How to Select the Right ERP Financial Reporting System for Your Business

Posted on:  July 9, 2021

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It doesn’t matter whether you own a large global business or a whole group of regional franchises, staying on top of every aspect of your business will ensure growth and long-term success. A solid ERP system is vital and can manage and integrate a company’s financials, supply chain, operations, reporting, manufacturing, and human resource activities for improved overall management.However, in our (and our clients’) experience, financial reporting functions and tools of most ERPs fall short of stakeholders’ expectations. This is why so many businesses turn to additional ERP financial reporting solutions like Synoptix.Since no two businesses are alike, it’s important to choose an ERP financial reporting system that can handle your specific needs and expectations. That’s why we’ve gathered some important tips for you below about selecting the very best ERP financial reporting system for your organization.

Consider Your Business Model

Before diving too deep into the details, it’s important to consider how your business operates to ensure you select the best ERP financial reporting software. Does your business have a global or regional reach? Are you considering expanding into an integrated global company or just want to branch out regionally? Where do you see your company in five years? Answering these kinds of questions will help you identify an ERP software provider that can meet your demands.

What Kind of Financial Consolidation is Needed?

In order for executives to make informed decisions, they need consolidated financial information that is clear and concise, providing them with a good general overview of a company’s finances. For those with multiple locations, this financial information will need to be gathered and then consolidated under one umbrella. With the right ERP software, this is a simple process. Make sure to select an ERP provider that is flexible enough to meet your needs, no matter what they are.

How Does an ERP Reporting System Handle Different Currencies, Taxes, Etc.?

For business owners with a global reach, you may be wondering how an ERP financial reporting system can manage different currencies, legal frameworks, and taxation in the different areas where you do business. Since financial reporting requirements might vary from country to country, you’ll have to go with an ERP provider that can demonstrate previous experience and knowledge on the best practices in this regard. Additionally, a reliable ERP financial reporting provider will also be able to provide rapid updates in response to changes in currency, taxes, and other regulations when it happens in a particular country where you’re doing business.

How Much Visibility Will an ERP System Provide?

The right ERP software will provide your company with the instant visibility you’ll need for effective financial control. With a reliable ERP system, you’ll also be able to identify areas where you can streamline your processes and standardize them, giving you increased efficiency. This is especially true when it comes to things like customer relationship management and supply chain management processes.

What Kind of Customization can an ERP Financial Reporting System Provide?

ERP systems can provide you with flexibility, offering personalized options that can be easily customized to suit your needs. You’ll be able to tailor your ERP software to every aspect of your business, ensuring it aligns with your overall objectives. For those working in multiple locations globally, this means ERP dashboards in your employees’ native language and currency. One important thing to make note of is that, although you may be dealing with varying currencies and exchange rates, all of the calculations and consolidation techniques need to be connected to the same database. This is where your global ERP vendor has a chance to truly shine, by implementing solutions both at native levels while simultaneously satisfying all of the global reporting requirements you have in place.

Will the ERP System Be Able to Grow With My Business?

If you’ve chosen a trusted ERP financial reporting provider, then the answer is: of course! ERP systems are essentially designed with scalability in mind, and your ERP provider will likely want to know where you see your business expanding in the years ahead to provide you with the best results. If you plan on expanding over the years, you should choose a provider that can outfit your company with a centralized system that can be easily customized to meet the changing needs of your business, such as opening new locations.

Can My New ERP Reporting System Co-Exist With an On-Premise ERP System?

Those who have heavily invested in local ERP systems for their brick-and-mortar locations often wonder how a centralized ERP financial reporting system will fit into the framework. These days, the most reliable financial reporting systems are designed to work in tandem with local, on-premise ERP reporting solutions to provide you data at every level of your organizational structure. It’s no secret that incorporating all of this local ERP data into a new system isn’t a process that can take place instantly. Often, ERP providers implement financial reporting solutions using a two-tier process that enables companies to keep their local systems while also adding new, innovative cloud-based technology and encouraging growth without disrupting the ERP solutions already in place. When choosing a new ERP financial reporting provider, synchronization between new and existing systems is key, so be sure they can provide the flexibility for which you’re looking.

Contact us today for the right ERP financial reporting solution!

For financial reporting software that delivers on-demand, complex reporting, you can rely on Synoptix. Our software is easy to use and offers instant reports, minimizing reliance on your IT department. In addition to our financial reporting software, Synoptix also specializes in budgeting and forecasting solutions, dashboards and KPIs, and much more. Contact us online today or call 801-254-4503 for a FREE demo!

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