Finance and Accounting are considered the core functions of any business. In order to make informed business decisions, company management always needs to be up-to-date regarding the current financial position, orders on hand, expenditures, revenues, as well as profit and loss calculations.
In today’s competitive environment with generally low margins, any decision can easily generate a devastating loss to company operations if it is not properly supported by both financial and market information. This is why it has become even more important to have financial information available in real-time for facilitating strategic decision-making.
We at ITQlick understand these issues and realize that the ability to gain strategic insights in both operational and business terms is the key to the successful financial performance of a large business. This is why when recommending solutions for large businesses we have taken into account a number of factors such as depth of available functionality, the level of software and technology investment required, growth capabilities to match evolving business needs, and adaptability to new requirements in the financial sector.
In this regard, we have reviewed numerous accounting and finance solutions and some of our recommendations include the following.
1. FinancialForce Accounting
FinancialForce is a leading cloud-based financial solution that offers large businesses the advantage of access to the full Salesforce application suite as it is built on the same platform. Additionally, customers can access AppExchange which contains a wide selection of financial and accounting apps, which can be added to the software for additional reporting, tracking, and auditing purposes, to name a few.
Its features include a general ledger, accounts payables and receivables, invoicing and payments, and collaboration via the Salesforce Chatter platform. FinancialForce is easily customizable to business needs and offers APIs to integrate into third-party software. FinancialForce is a comprehensive solution that is well suited for providing financial management to large businesses, that also supports options to access a host of other applications.
2. NetSuite Financials
NetSuite Financials is another highly rated cloud-based financial accounting software that provides accounting, fixed asset management, and payments support. In addition to core financial functionality, NetSuite Financials also supports business analytics and dashboards for financial reporting, as well as branding and customization options.
This software is mobile device access ready, which allows easy access to up-to-date financial data. As a cloud-based solution, the company’s technology investment is minimized, but large businesses can still leverage Netsuite’s ERP portfolio of applications should they wish to migrate to a full ERP solution platform.
3. Coda Financials
Coda Financials is a cloud-based solution that is structured around a single ledger, multi-dimensional accounting framework which is easier to manage but provides stronger financial oversight. When it comes to financial functionality targeted at large businesses, Coda Financials offers fixed assets, accounts payables and receivables, and budgeting and forecasting. Additional options include project accounting and expense management.
This solution supports multiple languages and currencies, and integrates with third-party applications, allowing large enterprises to deploy and utilize the offered package in a variety of business settings. Coda Financials is scalable and aimed at incorporating financial best practices and the latest financial regulations as standard functionality. All of These are advantages for expanding large enterprises with global ambitions.
4. Epicor Financials
Epicor Financials is a scalable financial suite that includes all basic accounting functions in addition to payroll, fixed assets, tax management, budgeting and forecasting, and planning. It supports multi-company operations with the incorporation of global accounting standards as well as local rules and regulations.
In addition, Epicor Financials is available both as an on-premise and cloud-based solution. This system also provides specific solutions for a variety of industry sectors, while incorporating the specific sectorial financial reporting requirements as standard. This is an important advantage to be considered by large businesses that serve one or more industry sectors.
5. SAP Financials
SAP is a leading ERP solutions provider and its Financials product is one of the best solutions on the market for financial management for large businesses. It is available both as an on-premise and cloud-based solution and is also mobile device access ready with a portfolio of apps available for employee use and collaboration. Its financial functionality includes accounting, risk management, and compliance, financial planning, and analysis, as well as payables and receivables.
Additional features include business analytics for financial reporting, and SAP Financials supports multi-company, multi-lingual, and multi-currency implementations. Large businesses with global operations and multiple branches interested in utilizing the SAP platform are well placed to consider this product.