Financial Software Evaluation Center

What Are Financial Software Applications?

Enterprise financial software packages improve the financial processes within an organization. They support tracking of fixed assets and budgeting, ensure that accounts are paid or received on time, and address other financial issues. Financial management systems (FMS) are generally chosen to complement and integrate with existing enterprise systems, such as enterprise resource planning (ERP) systems, for example. Financial packages usually provide general ledger (GL), accounts payable (A/P) and receivable (A/R), reporting, and other common bookkeeping requirements for large businesses.

Financial Software Business Drivers and Benefits

• Drive greater efficiency in organizational financial processes.
• Monitor, share, and track financial information throughout the organization
• Integrate with other enterprise applications, such as ERP, enterprise asset management (EAM), or project portfolio management (PPM) systems
• Maintain complete audit trails for all business transactions.
• Maintain ledgers with accuracy.
• Resolve multicurrency issues for international business entities.
• Provide timely insight through reporting features about the enterprise's financial status.

Financial Software Risks

• A lack of support for certain platforms, as well as limited database support, can substantially narrow your architecture choices.
• Even if a vendor scores well in terms of service and support, its industry focus and implementation execution can vary significantly by geographic region. Thus, if warranted, you should conduct preliminary research on industry expertise and reference sites of a regional vendor office or an affiliate service provider.
• There's no such thing as a magic bullet. Even the strongest financial software application is only the first step on the road to better alignment with other organizational business processes.

Why Use the Financial Software Evaluation Center?

• The financial software evaluation model represents a clear view of each vendor's capacity to complete the functionality of other enterprise applications with an enterprise financial package.
• Gain vital insight on the extent of GL, A/P and A/R, reporting, and other bookkeeping functionality—before you commit to a financial system.
• Compare vendor support based on the specific financial requirements of your enterprise.

Most Requested Research Related to Financial

• What are the Challenges and Recommendations of Financial Reporting, Planning, and Budgeting?
   
• Customer Choices for Achieving Growth
   
• What's HOT in the Non-profit and Public Sectors
   
• Financial Research Article Archive
   

Vendor White Papers Related to Financial
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