A quality ERP software solution will include strong financial management software that is fully integrated with the organization’s core functional areas of manufacturing, shipping and receiving, and sales order management. In robust ERP systems, the transactional data generated from these departments will be available for immediate review via online inquiries, ad hoc reports, and real-time dashboard data. These capabilities offer full financial visibility into the organization’s payables and receivables with up-to-date access to inventory levels and sales forecasts. This transparency will provide accounting personnel and the executive staff with real-time financial data that helps facilitate quick, yet highly informed business decisions.
From Tier I to Tier III ERP software, financial management software functionality should include comprehensive tools for managing all aspects of accounting transactions, budget management, multi-currency transactions, revenue recognition and management, account allocations, taxation, financial reporting, and compliance management. In addition, the financial management software should also support full audit capabilities to provide complete backwards and forward traceability to each and every transaction.
Financial service companies rely on robust ERP systems to ensure compliance with government regulations regarding operations, data and transparency. ERP software solutions for financial service companies should allow organizations to manage accounting functions, comply with ever-changing regulations, streamline communication with customers and staff, and position themselves for increased profitability.
Financial Services Software Requirements
- Compliance satisfaction
- Financial management controls
- Management of liquidity and cash
- Risk management
- Receivables management
- Accounting and reporting to satisfy different government standards (e.g., GAAP, IFRS, US-GAPP and various tax codes)
- Treasury applications
Our consultants are aware of the potential pitfalls of ERP selection projects and can help hedge against project cost overruns, software that is misaligned with business needs, and lack of return on investment. The ERP team has industry specific expertise that helps achieve measurable business improvements.
We have provided ERP consulting services for many of the world’s leading financial institutions, including Dean Witter, Assurity Financial Services and Pinnacol Assurance.
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