ERP Consultant Network Blog


ERP Software For Financial Services Enables a Data-Driven Culture

Written by Erica Burles on 30 Jan, 2020
Wealth Management Software

Enable Data-Driven Decisions with Cloud ERP Software for Financial Services.

A shocking number of wealth management firms trundle on with expensive, on-premise software and hardware instead of investing in new ERP software for financial services. Countless hours are spent consolidating multiple funds, often in multiple currencies, so it's almost impossible to provide the real-time insights needed for quick investment decisions. 

Among the biggest challenges in shifting to a data-driven decision-making culture is the need for more data in real time. If you’re currently struggling to deliver insight and analysis easily with your current ERP software for financial services, here are the 3 advancements credited by top firms to obtaining and providing deeper financial insight in real time and on demand and that have had the biggest impact.


Advancement #1 – Close Faster So You Can Report Sooner

Usually a “fast close” means the time between the period end date and when the financials are released is as short as possible. In most cases, teams wait until the period ends to start data compiling. Now imagine what happens when you don't have to wait for a period to end to start compiling the reporting. It’s possible with financial services accounting software, in this case Sage Intacct.

Sage Intacct constantly and automatically consolidates all your data all month long. Which means that you can run your reports at any time because the databases are updated in real time, all the time. No more waiting for the period to end to consolidate all your data from hundreds of emails into dozens of spreadsheets. With Intacct, managers and executives can see key trends sooner, and ultimately act faster.

"No more waiting for the period to end to consolidate all your data from hundreds of emails into dozens of can run your reports at any time because the databases are updated in real time, all the time."

Advancement #2 – Improve Analysis With Integration

If you're like many, you suffer from barriers to ad hoc reporting because of the disconnected, disparate data sources. The time it takes to collect, input, and report on your bevy of financial and operational data probably costs weeks in some organizations depending on complexity. And worse, dozens of spreadsheets must be updated and recalculated to provide the reporting executives need, which means it's error-prone.

Ideally, like with Sage Intacct, you would have a live connection that is continuously collecting and consolidating data so you can create real-time reports enabled by that constant connection to the underlying data. Intacct makes it easy to build visual reports and dashboards which you can easily save as templates. With Intacct, your managers and executives can self serve their own requests.

Advancement #3 – Make Insights Visible

Unfortunately, spreadsheets completely lack built-in visual cues that would prompt management to action. Your reports should be be delivering insights that drive your teams to respond, usually defined by 8-10 key performance indicators.

To enable a better understanding of cause and effect, Sage Intacct’s wealth management accounting software has built-in dashboards with drill-down capability all the way to the transaction level. Your team members or auditors can answer questions with sort, filter, and group functions. And unlike spreadsheets, trends are easy to spot in Intacct with color-coded trend indicators, dynamic graphs, and interactive charts.

Cloud ERP software for financial services

Improve your wealth management firm’s performance, productivity, and growth with real-time data on demand that makes decision-making quicker and easier with the only AICPA-recommended financial services accounting software, Sage Intacct.

Contact Equation Technologies to learn how Sage Intacct can transform your wealth management accounting today.

Another version of this blog was posted on January 7, 2020 - Real-Time Reporting Accounting Software for Financial Services

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