Finance software: which ERP to choose for your company?
The choice of a finance software for a company is not improvised because it must correspond exactly to the need which is 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.
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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 management 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 disorganizing its 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 if the organization is retail, project-based, or focused 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 needs change.
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, it is also essential to provide training for the staff.
A significant advantage of a cloud ERP is that updates are greatly simplified and are often made as 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.
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"DIGITAL TRANSFORMATION OF THE FINANCE FUNCTION, WHERE DO YOU STAND?"
Also read in our “ERP finance” file:
- What are the key challenges facing finance managers today?
- What are the key regulatory issues for CFOs in 2019?
- Digital transformation of the finance function : where do you stand?
- Digitization of the finance function: what should we expect in the future?
- What changes does dematerialisation bring to the finance function?
- Finance management: what technological tools are available to CFOs?
- 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?
- Postmodern ERP: the right choice for your company?
- Should you consider a Postmodern ERP solution?
- The challenges of a post modern ERP
- Post-modern ERP: the checklist
- Help in choosing ERP finance: why use a firm?