Finance
Helps you to handle all aspects of your finances: general ledger, account payable, account receivable, cash management, budgeting and tax handling. Moreover, you can create different sales, bidding and account settlement reports to get a clear overview of your finances.
General ledger
The general ledger is a complete record of all financial transactions in a company. It holds account information that is required to prepare financial statements, and it includes accounts for assets, liabilities, owners’ equity, revenues, and expenses. In RamBase all transactions are posted to the general ledger, either automatically by the system or manually by an accountant. This provides the company with accurate financial statements, an overview of all transactions and documents related to that. An advanced interface between the transactions and the general ledger will provide you with a tool for reconciliation and quality assurance, to deliver a traceable and high-quality year-end closing on a month by month basis.
Accounts payable
Accounts payable are the company’s unrealized debt to the suppliers/sellers. The payables are connected to the general ledger via a sub-ledger. The payables ledger will form the basis for a cash management and the follow-up of overdue posts. It allows to keep track of all open and closed entries at the general ledger by the date. In turn, it provides accountants with the overview of the pending accounts payable and management with the operational cost. In addition, RamBase allows to provide sellers and buyers with the statement of account reports to be sent directly from RamBase via the email. This inform the clients about the balance on their account before the auction.
Accounts receivable
Accounts receivable are the company’s unrealized claims on the customers/buyers. Receivables accrue when lots are sold and delivered to the client, and a sales invoice has been issued. Receivables are connected to the general ledger via a sub-ledger called accounts receivable. Accounts receivable provides an overview of all transactions between the auction house and each customer and is used to keep track of the settlement of open and closed entries in the general ledger. RamBase provides you with an updated overview of what the customers owe you, the actions for settlement of claims, payment reminders that needs to be sent to the clients or calculate interest. The information provided in RamBase about account receivables will help you decide if the customer should be allowed to place new bids before old invoices are paid. It is recommended to set a credit limit for a customer to decrease the risk of loss if the customer does not pay.
Cash management
The purpose of the cash management process is to mirror the bank accounts to the accounts in the software. RamBase provides tools for managing and monitoring the company’s cash flow efficiently and reliably. It gives an overview of the company’s liquidity, a basis for bank reconciliation and provides an option to make corrections to errors and nonconformities between bank accounts.
In RamBase incoming payments can be registered either manually or automatically. When companies have many transactions, to increase efficiency, the EDI (Electronic Data Interchange) is recommended. It allows to minimize the risk of errors and have accounts receivable always updated. The outgoing payments can also be made either manually or automatically in RamBase. The payments management application allows issuing payments for chosen dates and customers in a bulk as one instance. After all payments are registered, the accounts are ready to be reconciled. After the reconciliation is performed, RamBase will give you a clear overview of the company’s liquidity.
Budgeting
Budgets in RamBase can be created manually or be imported from a spreadsheet in CSV format. A budget can be created based on different variables, for example, accounts, different periods, departments or auctions. The budget figures are stored on separate budget accounts and are mapped against the company’s chart of accounts, or the account group structures. Budgets can be compared with both balance sheets and income statements. Overall, the budgeting in RamBase provides you with control over revenue and costs. It builds a basis for comparison, analysis and assist in planning and measuring the financial development of the company.
Tax handling
The value added tax (VAT) management in RamBase is based on the VAT reference system. The VAT reference system helps you to pick the correct VAT code based on automatically registered country codes. It simplifies time-consuming VAT management, especially when a company has VAT registrations in many countries. RamBase also supports multinational VAT handling. When a company has a warehouse or an agent that is VAT registered in a foreign country, you have the possibility to set up separate VAT rates for that country/VAT registration number. RamBase also allows to run VAT reports for different countries, issue the EU Intrastat sales reports and purchase reports in order to report trade between companies within the European Union.
For trade between companies within the United States (US), the VAT reference system traces the states for consignment and shipment. A state can be defined on transactions for suppliers and customers.
Other features:
Seller Relation Management
Allows you to maintain all seller related information in one place. Seller dialogues, shipping information, payment terms and lots consigned will be stored and accessible at any time.
Buyer Relationship Management
Help you manage buyers registration, commissions and fees, bidding history and account balance.
Auction Activities
RamBase Auction allows you to create auction events, register and classify lots, conduct auctions, register bids and much more.
Logistics
Be sure you get your logistics right: lot reception, shipping, customs and deviation management.
Administration
Cut down on administration time with tools as cloude file storage and management, message and notes, contact management, personnel management, reports generator, custom role-base access and cloud printing handling.