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Software Functionality Revealed in Detail
We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.
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Compare Software Solutions
Visit the TEC store to compare leading software solutions by funtionality, so that you can make accurate and informed software purchasing decisions.
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 flowcharting financial reporting


How One Vendor Supplies Agility to Post-implementation Enterprise Systems
Agresso's information warehouse, business process, and reporting and analytics information delivery models are inextricably linked in a virtual cycle. A change

flowcharting financial reporting  then created in a flowcharting tool, which describes the activities, decisions, and actions to be taken at each stage of the process. The workflow engine is integrated with Microsoft Outlook and Novell GroupWise , so that e-mails seeking approval for financial reporting adjustments can be passed automatically along the pecking order, showing the nature of the approval required, and the individual seeking permission. Reviewers can, depending on the setup of the system, approve the request, reject the

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Software Functionality Revealed in Detail

We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.

Get free sample report
Compare Software Solutions

Visit the TEC store to compare leading software by functionality, so that you can make accurate and informed software purchasing decisions.

Compare Now

Financial Packages RFI/RFP Template

General Ledger, Accounts Payable, Fixed Assets, Cost Accounting, Cash Management, Budgeting, Accounts Receivable, Financial Reporting, Project Accounting, Product Technology 

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Documents related to » flowcharting financial reporting

Reporting & Workforce Intelligence e-Guide for HR


With the right reporting and business intelligence tools, HR can help provide visibility into the company’s workforce, leading to improved financial results and sound, fact-based human capital management decisions. By looking beyond soft measures, you can identify what factors contribute to the company’s success, as well as areas that may be negatively impacting long-term goals, and even begin to forecast future workforce trends. This e-guide outlines reports and tools that HR professionals can turn to when delivering data to executives, as well as tips for more effectively utilizing workforce data for better human capital investment decisions.

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Best-of-Class Financial Systems: an Alternative to ERP


In Best-of-class Financial Systems: An Alternative to ERP, find outhow a best-in-class financial system might deliver all the functionalityyou real...

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CRM for Financial and Insurance Markets


Customer relationship management (CRM) focuses on the retention of customers by collecting data from all customer interactions with a company from all access points (by phone, mail, or Web, or in the field). The company can then use this data for specific business purposes by taking a customer-centric rather than a product-centric approach. CRM applications are front-end tools designed to facilitate the capture, consolidation, analysis, and enterprise-wide dissemination of data from existing and potential customers. This process occurs throughout the marketing, sales, and service stages, with the objective of better understanding one’s customers and anticipating their interest in an enterprise’s products or services.

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TEC 2012 Financial Software Packages for Medium and Large Enterprises Buyer's Guide


Accounting and financial management is one of the most mature enterprise software markets, but that doesn’t mean it’s stopped evolving. TEC analyst Aleksey Osintsev walks you through the latest developments in financials and accounting solutions and looks at how trends like cloud computing, mobility, and social media are reshaping the industry. The guide also includes feature lists, vendor comparison charts, thought leadership from industry experts, and real-world case studies.

Accounting and financial management software is among the first software applications to have been adopted by organizations of all sizes and in all types of industries. In fact, the software has been around almost as long as computers have been in use. As the general concepts and principles of accounting follow objective, rational rules, it was relatively easy to develop accounting packages and to have them gain quick and widespread acceptance within the business community as a powerful tool for managing the financial activities of a business unit or entire organization. It’s hard to imagine that any company or governmental organization today could function without an accounting package in place— from micro businesses with a few users to national governments and global multinational enterprises with hundreds of users performing accounting and financial management work on a daily basis. With ample experience in accounting software, today’s tech-savvy financial managers and controllers are looking for software that not only is capable of performing accounting transactions and generating a standard set of quarterly and annual reports, but also is flexible enough to absorb and accommodate changes in the economy, business realities, and technological trends; is sufficiently rich and scalable to address a number of daily operations challenges; and is easy to work with. This buyer’s guide examines the major issues that medium and large businesses experience with financial and accounting processes, and looks at what various solutions can offer to mitigate those problems.


Table of Contents


Financial Software Packages for Medium and Large Enterprises

State of the Market

Evaluating Accounting and Financial Software

Conclusion

Vendor Solutions


TEC Resources for Financial Software Packages

Casebook

Acumatica Customer Success Story : Acumatica Reduces Time and Cost of Producing and Distributing Reports with a Consolidation Solution

Cougar Mountain Software Customer Success Story: Noah’s Restaurant

Microsoft Dynamics AX and Ignify Customer Success Story: Consumer Electronics Distributor Automates Processes and Improves Worker Productivity with Microsoft Dynamics AX

Pronto Customer Success Story: Hobart Canada—Developing a Recipe for Success

Sage ERP X3 Customer Success Story: Carson Home Accents Improves Service and Cuts Overhead Using Sage ERP X3

Sage ERP Solutions White Paper: Transforming Finance into a Strategic Resource

SYSPRO ERP Software Customer Success Story: Annabelle Candy Finds Sweet Success with SYSPRO ERP Software

UNIT4 Customer Success Story: UNIT4’s Coda Financials Solution Preferred by GSO Group over Incumbent ERP Solution


TEC Partners Resource Directory

Vendor Directory


Download the full copy of the TEC 2012 Financial Software Packages Buyer’s Guide for medium and large businesses.



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Issues Faced by Accounting Departments


As accounting and financial departments and associated business processes are an inherent part of any commercial or non-commercial organization, these departments face the same challenges as the rest of the company—a need to keep the business competitive and respond to tough competition during difficult economic times, attract and retain customers, provide an extremely high customer support and service level, constantly review and improve business processes, and many others. At the same time, accountants experience challenges and business pains owing to their specific accounting and financial management processes and tasks. Following is a list of major challenges and issues faced by accounting and financial departments with regard to these processes and procedures.

  • Accounting and financial activities and internal processes must conform to various types of standards and rules, from international regulations such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) to local or even municipal requirements. This is exacerbated by confusing taxation and reporting regulations prescribed by law. The task becomes much more complicated upon company expansion and entry into different markets, regions, or countries— in which case accounting and reporting processes must comply with multiple standards simultaneously. And at this point, the process of financial and reporting data consolidation becomes a non-trivial and constantly changing task—financial managers and their employees must always keep abreast of these changes.


  • Relatively recently, the need has emerged to accommodate alternative accounting models and non-standard accounting and financial management principles, in addition to or as substitutions for traditional ones. Lean accounting is an example of such a model. Unlike traditional accounting practice requirements, lean accounting looks to calculate and track added value streams, sees a company’s assets and expenses in a different way (e.g., inventory as waste to be minimized or eliminated rather than simply a company’s assets), and generate profit-and-loss statements based on lean principles instead of GAAP or IFRS or in parallel to mandated (i.e., traditional-type) reports.


Download the full copy of the TEC 2012 Financial Software Packages Buyer’s Guide for medium and large businesses.

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Standards for Financial Plans


Large companies can afford to develop their own budget and forecast systems, but for small businesses, there’s only one choice—the spreadsheet. But spreadsheet financial plans are all over the map—no rules, no procedures, no consistent formatting, and minimal GAAP accounting. This white paper proposes standards that can help entrepreneurs and small business owners create, format,and manage financial plans.

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People or Resources: The Financial Sector in a Crossroads


People management tools have become necessary, particularly in an environment such as the financial sector, where resources have become global and people require more complex management solutions.

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CA Technologies: Robust Reporting With SAP BusinessObjects Solutions


IT management software company CA Technologies had a problem. Reporting inconsistencies from product to product were becoming a challenge for customers, and precluding development efficiencies such as reusable code. Learn how the company chose a new software solution that provides flexible report design, customization, and centralized report creation, and supports development efficiencies such as reusable code.

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Case Study: A Financial Products Company




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Vendor Spotlight: GMS Accounting and Financial Management System


In this spotlight report, TEC Research Analyst Aleksey Osintsev examines GMS Accounting and Financial Management System, which was specifically designed for not-for-profit organizations. Learn all about GMS’s customers and marketing positioning, and how the software addresses the challenges for not-for-profit accounting. Also featured is a high-level overview of GMS Accounting and Financial Management System functionality.

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Financial Applications Comparison Chart


It’s clear that most software vendors offer solutions that fully support standard financial functionality. So how do you choose the financial software that's right for your company? See how some of the major players stack up.

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