We are always asked about Versa financial and “Departmental” Multi-Dimensional Reporting, which has an unlimited number of Dimensions (Tags) that can be used to slice and dice your data for reporting including by Department, Division. Region and much more.
Different kinds (for example Region, Division, Department, Product Category, Market Segment) of user-defined Tags can be associated with each Transaction Type (Sales Order, PO) and then Reports (including Versa Cloud ERP standard Reports) can be generated on the basis of these Tags.
The benefits of using a tagging system comparing to the traditional way of creating multiple segments in your GL account numbers are many.
* Your chart of accounts is much shorter and easier to manage.
Segmented GL solutions use hard-coded account numbers for your chart of accounts. You need many account code combinations to track multiple department, projects and regions. The account numbers become unmanageable quite quickly as new departments, projects or regions is added. VersAccount Cloud ERP allows you to use one clean list of chart of accounts to track multiple department, projects, regions or other reporting structures.
* Changes to departments, projects, regions or other internal reporting structures can be made quite easily.
Changes to your corporation happen and Versa is ready for you when the situation arises. Adding a new department? With our tagging approach, you just add one more tag to be used. With the Segmented GL approach, you have to create new account codes and communication that to everyone in the company.
* Data entry is much easier.
Instead of memorizing long account codes, users of the system can just pick from a list of department names, project names and region names when doing data entry.
This, traditionally enterprise level only, financial reporting capability is included as standard for our customers.
You can see the example below of the regular Versa Income Statement filtered on the Division Tag (=East), and showing results for each Department. The Dimensional Reporting capability preserves all of the other goodness including drilldown.