ERP for Financial Services Companies

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 Help for Financial Services

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.

Develop Your ERP Strategy

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.

Select New Software for Your Organization

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.

 

Implementation Project Management

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.

Data Migration

We assist with all components of data migration: extraction, cleansing, transformation and loading into your new system to ensure you have complete confidence in the accuracy of your data at go live.

Why Financial Services Companies Seek ERP Upgrades

Surveys across all of our financial services clients reveal the most common reasons why they need new ERP to automate their business:

  • Unable to report on KPIs and other management requests without significant manual research and work.
  • Unnecessary steps for recurring invoices that fall within predetermined thresholds and could ideally be automated.
  • One-off invoicing needs requires manual processes.
  • Inconsistent information across organization requires manual research and correction, significantly delaying report response time.
  • 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.

 

Get ERP Help

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.

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Michael Thornley

Controller

michael thornley

 

Why You Should Hire ERP Advisors Group

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.

 

Resource-Constrained

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.

Complex Business Processes

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.

 

 

Best Practices for Your Industry

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.

Change Management

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.

Vendor Demonstrations

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.

Contract Negotiations

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.

Podcast

 
How to Know If You Need an ERP Upgrade - Free Download

Benefits to Upgrading Your ERP Software

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:

  • Application solution that is cloud-based, scalable, with high confidence around security.
  • Support emphasis of financial reporting activities with robust functionality, automated processes, and an understanding of system logic and use.
  • Automated contract and license renewals, as well as automatic tracking of all transactions and orders.
  • Create in-depth financial and FP&A reports with drill-down capability and availability for high-level viewing.
  • Automated process with calculations executed in system, and invoice in PDF form sent to customer.
     
  • Provide meaningful and customizable out-of-the-box information and reporting throughout the organization.
  • Automated budget creation and approval process.
  • Resources focused on strategic activities vs reconciliations or manual process of gathering data from multiple sources.
  • New system automatically updates to comply with consistently changing regulations.
  • New system offers firewalls and security measures that lower risks of data breaches. Access points are more easily monitored with increased security levels.
 

Schedule a Free Consultation Today!

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.

What you can expect from your consultation:

  • A one-on-one discussion with a senior sales executive who will provide timing and costs about EAG's consulting options.
  • Factsheets, booklets, and other detailed resources for independent research.
  • A tailored approach to your specific ERP needs.

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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.

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Karl Nicholls

CFO

Karl Nicholls

 

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Frequently Asked Questions

Here are answers to some of the most commonly asked questions we get from nonprofits.

Will my new ERP offer robust accounting automation capabilities? 

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.

Will my new ERP be able to handle multi-company/multi-currency requirements? 

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.

 

 

What AI capabilities will I get from my new ERP?

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.

Does the ERP have integrations to my operations systems?

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. 

Will we need a secondary system for budgeting, forecasting, and reporting?

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.

Financial Services ERP Vendors

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.

Let’s Get Started

Contact us today to start the conversation.