Broadly speaking, financial management systems and enterprise resource planning solutions allow companies to manage their business functions within a centralised and integrated system.
For financial services organisations looking to implement a new accounting or even a business management system, it is imperative to probe the key operations and processes that they can manage or automate with the system. This helps decision-makers see what is possible and gives prospective users of the system a clear outlook on what to expect.
This guide discusses key activities, processes and operations that financial institutions can manage and streamline using powerful accounting and business management software such as SunSystems and NetSuite.
1. Save Time Producing Management and Statutory Reports
Both SunSystems and NetSuite empower financial services organisations to manage all aspects of their financials, including the ability to access and analyse multiple ledger data in one place and prepare tailored financial and management reports without the need to manually manipulate data.
Even more, these solutions give companies the ability to access all financial and accounting information from multiple GAAP standards to IFRS standards in real-time, allowing managers to quickly make effective data-driven decisions
2. Control Costs through Purchase Management
As a way to help organisations to manage and streamline their purchasing processes, Oracle NetSuite and Infor Sun financial management software deliver easy-to-use tools with which users can analyse and report on various purchasing data.
Whether it is to manage supplier information, control procurement activities, or maintain complete oversight on all purchase orders such as outstanding purchase orders and late purchase orders, the tools give organisations complete visibility and control of expenses.
3. Lead with a Painless Month-end Closing
For financial services companies, month-end closing is not only necessary but must be done properly to ensure the accuracy and completeness of the financial statements and balance sheet.
Traditionally, month-end closing has been seen as a time-consuming, effort-intensive, and occasionally frustrating process. The process is often not particularly enjoyable for many in the finance team. However, month-end closing is crucial to the health of the company.
By investing in SunSystems or NetSuite, companies can ensure that their month-end close is quick and easy without sacrificing accuracy or completeness.
4. Accurately Track and Depreciate your Fixed Assets
Typically, not all assets (whether tangible or intangible) will appear in the financial statements but they usually contribute to company profitability.
With Sun accounting system and NetSuite business suite, financial companies can manage fixed assets comprehensively. For example, a company can post all asset transactions (along with associate acquisition, depreciation, disposal, etc.) to the unified ledger where it immediately becomes visible on the register, the profit and loss account, and the balance sheet accounts.
These systems let you value and depreciate assets using different depreciation methods, in multiple currencies, based upon separate book value and asset life details.
5. Integrate with other Business Systems
Both Infor SunSystems and NetSuite ERP can easily integrate with other business systems a company may already be using — such as CRM, HR, banking, payroll, billing, and more — so that they operate seamlessly together to execute business processes, workflows, and alerts.
What’s more, the software products are also able to integrate data across the organisation, resulting in a completely unified platform for the entire business to run on.
6. Make Regulatory Reporting More Efficient
In order for financial institutions to make regulatory reporting processes efficient and produce accurate reports with ease, there has to be a trusted platform for collaboration, controls, and automation.
The right financial ERP technology will allow a company to build the right system for managing processes, people, data in order to facilitate and establish standardised regulatory reporting.
7. Spread Costs and Revenue across Companies and Cost Centres
If you’re looking for financial management software that can help streamline intercompany posting and the spread of revenue or costs across entities or cost centres, then Sun Systems and NetSuite Financials provide excellent functionality to automate this.
The Corporate Allocations module in SunSystems, for instance, lets you split or reassign expenses and revenue, using predefined criteria such as headcount, floorspace, or another ratio. The resulting splits can either be posted automatically or held just for reporting purposes.
SunSystems’ intercompany accounting capabilities allow you to maintain a level of consistency when comparing financial information across different companies. You can allocate charges and revenue across accounts, periods, analysis codes, and legal entities.
Where to start?
No doubt, Sun accounting system and NetSuite Financial ERP software are unique in their own ways. But one thing is sure, both solutions are powerful and comprehensive enough to effectively and individually take care of all your financial accounting needs and transform your business processes.
To get the most out of any of the software, you need the right implementation partner and support provider. Get in touch with us today to discuss the best way our products can help your financial services company.