Is it time to invest in better financial management software?
When your current accounting software and spreadsheets outlast their usefulness within your financial services firm, where do you turn in search of a piece of software that caters to your needs today and has the ability to scale with your growing company?
Whether you’re running a company consisting of multiple entities with multiple books or struggling to deal in different currencies, an ERP solution geared specifically for your financial services firm gives you the ability to account for everything on your plate today and anything coming your way tomorrow.
The Right ERP For Your Financial Services Company
Today, you might be compiling analytics and recording journal entries in Excel while someone else is manually entering that information into your accounting software – or not at all.
With the right financial services ERP, you can do everything within a single piece of software. While an ERP solution can be a lot of things for your business, it’s imperative that your chosen technology possesses the following financials-specific functionality:
Accounting Flexibility: Configure the appropriate number of periods and customize your fiscal year. Set up accounts and sub-accounts to meet your operating needs and represent your divisional structure for accounting and reporting purposes. Easily configurable and user-defined options enable you to better manage your time and business.
Cash Flow Management: You need cash at the ready to address obligations and unexpected costs. Without the ability to match cash inflows to outflows, you risk the continued growth and clean reputation of your company. Careful cash flow management allows a company to estimate the amount of cash it will have on hand at any given time, project trends and evaluate whether a shortfall or surplus in cash could occur.
Multi-Company Management: Monitor, analyze and report on various companies or functional divisions within your organization. Set up multiple companies in one or more databases, run processes, close books and report results by company or within a consolidated one. Even create due-from/due-to entries automatically to keep your inter-company transactions in balance. Companies in separate databases and locations can easily transfer inter-company general ledger transactions from one location to another so that accounting entries are applied to the correct company, all while ensuring balanced sets of books.
Financial Statement Translation: Isolate, evaluate and eliminate the impact of currency fluctuations on your business operations. Dramatically improve month-end close processes by performing necessary currency translations and automatically calculating gains and losses due to rate fluctuations.
Financial Planning And Reporting: Today, your team might spend hours gathering and inputting data from multiple systems instead of spending that time analyzing the data so that informed business decisions can be determined. Centralized financial information is critical for successful financial planning. Without a comprehensive view of all your business assets through the right financial reporting software, it’s
impossible to make fast decisions.
Fixed Asset Management:Managing your firm’s fixed assets – from buildings to land to equipment – can be a big headache. With various ways of calculating depreciation and each offering unique benefits, your financial management software must be able to accommodate each method. Otherwise, your business may find itself locked into a depreciation calculation that doesn’t offer you the best tax advantages.
The Missing Financial Services Software Piece: The Right Partner
Financial management software – in the form of an ERP solution – presents financial services organizations with many other benefits as well. Both NetSuite and Microsoft offer solutions designed specifically for your company and industry needs.
In order to select the right financial management software package, you should conduct a complete audit of specific needs across your business and work with an experienced software consultant to guide you through the rest of the process.
Learn more about finding the right ERP software solution specifically for the financial services industry.