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Core Business Applications for Finance
Navigating through core ERP systems and industry applications
The heart of a business is typically an enterprise resource planning (ERP) solution. The decision of which ERP platform to implement is commonly driven by growth or growth aspirations, but the tools often also differ in how they manage financial information and integrate necessary industry functions.
At RSM, we look at ERP systems in how they align with three different sizes of companies: startup, growth mode and enterprise.
Startup: In the startup phase, you typically only need a core general ledger system in conjunction with potential finance and accounting outsourcing.
Growth: Once you move into the growth phase of your business, you need to start thinking about middle market ERP solutions. These include dozens of potential tools, including:
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Enterprise: Once you progress into enterprise mode, then you should consider a more robust Tier 1 solution such as Dynamics 365 Finance and Operations.
Our experienced team performs a significant amount of ERP selection and implementation projects, combining our knowledge of industries with our experience with several specific solutions to carry you through the evolution of your company. We look at the solutions within your industry and consider your finance and operations needs to determine the right solution for your business.
With the ERP system at the core of your business, we work with you to understand all the integration points throughout your business life cycle to eliminate inefficiencies. We help you look at the critical functions that need to be managed within your finance department—debits, credits, accounts payable, accounts receivable and master data management—to determine the best fit.
In addition, the industry-focused elements of your ERP system are just as important as the core platform itself. We help you establish a core application architecture, with your ERP system at the center, using our sharp industry focus. Our team integrates the specific tools and applications that you need, from procurement systems for life sciences companies and lease management systems for real estate organizations to investment management systems for financial services firms and inventory management systems for manufacturing companies.
Reporting is another key aspect that introduces several additional options and applications into your ERP decision-making process. Depending on your needs, you may want to leverage Power BI or Tableau in conjunction with your ERP system to gain a stronger understanding of your data, or perhaps a corporate performance management system to have more visibility into the finance department. We help you understand the foundational aspects of your ERP solution, and integrate the right tools for your environment.
Regardless of the size of your company, you must look at your business and determine the flexibility that you need in your ERP system to make sure you are selecting and implementing the best solutions. We help you consider where you are going as a business to implement a platform that will grow with the company moving forward, and add on the right tool sets around the finance architecture.