ERP for Financial Services Companies

We will define your software needs and wants as well as how you would ideally use new automated solutions across for your financial services company, whether you are a commercial bank, investment bank, insurance company, brokerage firm, family office etc.

We will guide you through selecting the best-fit, most cost-effective business applications and implementation partners to best automate and streamline accounting systems, provide detailed analytics and reporting, manage and organize client data, etc.

After finalizing your ERP software and services contracts, EAG stays with you to oversee your portfolio's implementation until they successfully go live.  We will oversee integrations, software data migration, change management, budgets, design and configuration, walkthroughs, training, testing, go-live cutover and will provide executive and project sponsor support throughout the duration of your project.

• Companies struggle to enforce and ensure that every employee is following industry and companywide standards due to lack of visibility.
• Lack of a robust customer portal prevents customers from viewing their activity and account history.
• Do not have aging reports that can be pushed to clients.
• Time-consuming to create consolidated financial statements across multiple ERPs. Inaccurate data analytics due to manual intervention.

Our financial services companies are already very busy managing their clients investments, funds and financial products and do not have time to become ERP experts.  Though your key people still have to devote some time to an ERP initiative, hiring an ERP consultant frees them up to make the important ERP decisions while staying focused on their day job.

We will create your requirements document and demonstration script with your FinServ company's industry best practices in mind while retaining what is unique to them, leaving out the manual workarounds.

We will create your requirements document and demonstration script with industry-standard best practices in mind for your type of nonprofit, all while retaining what is unique to your organization.

Some FinServ companies hire us to help when they suspect they need a business case for new software.  ERP Advisors Group helps stakeholders buy into what is best for the company by getting their input at multiple stages throughout the Needs Analysis, Selection and Implementation.

A frequent complaint we hear from prospects who tried to select software on their own is feeling confused about the software's capabilities.  We get vendors to show your requirements during their product demonstrations.  This ensures you feel confident about selecting the best products that can meet your needs.

We negotiate tens millions of dollars of deals every year for our clients.  We provide contracts review on all terms and conditions, including software and services and every agreement embedded throughout the contract.  Our clients receive price protection for many years to come on their purchase.  While we don't guarantee it in writing, but we normally save our fees on this step alone.

One of the most common reasons Financial Service companies upgrade their ERPs is to reduce manual accounting tasks. Any modern ERP will connect all aspects of the business to the General Ledger, creating a single source of truth. While the ERP will automate all core accounting capabilities traditionally managed in spreadsheets, more complex operations require third-party systems or additional modules. Additionally, the ERP will pave the way for more advanced accounting automation, including revenue recognition, billing and invoicing, bank reconciliation, and tax management. As a result, many vendors have built out strong integrations and partnerships for greater access to solutions for budgeting and forecasting, tax localization, etc.

Financial service companies are also starting to benefit from Optical Character Recognition (OCR) tools out of the box, allowing accountants to scan documents to be automatically uploaded into the system, reducing time spent on Accounts Receivable and Accounts Payable tasks. The automation of these tasks and others releases financial teams to do more value-added work and grow the business into new entities and locations.

Some ERPs are better suited for multi-company and multi-currency requirements than others. International vendors, like SAP, Oracle, and IFS, have leveraged their robust history to develop strong international presences. But the benefits have also moved down market with solutions like NetSuite building off the success of their parent company to expand and stay up to date with international regulatory requirements through infrastructure like OCI.  

Companies with complex international requirements need an ERP that can manage global accounting standards, such as IFRS, while also complying with local standards, such as US GAAP. ERPs with strong global footprints have the resources to continuously make regulatory updates and configure their systems for localization, while ensuring businesses can comply with laws for reporting, payables, receivables, and other accounting principles. Ultimately, the ERP will then be able to effectively consolidate financial information across all entities for effective reporting.

Financial service companies have become enamored with AI and what it will be able to do for their businesses. At this point in technological advancement, ERP customers can expect basic AP automation, flagging, report generation, and general anomaly detection, among other capabilities. Additionally, we are seeing more and more generative AI capabilities allowing employees to almost instantly pull data and perform analysis in order to make more informed decisions. However, the functionality varies from platform to platform.

Larger vendors have already implemented deeply technical AI models directly in their databases and infrastructure for advanced ways of interacting with data. For a potential roadmap, ask the vendors you are vetting to demo their AI solutions and outline their approach to the future development of AI. Key focuses like responsible AI and security can be key indicators of how they will use AI to cater to your business needs in the long term.

Every ERP ecosystem offers various native and partner solutions with pre-built integrations. If you select an ERP already within your technology ecosystem, integrating the systems will be much simpler. In other unique cases, the vendor or implementation partner will need to develop the integration. However, this can complicate the project by extending deadlines or increasing costs and risks. This is the case regardless of the type of solution, from CRM to FP&A to HCM. 

Yes, most financial service companies need a secondary system to manage complex budgeting, forecasting, and reporting requirements. All ERPs have some native functionality for these requirements; however, complex needs require complex solutions. 

Many ERP ecosystems have developed to include system modules for planning, budgeting, and reporting. Companies on solutions with native functionality can browse modules and determine the best fit for their needs alongside their vendors. For example, companies like Oracle and NetSuite have NetSuite Planning & Budgeting or Oracle Hyperion, and Workday offers Workday Adaptive Planning. Alternatively, companies may need to evaluate third-party bolt-on solutions from independent software vendors to fill the gaps in their requirements. Examples include Anaplan, Vena Solutions, OneStream, and Prophix.