Finance software: which ERP to choose for your company?

The choice of finance software for a company is not an easy one, as it must correspond exactly to the company’s needs, which are based on several criteria. There are many ERP (Enterprise Resource Planning) solutions on the market. If they generally offer the same basic functionalities, using them will be more or less simple depending on the management needs of your company. To choose your ERP software, you need to draw up a set of specifications taking into account the size of your company, its financial resources, its activities and its national or international situation.

Depending on the size of the company

Sometimes seen as simple accounting software, ERP software is much more versatile, as it has the particularity of participating in the entire operations of the company. They are integrated into the information system and support areas as varied as project management, inventory management, accounting or even human resources.

Regardless of the size of the company, the prerequisite for the selection of an ERP software is an in-depth knowledge of the company’s operations. A poorly adapted ERP management solution risks disrupting the company’s structure.

Small businesses with limited resources are well advised to choose a simple management software, whose basic functions correspond to their needs. Since they rarely have in-house teams, these companies will benefit from a solution that includes installation and configuration, as well as training and technical support.

Depending on the company’s activity

The ERP solution must be perfectly adapted to the company’s business sector. The functionality required will be different if the company is a processing or manufacturing industry, a distributor of food products or consumer goods. They may vary depending on whether the structure is a retailer, operates in project mode, or focuses on service activities.

In the case of a multinational company, the ERP package must be able to adapt to the activities and constraints of each country (legislation, languages, currency, etc.). He/she must be able to manage the coordination of several geographical areas and offer technical support and international assistance.

Locally hosted solution or in the cloud?

A medium-sized company or a multinational corporation may opt for a cloud-hosted ERP solution. This way, there is no need to invest in additional hardware and software since the solution dynamically adapts to geographic constraints and resource usage. It is always possible to add extensions as your needs evolve.

Local accommodation can be considered as a “simple” alternative in a small or medium-sized structure. However, it requires a significant investment in hardware, beyond the software that must be acquired. In addition, staff training is also essential.

A significant advantage of cloud ERP is that updates are greatly simplified, and are often carried out as and when they are released.

Regardless of the solution chosen and the size of the company, it is important to anticipate andsupport the changes that the adoption of an ERP package will bring, so that the transition goes as smoothly as possible for employees.

Also in our "ERP Finance" section

• ERP software definition: what is an ERP?
• What is the use of an ERP solution for the finance function?
• ERP finance: what do you need to know as a finance manager?
• CFO: what are the advantages of an ERP for the finance function?
• Finance software: which ERP to choose for your company?
• The challenges of a post modern ERP
• Optimize the management of administrative processes with an ERP solution
• Big data, data management, data analytics and ERP: what are we talking about?
• ERP finance: how to ensure data security?
• CFO and CIO: how to implement a successful finance ERP project?
• ERP finance project: who should be involved in the company?
• The different implementation phases of an ERP project