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.
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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For the service industry, the terms service software and ERP software are synonymous. While there are a number of ERP solutions that include service software functionality, not all ERP packages offer functionality capable of managing the needs of contractors or professional service companies. Due to this, service organizations must take additional care in documenting their service software needs and comparing these requirements to prospective ERP vendors.
Because professional service companies and field service operations have unique processing needs that differ from that of standard manufacturing software or distribution software, the ERP selection process must focus heavily on the needs of the service personnel. A best of breed service software package or module would include features such as help desk support, ticket entry and management, technician dispatch, field service repair, spare parts management, in-house repair, maintenance contracts, and job-based estimates and billing.
ERP software solutions for the professional services sector are designed to streamline operations and make the enterprise more efficient. These solutions will facilitate greater levels of employee interaction and collaboration, while significantly reducing the manual tasks associated with project management, project accounting and invoicing.
Within the professional services industry, commercial and corporate real estate managers require a targeted, industry-specific ERP software solution to manage the transactions of property-based inventory such as office, retail, industrial, residential or corporate and branch offices. A real estate software solution will track property and all tasks associated with the lifespan of an asset including the original acquisition of real estate property, lease administration, space management and assignment, grounds maintenance, rent escalation, incoming rent payments and the ultimate disposal of the property.
In addition to tracking core business transactions, a real estate software package will track and analyze real estate portfolios and facilitate strong decision-making and investment strategies through detailed cost and revenue accounting and reporting.
Panorama’s client list includes a number of service companies that have successfully selected and implemented ERP software designed for the service industry. Panorama’s ERP consultants provide a complete service offering that can assist your organization throughout the process of ERP selection, ERP implementation and organizational change management.
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.
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