Financial Management Software—Reports and Analytics
Most financial management systems do a good job of providing dynamic visibility into enterprise data. In the last century, ERP software excelled at capturing very large sets of business data, but had difficulty producing reports. That was then.
Today’s organizations want the ability to put their financial data to use to improve profitability, streamline operations, and improve decision-making. In recent years, capabilities for reporting and other data output and monitoring have become much more important to organizations. Reporting requirements for financial management systems have rapidly evolved to keep pace with that demand.
At a minimum, all companies need reports that cover month-end close, quarter close, and annual close, along with basic financial statements for income, expenses, and balances. While these outputs were always available, it wasn’t easy to adjust these reports or add derivations for other needs.
In our fast-paced business environment, the ability to generate prebuilt reports as well as easily create ad-hoc outputs, isn’t just something that’s nice to have—it’s a critical requirement for financial management systems software. Add in requirements for in-depth data analysis, information visualization, more operational visibility, and narrative reports, and companies quickly discover that their ERP software solutions need to easily work with advanced reporting systems like enterprise performance management (EPM) solutions.
Better Performance and Financial Planning: Ideally, a financial management system does more than just manage the monetary mechanics across debits and credits and publish a few reports. A well-designed financial management system improves business performance and profits by streamlining operational processes and aligning them to best practices. It also helps employees be more productive as they invest their time and effort into strategic (rather than tactical) activities that can transform companies and institutions.
Beyond the General Ledger: As organizations add new markets, expand into new geographies, and adapt to marketplace disruption—especially if they are the disruptor—their financial management solutions must rapidly scale to accommodate added legal and reporting requirements, additional assets, new short-term and long-term liabilities, more qualified suppliers for goods and services, and infrastructure that addresses employee payrolls and policies in different countries.
Planning for the Next-Generation Workforce: As today’s workforce starts to retire and millennials are recruited to take their place, attracting the next generation of employees becomes a priority. Financial management systems must also meet the expectations of a digital workforce, with an intuitive user interface, easy-to-use design, as well as embedded social media and other social tools that millennials have already embraced.