Best-of-class financial management
The software arms race
In some ways, today’s business environment has turned into a software arms race. Companies of all types are differentiating their businesses with unique software and systems.
Organisations are increasingly building or buying specialised software to stand out in the marketplace and to escape the constraints of larger, more cumbersome ERP systems. Meanwhile, the changes brought on by the economic downturn and regulatory environment have pushed ordinary accounting systems well past their limits, causing financial managers to rely more heavily on manual workarounds and elaborate spreadsheets. All this means you can’t compete effectively if your ERP system or financial applications are not providing the specific support and ongoing agility that are needed to meet your organisation’s current and ongoing requirements. Companies can no longer compromise – you need great operational applications and great financial systems. This is the best-of-class application approach.
Best-of-Class means “no compromises”
With our multi-award-winning, best-of-class CODA Financials accounting solution, you can buy or build your own specialised applications and use your CODA solution as an accounting plug-in or a centralised financial hub. CODA software is designed for easy interoperability, allowing you to easily connect best-of-class applications, of all types, in a federated approach using our web services. You are then free to concentrate on adding value to your specialised systems, while simultaneously benefiting from a great financial software package.
Best-of-Class is for you if…
…You’re wondering if Big ERP is overkill
If your company requires a relatively limited set of accounting functions, many ERP systems can be overkill and add unnecessary complexity to an otherwise finite situation. ERP overkill manifests itself in the form of unnecessary layers of technology, tools, complexity and added costs, when a more agile and specialised tool would do the job better.
…You need specialised or vertical application packages
In these environments, companies aren’t always able to find the vertical functionality they need in generic ERP platforms, so they will often have already purchased Best-of-Class vertical solutions. These can be integrated and used more effectively with a Best-of-Class financial system. Trading systems at Financial Services organisations come to mind.
…You “roll your own” custom or company-specific applications
These days, nearly every company is in the software business, developing mission-critical applications to differentiate themselves in the marketplace. Companies from FedEx to Wal-Mart are in the software business as much as the logistics business. Once again, best-of-class financials plug in perfectly into this environment.
…You need to integrate legacy applications
Most companies have longstanding investments in legacy applications that are the lifeblood of the business. Dramatic changes to these systems could cause massive disruptions. Very often, these environments have a mixture of computing platforms and databases, requiring the financial system to have a Switzerland-like ability to remain neutral, without disrupting the other systems around it. A best-of-class approach allows you to retrofit and modernise the financials, while the other operational systems remain in place – and unaffected.
…You often add, change and integrate new systems
Acquisitions, new lines of business and new products can continually drive the need to assimilate new business systems. Best-of-class applications are designed to co-exist with these systems as an integral component, using a common integration language without imposing a particular technology or architecture. Since best-of-class systems are not tied to a particular technology stack, systems such as CODA Financials offer the freedom to use a variety of databases, not just one particular database.
…Your current financial system isn’t making the grade
The current economic situation has put intense pressure on the financial departments inside every company. In many cases, financial users are trying to respond to increased demands with old, inferior financial software. This has put them in a stressful situation, as they attempt to bridge the gap by working more hours and plugging system holes with spreadsheets, email and post-it notes. Our CODA best-of-class financial software provides superior functionality – particularly in areas such as financial modelling, reporting, control automation and complex multi-site/multi-national environments.
…Your financial system can’t handle change
In today’s business setting, financial applications must do much more than simple book-keeping. They must be exceptionally pliant and enable organisations to continually adapt to structural upheaval whether it is caused by a re-organisation, merger, acquisition or new line of business. At UNIT4, we believe that a financial system must literally account for and expect change, whether it is caused by rapid growth, a new set of controls or closing down a line of business. If your business is under constant change, best-of-class financial applications are the answer.
…You have shared services operations
As companies look to decrease transaction costs, reduce overhead and consolidate cash management activities, interest in shared services has accelerated. Shared accounting service operations require three primary capabilities:-
- Rich, multicompany, multichart, multicurrency and multicultural software functionality found in only the best financial software.
- The ability to easily integrate to a potpourri of operational systems
- The ability to simultaneously accommodate this diverse financial and technical environment from a single instance.
The very nature of this environment dictates a best-of-class approach. The application set is finite (finance only), the functional barriers are very high and the ability to co-exist concurrently with a variety of operating applications is critical.
…You use “Agile” software development methodologies
If your company has embraced the Agile Software manifesto, http://agilemanifesto.org/ then your company is an ideal candidate for the best-of-class financial systems approach. As an Agile development shop ourselves, we value people and applications that play well with others. Our software is designed to adapt to constant change. CODA Financials can serve as a compartmentalised and flexible accounting component that can be quickly plugged into a wider Agile development project.
Further information
To discover more about the full range of ways that we can help your organisation, please:
- either read more about our CODA Financials best-of-class on-premise financial management solutions
- or read more on this site about our sector focus, solutions, services or company
- or contact us to discuss your requirements in more detail.