ERP Advisors Group (EAG) is one of the top independent enterprise software advisory firms for Financial Services.
Financial Services may only need a modern flexible general ledger to relieve back-office staff from manual processes and consolidations. Other times, they may need intricate reporting and analytics to pull together information across multiple lines of business applications; and still other times they may need a tool for customers to access their account, statements and documents. We can help your FinServ company to find the right tool without overbuying software you won’t need or use.
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ERP Advisors Group acts enlists consensus with Financial Services firms to define requirements, set their software strategy for one or multiple companies, provide a roadmap for future aquisitions and dispositions, conduct a diligent vendor selection process and manage the entire implementation.
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.
Surveys across all of our financial services clients reveal the most common reasons why they need new ERP to automate their business:
We’ve found it valuable to have someone to hold our hand, so to speak, through this process, and help assist us in finding the right fit for an implementation partner, helping us select the right software, and introducing us to the options in the market. Hiring ERP Advisors Group was super helpful to us. We are currently short-staffed and we could not have spent the required time on this project if we were to do it alone. I definitely feel comfortable passing along ERP Advisors Group name to others.
Michael Thornley
Controller
We are 100% independent ERP consultants, and we never take commissions or payments from any vendors. Combining our objectivity with our white-glove selection process, you will be absolutely certain that you are selecting the right software and implementation resources.
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.
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ERP Advisors Group's Needs Analysis will uncover the benefits your company would realize with an ERP software upgrade. Some of the most common benefits your financial services company will realize include:
When you contact ERP Advisors Group for a consultation, you will be greeted by an experienced member of the team who understands the reasons why CFOs, Controllers, and Directors of IT are considering new software. You will NOT be meeting with an entry-level salesperson.
Your complimentary consultation can provide you with guidance that you cannot find just by searching the internet.
I’m very happy to refer people to ERP Advisors Group. I really appreciate their integrity, and the fact that they are truly dedicated to making sure that your implementation is successful. ERP implementations are very stressful, and they can be very disruptive. It’s really nice to have someone like EAG championing your cause and making sure that your project is a success.
Karl Nicholls
CFO
Here are answers to some of the most commonly asked questions we get from nonprofits.
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.
ERP Advisors Group will help you not only define your requirements but more importantly, we will bake in the best practices for your financial services company into your Request for Information and Demonstration Script.
We conduct dozens of selections every year, equating to tens of millions of dollars in software and services sales. With our deep knowledge of financial services ERP, we will help you find right the ERP for your company, AND the right professional services company to implement it.
We regularly vet the top, most viable ERP systems for Financial Services firms.
Colorado
390 Union Boulevard, Suite 540
Lakewood, CO 80228
866-499-8550
303-350-3087
info@erpadvisorsgroup.com
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600 Cleveland Street, Suite 379
Clearwater FL 33755
866-499-8550
info@erpadvisorsgroup.com
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