,000 and $400,000, depending on the solution complexity.

Annual ROI for a custom general ledger system may reach up to 220%. An average payback period for such a solution is about 7 months.

Get cost and ROI estimates

Benefits of a Custom General Ledger System

  • 50-500% faster

    financial reporting on multiple business entities due to automated consolidation of multi-entity account balances.

  • Up to 2x improved

    financial close time due to automated reconciliation.

  • 90% higher visibility

    across enterprise-wide financial transactions due to real-time transaction aggregation.

  • 90% better accuracy

    of financial transactions recording due to eliminated manual errors.

  • Enhanced productivity

    of accountants due to automation of repetitive GL-associated tasks.

  • Reduced risk

    of accounting fraud with role-based GL access control.

  • Implementation of the General Ledger System with ScienceSoft

    In financial software development since 2007, ScienceSoft helps enterprises build effective general ledger solutions.

    General ledger system consulting

    • Analysis of enterprise-wide general ledger needs.
    • Suggesting optimal features, architecture, and tech stack for the GL solution to ensure it will bring the required improvement of operational efficiency.
    • Preparing an integration plan (with A/R and A/P management solutions, asset management system, payroll software, etc.).
    • Advisory on security and compliance.
    • Implementation cost & time estimates, expected ROI calculation.
    GO FOR CONSULTING

    General ledger system implementation

    • General ledger needs analysis.
    • General ledger solution conceptualization.
    • Architecture design.
    • General ledger software development.
    • Integrating the solution with the relevant systems (A/R and A/P management solutions, asset management system, payroll software, etc.).
    • Quality assurance.
    • User training.
    • Continuous support and evolution (if required).
    GO FOR IMPLEMENTATION
    About ScienceSoft

    About ScienceSoft

    ScienceSoft is a global IT consulting and software development company headquartered in McKinney, Texas. Since 2007, we help enterprises build effective general ledger systems tailored to their needs. Being ISO 9001 and ISO 27001 certified, we apply a mature quality management system and guarantee our customers’ data security. If you are interested in developing a reliable general ledger solution, feel free to turn to ScienceSoft’s team.