What a finance team should look for
Comprehensive financial reporting: Seek an ERP system that offers detailed and flexible financial reports supported by financial processes that can adjust as business needs change. Standard capabilities include balance sheets, income statements, cash flow statements, and other critical financial documents that provide a clear picture of the firm's financial health.
Advanced analytics: Look for features that enable deep financial analysis, such as trend analysis, variance analysis, and scenario modeling. These tools can help you understand financial performance and plan future strategies.
KPI dashboards: Choose an ERP with robust KPI tracking capabilities. Monitoring key performance indicators in real-time helps assess business health and identify areas for improvement.
Predictive analytics: Look for an ERP that incorporates predictive analytics to forecast financial outcomes and support strategic planning, helping make proactive rather than reactive decisions.