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Evaluating Financial Management Software -
Is It Time For A Change?
Financial
management software is the backbone of every
organization and the foundation that helps a
company manage and gain insight into the
most important parts of their business.
These applications streamline processes to
help an organization manage
business-critical functions such as
accounting, project management, payroll, and
human resources.
When the
financial management software of an
organization becomes disjointed or broken,
the implications can certainly impact the
success and profitability of that
organization. Evaluating financial
management software can be an overwhelming
task as there are many factors to consider.
Some of the typical questions to ask about
your system include: Does your financial
system provide the latest and greatest
functionality available? Are your users able
to generate adequate reporting with the
software’s reporting tools? Is your system
completely integrated or are you required to
enter the 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?
Based on how
you answered the questions in the preceding
paragraph, you may determine it is time to
make a change to your financial management
software. This whitepaper was created to
review these and other pertinent questions
that will assist you in evaluating current
and future financial management systems. It
is divided into five key areas that should
be included in the evaluation of financial
software. Each topic includes a review of
the challenges placed on organizations as
well as how current financial management
software can provide solutions to overcome
those challenges. The five topics include:
• Reporting
• Business processes
• Modules and functionality
• System integration
• Total cost of ownership
Review each of
the topics in this whitepaper and assess the
strengths and weaknesses of your current
system. If you determine it is time to make
a change, then refer back to the section
again to compare and contrast the options
available for a new solution. A checklist
comparison chart has been provided at the
end of the whitepaper to support your
review.
The Addendum to this whitepaper reviews the
key modules and associated functionality
included as part of financial software as
well as the eight critical decision criteria
to evaluate these systems. The list provided
is not meant to be all-inclusive; rather it
is a high-level listing of the key
functionality required by many
organizations. It can be used to assess the
strengths and weaknesses of any financial
management system.
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