Accounting Systems are not something that you change or replace often. However, as your financial organization grows in size or complexity, you reach a point where manual processes drain your productivity, and you struggle to analyze your growing range of financial and operating data. Lack of financial visibility hinders insightful decision making, which in turn hinders performance. At this point, you need a system that leverages the latest technology advancements.
At a minimum, a modern accounting system for financial organizations should automate and streamline core financial management functions such as Accounts Receivable, Accounts Payable, and financial close. But you can hardly fuel your organization and need for accountability and transparency by simply automating the minimum. Financial services, in particular, have accounting, tracking, and reporting needs that require specialized functionality in their financial management systems.