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MillBooks™ excels at the scale, security, and automation requirements of large organizations.
MillBooksTM software is designed as a client-server application, which is the classic architecture for Enterprise environments and provides many benefits:
• Windows clients. The application can be installed on as many workstations as is needed and only uses the compute resources of the server when it needs to access the database.
• SQL Server database server. The database is a modern SQL database, enabling as many software clients as are needed to access it from anywhere in the country. The database is on your premise so you have that comfortable feeling of knowing where your data is at all times. If the server is in your corporate office, clients on the corporate LAN have access even when the Internet is down.
• Virtual Private Networks (VPN). When you have clients that are geographically separated from the corporate office or wherever you have the database server installed (so not on the corporate LAN), you may naturally be concerned about whether network access is secure, whether hackers are snooping on your financial data or your customers’ data. From the beginning, MillBooks always has configured such off-site access to the corporate network as virtual private networks (VPNs), which means that before data transmission begins the network connection is configured to transmit all messages in encrypted form.
Large organizations have thousands of accounts payable invoices as well as accounts receivable invoices, payments for both AR and AP to record, general ledger entries, etc to the point where handling physical paper and hand-entering data becomes too costly and inefficient. Electronic data interchange (EDI) formats for all of these documents – invoices, payments and remittance advice, etc – have been around for quite a while now and many firms are equipped to provide and receive/process them. MillBooks has in production both invoice (EDI 810) and remittance advice (EDI 820 and EDI 835) processing software, including its own secure file transfer protocol (SFTP) servers for receiving EDI documents from your vendors and major customers, such that it can process thousands of EDI 810 invoices. MillBooksTM has processed over a million of these types of documents.
To make full use of EDI document processing, companies not only use this software for reporting & analysis but also to make automated entries into their accounting software. Instead of having accounting clerks hand enter thousands of invoices and apply thousands of payments against those invoices in their AR and AP, accounting software like Microsoft Dynamics and Accpac allow any entry that can be done via their client programs to be done programmatically by outside 3rd party software. MillBooks has years of experience making automated entries into accounting software in AR, AP, GL, and Bank modules.
When the # invoices and payments reach a certain scale, and the dollar amounts are sufficient that accounting becomes concerned about whether payments are being deposited and how invoiced payments are being received, which bank accounts, etc, i.e. the process of bank reconciliation, it becomes important to do this programmatically rather than having clerks hand enter data from the company’s bank statements. MillBooks is able to read standard Quicken bank statements, as well as other major formats, so that payments can be matched against bank entries.