Evaluating Financial Management Software - Is It Time for a Change?

EVALUATING FINANCIAL
MANAGEMENT SOFTWARE
.Is it time for a change?

ABSTRACT
This whitepaper identifies key challenges business and Based on how you answered the questions in the technical management face with their financial preceding paragraph, you may determine it is time to management software. Whether your current systems make a change to your financial management provide inaccurate data and delays in gathering software. This whitepaper was created to review financial information, or if you just do not have the these and other pertinent questions that will assist time or resources to keep your financial systems you in evaluating current and future financial running smoothly, there is hope. This whitepaper management systems. It is divided into five key areas walks through the key areas of a financial management that should be included in the evaluation of financial solution so when you are evaluating current and future software. Each topic includes a review of the financial management software, you are prepared to challenges placed on organizations as well as how avoid challenges and maximize your investment. current financial management software can provide solutions to overcome those challenges. The five topics include:
INTRODUCTION ? Reporting ? Business processes ? Modules and functionality Financial management software is the backbone of every organization and the foundation that helps a ? System integration company manage and gain insight into the most ? Total cost of ownership important parts of their business. These applications streamline processes to help an organization manage Review each of the topics in this whitepaper and business-critical functions such as accounting, project assess the strengths and weaknesses of your current management, payroll, and human resources. When the system. If you determine it is time to make a change, financial management software of an organization then refer back to the section again to compare and becomes disjointed or broken, the implications can contrast the options available for a new solution. A certainly impact the success and profitability of that checklist comparison chart has been provided at the organization. end of the whitepaper to support your review.
The Addendum to this whitepaper reviews the key Evaluating financial management software can be an modules and associated functionality included as part overwhelming task as there are many factors to of financial software as well as the eight critical consider. Some of the typical questions to ask about decision criteria to evaluate these systems. The list your system include: Does your financial system provided is not meant to be all-inclusive; rather it is a provide the latest and greatest functionality available? high-level listing of the key functionality required by Are your users able to generate adequate reporting many organizations. It can be used to assess the with the software's reporting tools? Is your system strengths and weaknesses of any financial completely integrated or are you required to enter the management system. same data into multiple places and multiple systems? Do you spend more time finding the data than analyzing and responding to it? Do staff members spend a lot of time entering the same data into multiple systems to allow them to extract and analyze that information?
2
REPORTING
One of the most common complaints about financial Solution: Current financial solutions offer users a management software is the inability for users to broad footprint of modules that are completely generate reports. The type of reporting typically integrated. This integration can minimize or required can be categorized into the following groups: eliminate the need to have data in a variety of operational management, financial management, disparate systems. Software is also built on more industry and governmental regulatory requirements, open technology that provides the functionality to and executive management. Many organizations find import or export data in an expedited fashion. This that generating reports with older systems is enables users to compile data from a variety of cumbersome and time consuming. Some of the systems and generate more complete and relevant specific challenges organizations have with reporting reporting from that data. Software vendors p... [download for more]