No matter what kind of obstacle or opportunity you encounter, your business has to be ready to act quickly. With a comprehensive financial management solution, you can feel confident that you have the tools and insights that you need to succeed.
The technology you choose should include all of the capabilities that you need today to keep your operations running smoothly, while also providing you with the flexibility you need to be prepared for what the future has to offer.
Whether your financial management solution is running on-premise, hosted, or in the cloud, it should be ready to run right out of the box with the industry-specific functionality you need. If you only have partial support out of the box or need to make a lot of modifications or customizations to your solution, you could be slow to act on a new opportunity—or even slower to act on a potential problem.
It’s one thing to have support for common features, like the general ledger, accounts payable, accounts receivable, cost accounting, and budgeting—but how deep does your solution go? Do you know if you have support for recording your fixed assets, the depreciation of your assets? What about managing your costs or cost allocation processing?
That’s not to mention reporting and analysis. With the explosion of Big Data in the business world, you must be able to analyze and act on the vast quantities of data that your business generates each day. Your financial management solution should allow you to create and consolidate standard reports, access dashboards, KPIs, and scorecards, along with business intelligence (BI) tools and features.
With this checklist you can get a clearer picture of your current financial management system and decide whether you have what you need in the future. In addition, you can gain insights into how intuitive your software needs to be, along with whether you’re working with the right vendor that can offer you the training and support you need to implement a new solution.
Download the vendor checklist below to learn how well your financial management solution stacks up.