Accounting Hub FAQ
The Aptitude Accounting Hub is finance software, purpose built to centralize and automate finance, accounting & reporting while building detailed a financial data foundation.
The Accounting Hub provides the complete financial control of accounting process and reporting, providing the agility to serve fast-moving global businesses, and exploit data to deliver value through business insight.
AAH sits at the very heart of your financial system. It consolidates and validates financial data from multiple internal and external sources, holds the data at a granular level and is a centralised place for all accounting and regulatory calculations to be carried out. Its thick subledger the feeds into your (cloud or on-premise) general ledger and BI /analytics systems. The Hub can hold masses of data and can handle huge numbers of transactions – hence it takes the pressure off your existing systems and enables GL consolidation.
Digital finance refers to a finance department that is simplified, automated, or ‘touchless’, is able to exploit its data for adding value to the business, be it via AI, Analytics or for business decision making. A digital finance department is agile and ready for the future change, be it new business models, new M&A or new technology uptake such as blockchain.
The Aptitude Accounting Hub is essential in the journey to the future finance department as it creates a consolidated, enriched financial data foundation that can be used for advanced analytics. It allows all accounting calculations and reporting to take place in a centralised location. It simplifies, consolidates and reduces cost, complexity and time spent on manual tasks. Without a consolidated, accurate data foundation –it becomes hard to trust the analytics that come from it. The Aptitude Accounting Hub – reduces the required effort for reconciliation that comes from event-based accounting.
When implemented as part of a finance transformation project, Aptitude Accounting Hub becomes an essential cog. It can speed up and reduce the risk of overall finance transformation projects and enables progressive transformation.
We believe the Aptitude Accounting Hub to be the most established and functionally rich product of this category available in the market
• Purpose-built by finance experts for finance to control, manage and own accounting processes
• Pre-packaged with IFRS accounting expertise for quick and low-risk compliance projects
• True, multi-dimensional double-entry, multi-GAAP, accounting sub-ledger with detailed accounting balances daily
• Works across all ERP and technology stacks including latest cloud G/Ls
• Source system agnostic
The Aptitude Accounting Hub was purpose built to serve finance departments, by finance experts. Users are front of mind in the product development. Is built to ensure users can work easily with the system, it has built in-user guides and 24/7 support – bringing you to business benefits quickly.
Specifically, users can;
• View/maintenance of:
+ Reference data
+ User access controls
+ Business/Accounting rules
• Detailed views of:
+ Sub-ledger journals and balances
• Error management
• Manual Journals
With the Accounting Hub – you can bring data in via any source, including manual entry, spreadsheets and via system integration. Consolidating source systems has an array of benefits, not least being able to hold all of your financial data together, at a very granular level, for full financial transparency.
The Accounting Hub itself is relatively fast to implement. Much of the functionality is out of the box, it has built in project accelerators including over 400 business events and best practice industry specific processes.
Aptitude also have a cloud first strategy and we have a solid roadmap to make all of our products available as SaaS. Aptitude Accounting Hub is available on-premise and can be hosted in a private cloud environment, and by 2019, we will be able to offer it via SaaS. Due to the nature of the Accounting Hub – it can actually help clients in their cloud strategy. Whether you want to migrate to a cloud GL, or consolidate your GLs, the work Aptitude Accounting Hub does to compile and enrich all your data, combined with the subledger – relieves the pressure from your GL.
A key part of the solution is a highly granular, configurable reporting data layer that can be used as a source for detailed reporting and analytics. This reporting layer is available in either Oracle or Teradata databases, so as long as external tools can integrate with these databases they can access the underlying layer. The product roadmap includes embedded analytics and reporting tools to allow users to create and develop detailed reporting as and when they require – all in one place.
All software licenses are on an annual fee basis (inclusive of software usage, maintenance, support and upgrades). Almost all contracts are five years. We tend to do project or Enterprise licenses.
The Accounting Hub can be run on-premise or in a private cloud. Note: Currently we run in the cloud as PaaS (Platform as a Service), however we are looking to move to a hosted cloud solution (SaaS)
High levels of complexity is the key characteristic we see from enterprise level financial organizations, in particular, relating to accounting and data requirements. Our customers include leaders within the Banking, Insurance and Telecoms industry across North America, Europe and Asia Pacific.
The AAH solution is compliant with regulatory requirements such as IFRS. The AAH environment is fully auditable and has end-to-end traceability that creates and stores data that is fully compliant with the requirements of standards created by the IASB & FASB.
We can natively connect to SAP (via iDoc) and Oracle (directly, or via their standard interface format). Our Aptitude development platform has rich ETL functionality to allow it to integrate with a wide range of external systems.
At present, transaction matching & clearing is not integral to the AAH solution. However, from prior project implementations we have, through our development tool, built several matching engines.
We integrate natively with Teradata and Oracle (our own solution being built using those technologies) and many others.
The AAH solution has a rich data model that has strict governance controls built in.
One component of the overall AAH solution is the Aptitude Development Platform, which contains rich ETL functionality used to integrate with various external systems
– Compelling events such as regulatory change or a GL cloud implementation
– The number of systems requiring integration (both inbound and outbound)
– Degree of complexity of data transformation
– Available resources (Project team size, availability of Client SMEs)
– Degree of parallel development