Finance & Controlling
The term ‚finance‘ describes the quantity- and value based registration, monitoring and controlling of flow of funds, goods and performance in order to ensure the economic efficiency of its operation.
This way, finance builds the foundation for the management control and is a part of the (management) accounting.
Consultancy during the selection and implementation of financial accounting- and controlling software:
- Potential- and actual state analysis
- Generating a specification book
- Market analysis and market overview
- Tender and comparison of offerings
- Organisation and presentation of provider-workshops
- Conducting a functional specification document and project implementation
- Contract negotiation
- Efficient project protection through approvals
- Coaching of project teams and moderation of project boards
- Concepts for its strategic focus
- Analysis of weaknesses and call for action
- Designing target processes and process optimisation
- Designing corporate performance management
- Implementation planning and cost-benefit analysis
Roadmap as a tool for optimising your financial systems
Due to the companies’ diverse operational scenarios in different systems/modules, it is important to optimise the following factors individually:
- Strategic and medium-dated planning incl. IT-roadmap
- Complete integration vs. ‘best of breed’- approach (system architecture)
- Integration of up- and downstream systems (e.g. CRM, ERP, ECM/DMS, BI)
- Organisation of data managementStrategic and medium-dated planning incl. IT-roadmap
- Efficient process illustration of the operational added value
- Acceleration of period-finalisation and reporting process (‘fast-close’)
- Usage of evaluation options within the context of the Business Intelligence approach
- Inclusion of a rolling forecast
- Planning- and consolidation requirements
- Liquidity controlling
- External reporting to stakeholders
Especially for the finance sector this means:
- Controlling complexity
- Arrangements of high quality and in a timely manner
- Guarantee return for individual adjustments in standard functions
Here, we are able to support you appropriately with our expertise and work out the right focus for your software solution in a close collaboration.
Finance market: Status Quo and Trends
Finance software is usually connected to an ERP-system or is at least an integral part of it. Reporting functionalities are included in the components of the finance systems and also representable in business intelligence. The illustration of planning and forecast is possible in the finance system as well as business intelligence.
The market for finance systems is vast as around 100 solutions are currently available on the German market. Basically, the market can be divided into two main groups:
- Financial accounting – specialists
Software solutions that are focused on financial accounting (payables, accounts receivable, cost accounting and controlling). Moreover, providers of this group mainly offer solutions for assets accounting and liquidity management. Interfaces to popular ERP-systems are usually available in standard.
Here, the finance-modules are part of the ERP-system. During the last years, suite-providers extended their range of functions. Thus, well-established financial solutions can be purchased.
Since the last millennium, the financial systems’ range of functions expanded in Germany. Back then, it solely focused on accounting and controlling. However, the requirements on functionality increased dramatically.
Nowadays, the support from multiple chart of accounts for different countries is rather standard than a distinguishing feature. An increased demand is especially given in the so-called ‘compliance-area’. These are requirements that arise from laws, guidelines or codes. Additionally, requirements on the internal reporting system increased strongly. Hence, the graphical description of summarised-, up-to-the-minute data like turnover and its traceability are a great motivator for companies to renew their financial system.
Development of the finance-software market
Considering its functionality, the finance-software market can be currently described as quite dynamic. However, that is not due to the fact that customers are becoming more and more differentiated and functions are being individually upgraded. The horizontal expansion of the range of functions is not only limited to the integration of planning- and reporting functions – especially the legislator as well as the increasing economic internationalisation are drivers for new functions. Nevertheless, a real development cannot be identified. Instead, finance-software providers need to implement the required demands from legislators and global trends in order to survive on the market