ENSEK to release Ledger Accounting module
Jul 31, 2019
Nottingham, UK - ENSEK to release new wave of development with real-time Ledger Accounting module. The latest addition to its market-leading Software as a Service (SaaS) platform in the UK energy market. (August 2019)
- ENSEK to release new Ledger Accounting add-on module to strengthen core SaaS platform
- Real-time financial transactions captured
- Creates immutable record of every transaction using double entry accounting principles
- Provides the basis for further capability such as open item accounting and ageing of debt which are at an advanced stage of development
ENSEK, a leading Software-as-a-Service (SaaS) provider to the UK energy market, is releasing its new Ledger Accounting module as an add-on to its core SaaS platform. This new module significantly strengthens the platform from an accounting perspective, providing a fully automated audit trail of all financial transactions which is not available with the standard accounting module. Platform users will be able to create manual journals with ease, as well as produce extracts and reports from the ledger data.
The new Ledger Accounting module reduces the effort of accounting, using real-time access to sales ledger account balances and line level data, rather than traditional overnight batch processing. Reports can be created immediately, with the flexibility to create, update and maintain nominal account codes from within the platform itself. The chart of accounts is fully user-customisable and flexible with the ability to configure posting rules for every transaction type.
Full integration with ENSEK’s Billing, Payments and Customer Management modules results in zero source impact to the current system. The Ledger Accounting module will also unlock open item accounting capability (another new add-on module due to be released very soon), to complement the existing balance brought forward capability. This will allow users to match items to payments in a more explicit way, making it easier to track payments against bills – particularly key in the I&C and B2B space. Accounts will also have any ‘noise’ reduced, with disputed payments pulled out of the balance, until resolved.
Rich Hill, Head of Finance at ENSEK comments:
“To be able to offer an energy-specific finance platform is a significant step forward in our capability. With an initial focus on financial controlling and future development to include complex gross margin modelling we will continue to provide suppliers with innovative and powerful tools to help them manage their finances”.
Jon Slade, CEO at ENSEK adds:
“This development is another great addition to ENSEK's ever-growing product suite. The industry is experiencing a period of unprecedented change, and so it’s vital that we help energy suppliers stay ahead of the curve. ENSEK's objective as a platform provider is to remove complexity for energy suppliers and let them focus on what matters, their customers. This new product does exactly that, giving finance teams access to the data they need, when they need it.”
ENSEK provides the leading SaaS platform for energy suppliers. We focus on removing complexity in the energy market so that energy suppliers can focus on what matters most - their customers. From new entrants, through to established enterprise companies, we enable suppliers to meet customer needs and deliver their commercial ambitions.
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