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Software Functionality Revealed in Detail
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 finance department processes

Software Functionality Revealed in Detail

We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.

Get free sample report
Compare Software Solutions

Visit the TEC store to compare leading software by functionality, so that you can make accurate and informed software purchasing decisions.

Compare Now

Discrete Manufacturing (ERP)

The simplified definition of enterprise resource planning (ERP) software is a set of applications that automate finance and human resources departments and help manufacturers handle jobs such as order processing and production scheduling. ERP began as a term used to describe a sophisticated and integrated software system used for manufacturing. In its simplest sense, ERP systems create interactive environments designed to help companies manage and analyze the business processes associated with manufacturing goods, such as inventory control, order taking, accounting, and much more. Although this basic definition still holds true for ERP systems, today its definition is expanding. Today’s leading ERP systems group all traditional company management functions (finance, sales, manufacturing, and human resources). Many systems include, with varying degrees of acceptance and skill, solutions that were formerly considered peripheral such as product data management (PDM), warehouse management, manufacturing execution system (MES), and reporting. During the last few years the functional perimeter of ERP systems began an expansion into its adjacent markets, such as supply chain management (SCM), customer relationship management (CRM), business intelligence/data warehousing, and e-business, the focus of this knowledge base is mainly on the traditional ERP realms of finance, materials planning, and human resources. The foundation of any ERP implementation must be a proper exercise of aligning customers'' IT technology with their business strategies, and subsequent software selection. 

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The Renewed Finance Function: Extending Performance Management Beyond Finance


The role of the finance team has changed recently, due to increased oversight from regulators, more active investors, and company-specific changes in business operations. What steps are companies taking to respond to the internal and external forces? Find out how finance often repairs core finance and operating activities, as exposed in the results of a survey and a series of interviews among senior finance executives.

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Reducing Operational Risk of IT Service in Finance


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Best Practices in Creating a Strategic Finance Function


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finance department processes  to the CFO, the finance function could achieve all other strategic objectives. In Phase One, the company standardized and established new processes to reconcile bank accounts daily, concentrate cash, determine a final number to borrow or invest each day, improve control, enhance accuracy, and pare down the number of FTEs involved in the function. In another development, global vendor payments were integrated with the bank payment systems, and customer receipts posted to the general ledger. Each day, the Read More

Managing Risk through Financial Processes: Embedding Governance, Risk, and Compliance


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The Case for Integrated Processes


Most chief executive officers (CEOs) have developed strategies that push their companies to achieve certain goals. So why are so many companies failing to achieve these goals? Because their twenty-first century vision is being held back by twentieth century processes and IT systems. The missing ingredient: information. And the key to facilitating the flow of information lies in integrated processes.

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Strengthening Business Processes through Rapid User Adoption and Workflow Learning


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Aligning a Manufacturing Vision with Processes through Mixed-mode ERP


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Using cobbled-together tools to operate a professional service organization is increasingly costly and directly affects revenue. Monetary waste, operational redundancies, and poor customer service experience often occur when critical departments and individual team members lack alignment. Stand-alone tools, databases, and worksheets are rapidly becoming a liability for project-centric businesses like management and business consulting firms, IT services and systems integrators, software-as-a-service (SaaS) companies, and research and development companies.

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All aspects of business must keep pace and respond to changing forecasts and markets, creating value with the use of digital technologies. In developing uniformity of high-quality information across departments, as well as the ability to access data anywhere, businesses become more efficient. Generating operational data from a range of users within your company enables your finance organization to develop forecasts, business plans, and future models as well as market strategies. When planning applications are more strategic, teams are better able to predict and plan for the next move.

In today’s world of big data and quickly shifting international business markets, CFOs must understand that success depends on the ability of businesses to embrace and use digital information. In this white paper, learn how to develop best practices by replacing outdated and complicated spreadsheets with new modern applications that provide support to a variety of users, not just those involved in finance. Also learn how drive planning can be facilitated by cloud-based applications, and how to adopt driver-based rolling forecasts to allow for faster decision making.

finance department processes  Finance In The Digital Age: Plan and Predict Best Practices The “3rd platform” continues to be a driving force of change within the global business economy and investors are increasingly more interested in businesses that can leverage big data. For the financial well-being of a company, implementing best practices for planning and prediction based on big data is crucial. All aspects of business must keep pace and respond to changing forecasts and markets, creating value with the use of digital Read More