Finximus Blogs
Distinction between Software as a Service (SaaS) and Perpetual End-user License.
Software as a service (SaaS) is a business model in which the applications are hosts via cloud and makes them available to end users over the internet. Users simply pay a subscription fee (commonly paid using credit card either monthly, quarterly, semi-annually, or annually) to gain access to the software, which is a ready-made solution. Software updates and back-ups are done by the software provider on a regular basis for FREE. Users have NO significant cash outlay as far as software development and IT infrastructures are concerned.
Perpetual end-user license will allow the customers to use the licensed software indefinitely. Usually for the first year, customers are entitled to software updates and to receive technical support for FREE. After the one year period ends, the customer would have to enter into a Software Maintenance Agreement for the updates and technical support annually, which cost ranges from 20% to 30% of the total contract price. Customer has the option to install the software in their own provided server whether on-premise or via cloud. In this set-up, the customer has SIGNIFICANT cash outlay on the IT infrastructure and the people who will maintain it and the software perpetual license.
Why are proper accounting controls critical in every business entity?
The implementation of proper accounting controls ensures that all areas in an organization avoid fraud and other issues, that efficiency in operations improve, that recording of business transactions are complete and accurate, and that compliance on accounting policies are achieved. Preventive controls, such as the separation of duties, the prevention of task overlaps, and the matching of accounting documents before going through approval processes, are just a few that we’ve given utmost care during the designing and planning process of Finximus.
Finximus sees to it that proper segregation of duties is maintained through the assignment of Roles, namely – System Admin, Authorizer, Accountant, and Maker. Every role has its own user access that only the System Admin can assign. Finximus also emphasizes on organizational processes, systems, or procedures rather than a one-man or one-department team. Through this, business owners are assured that all business transactions undergo complete authorizations before its implementation.
Understanding our customers’ needs.
Most small businesses have common challenges in the areas of cashflow, internal control, and productivity. Finximus clearly recognizes and addresses these three common challenges, enumerated as follows:
Customers' needs Finximus' capabilities
Cashflow
  • Expensive business solutions to take care of complex accounting processes.
  • High salaries of experienced consultant/ CPA to streamline processes and implement accounting software to address the needs.
  • Value for money system features and functionalities, and very affordable monthly subscription fee.
  • System guided and step-by-step procedures, Finximus can be implemented even by non-accountants.
Internal Control
  • Proper segregation of duties and responsibilities.
  • Potential vulnerability if only few people understands how the entire process works.
  • Poor monitoring of financial metrics.
  • Multiple concurrent users to properly segregate duties and responsibilities.
  • Dual-level assignment of duties and responsibilities. Each User has Roles to be assigned by the Subscriber. Only the System Admin role has the capability to implement the system and assign access to each User.
  • Displays real-time monitoring of tasks to perform and relevant financial ratios from multiple data sources into one, easy-to-access place.
Productivity
  • Lack of focus in creating high value impact to the business due to time-consuming accounting tasks.
  • It takes so much time before business decision is made.
  • User-friendly features and functionalities.
  • Pre-defined processes are based on industry standard for easy understanding and consistent compliance.
  • Promotes the free flow of communication between business units, a single source of financial information, and accurate, real-time data reporting for relevant and timely decision-making purposes.