Financial management solutions provide comprehensive capabilities designed to dramatically improve all aspects of financial planning, management, control, and analysis. Financial management solutions streamline and automate all finance and accounting-related processes and activities including budget creation, allocation, and management; cash flow analysis; accounts payable and receivable; management of capital equipment and other assets; performance management; and financial reporting. It also helps improve the accessibility, accuracy, and timeliness of critical financial data.
Many financial management solutions also are also designed to facilitate compliance with Sarbanes-Oxley, BASEL II, and other financial regulations by providing complete audit trails and rules-based financial controls. Many of them enable financial planners to simulate potential scenarios, such as acquisitions, so they can better predict how certain major decisions will impact the company’s financial position.
With financial management solutions in place, a business can transform its financial operations from an administrative back-office function to a strategic asset by:
The following questions can help a company determine if financial management solutions are right for them:
If the answer to any of these questions is “yes”, then your company should strongly consider financial management solutions.
Financial management solutions provide comprehensive capabilities designed to dramatically improve all aspects of financial planning, management, control, and analysis. While the modules and sub-modules will vary greatly from vendor to vendor, all offer the following features in some form:
Because most companies today, even small and mid-sized ones, operate on a global scale, be sure to look for a solution that has in-depth support for international transactions, such as multi-currency and multi-lingual capabilities.
Additionally, a solution should support not only financial management, but financial strategy as well. Choose a vendor who offers comprehensive and intelligent “what-if” analysis functionality, so multiple business scenarios and conditions can be analyzed before critical strategic decisions are made. Given the sensitive nature of financial data, take a good, hard look at the security provided by each solution. This is particularly important for Web-based environments.
But most importantly, be sure to thoroughly assess the solution’s deploy-ability and usability. Since financial processes cannot be disrupted, even for a short period of time, financial management solutions must offer rapid implementation and minimal training, so users can get up and running as quickly as possible.