ERP Solutions

Finance ERP for You and Me – Part 2

Finance Enterprise Resource Planning (ERP) software can be a vital to the success of your organization, if used correctly.  Many finance ERP vendors are doing their best to build intuitive systems, but these systems can still be quite complicated.  If you’re considering a finance ERP solution, consider your employees because they will be the ones to use the system.  Make sure you budget training costs.  At the end of the implementation you want to be able to afford to train your users/employees.  However, if your users/employees understand the principals and procedures of accounting practices, then it is likely that they will quickly pick up on a finance ERP solution.

It’s important to explore key modules and features offered by finance ERP solutions.  Defining your system needs in functional terms will help you to find a finance ERP solution that will best meet your business requirements.  If you plan to install, upgrade, and maintain the finance ERP solution yourself, you might want to consider a system that is user friendly, offers free or low cost support services, can easily convert your existing data, and has ample help documentation.  If you plan to hire a third party consulting firm or the vendor’s services, then these issues might not be a priority.

Consider that finance ERP interfaces vary greatly from vendor to vendor.  It’s best to explore the different interfaces and determine which you feel most comfortable with.  A system that is intuitive to you will be easier to operate. Consider your customer base when deciding whether you need a finance ERP solution.  For example, a finance ERP solution can easily store a history of customer account transactions.  These account transactions are easily retrievable.  If there are ever any customer account discrepancies, there is no need to go searching through endless drawers of file cabinets.  A Finance ERP solution will also help you keep track of those customers that owe you money as well as those you owe money to.  This way you can maintain a partnership with your customers by paying your bills on time and being paid on time.

Generally, the core of any finance ERP solution is the general ledger module.  This module is the core of the accounting system.  Additional modules include accounts payables, accounts receivables, budgeting, and asset management.  Although there are far more parts to a finance ERP solution, these modules represent typical core functionality.   You may select specific modules based on your business needs.  There is no need to install an entire suite of modules if you don’t plan to use those modules.

Written by :

kristine H