Financial Management

Accurate information is critical to the overall financial performance and risk reduction of construction companies and real estate developers. Financial Management delivers this information through Accounts Payable, Accounts Receivable, General Ledger, Payroll and more.

Starting with core financial accounting, the General Ledger captures every transaction that occurs in Colonial. Accounts Payable and Accounts Receivable provide all the standard tools for managing accounts and flexible queries to monitor financials. Additional tools in the form of Investor Distributions and eBanking increase the value of Financial Management by simplifying these business essentials.

Financial Management helps deliver complete and accurate financials:

Accounts Payable manages all standard AP processes that affect the general ledger, including invoices, credit memos, and checks. AP also handles applying credits to invoices and recording receipts for credit memos. Multi-property expense distribution and multi-property check writing are two of the many features tailored to the property management industry.

AP Workflow: Tracking accounts payable invoices as they move through the accounting office can be time-consuming and labor-intensive. AP Workflow streamlines the process online for Colonial. This powerful routing tool includes alerts and reminders as well as an easy-to-understand, color-coded Workflow window.

Accounts Receivable manages all standard AR processes that affect the general ledger, including entering, voiding, and changing invoices and credit memos. Sales taxes may be separated as desired. Optional lockbox processing and tenant ACH processing add depth to this Financial Management component.

eBanking incorporates the latest technology available to reduce the time-consuming tasks related to incoming and outgoing funds. Take advantage of Positive Pay, Direct Deposit/ACH Payments, Automatic Account Reconciliation (ARP), ACH Tenant Receipts, and Lock Box Processing.

General Ledger: This all-inclusive component of Financial Management tracks every accounting-related transaction that occurs within the Colonial application. Unlimited history, drill-down access to source transactions, and flexible GL statement generation delivers a complete picture of - finances both current and historical.

Investor Distributions makes it easier to maintain records on and process payments for all investors in each property or company. Automatic perorations, integration with Accounts Payable, and cross-checking to ensure accuracy are some of the features of this Financial Management component.

Payroll: From the basics of time entry to the complexities of tax compliance, the Payroll component can handle it. Numerous user-definable settings for flexibility and straightforward data entry screens make it possible to manage payroll in-house.