The TurnQuest Financial Management System (FMS) is an enterprise solution designed to simplify and streamline complex accounting processes and tasks. The system enables the effective management of day-to-day financial tasks for transactional efficiency and control. With most menial task automated, the team can then focus on more important matters of profitability, strategic planning and regulations.
TurnQuest FMS helps insurers harness technology to achieve time and cost efficiency through automatic tasks such as: reconciliation, tracking and reporting on all financial transaction and incidences. The system has a robust feature set capable of handling even the most demanding budgeting and processing needs.
TurnQuest Financial Management System (FMS) has been developed around several modules. It has the inbuilt flexibility to help meet both the current and future financial needs of organizations of all types and sizes. It delivers unparalleled insights for business leaders and managers to make better and informed decisions.
The TurnQuest FMS system is central to the TurnQuest Insurance Suite and consist of 2 main units;
- FMS 1 – which caters to the insurer’s General Ledger, Cashbooks, Non-Premium Debtors and Creditors
- FMS 2 – which caters to the insurer’s Fixed Assets, Inventory, Purchases, Investment, Mortgages and Loans. The system is multi-company, multi-branch, multi-currency and is fully integrated to all other TurnQuest systems.
The TurnQuest Financial Management System comprises of several customizable, tightly integrated modules.
- General Ledger Module simultaneously maintains all financial data like actual budget, summary, and foreign currency in a single balanced ledger.
- Cashbook Module handles cash management and bank reconciliation for the organization and provides easy and secure access to cash position, cash movements and key financial indicators.
- Suppliers (accounts payable) Module streamlines routine accounts payable transactions such as invoice processing, transaction vouchers and receipting.
- Customers Module takes care of accounts receivables activities such as invoicing, tax calculations, receipting collection and revenue recognition.
The addition supplementary modules that integrate into FMS1 above constitute FMS 2. This include:
- Inventory Module entails the monitoring of current goods in stores and providing updated information on item usage, current levels and when to make an order.
- Fixed Assets Module provides functionality that assists in fulfilling the stewardship responsibilities for the company’s assets.
- Investments Module enables the automation of company’s investment processes. This ensures effective and reliable processing of investment data.
- Purchases Module enables the capture and management of the different types of purchase types, supplier prices, quotations and LPOs. Enable complete transparency throughout your purchase order workflow.
- Multi-Company, Multi-Branch, Multi-Currency
- Fully Integrated with all TurnQuest systems and other external systems
- Extensive analytical framework to modify or extend controls.
- Configurable rules with aggregated detailed view and analysis of leakages.
- In-built data management and analytics capability
- Integrated billing systems to support different revenue sharing arrangements and bundled and tiered product offerings.
- Provides flexibility in automating the process of tracking and collecting receivables and provides management with the current status of these efforts.
- It also enhances the firm’s ability to effectively manage the collection process, monitor the company’s cash flow and allows for easy planning in the company’s other departments.
- Efficiently handles large transaction volumes and gives users full support for supplier information and payment flows.
- Improved margin due to embedded revenue assurance