Financial management solutions have included a variety of instruments, from single-purpose software tools to entrprise resource planning systems. As business models change and become more complex today, it becomes difficult to maintain control over all the pieces of financial data and information that come in.
Since the entrance of Sarbanes-Oxley, financial officers of companies must be responsible for the accuracy of their company’s financial records. A capable financial management solution must be able to receive, organize and integrate different kinds of data while maintaining fidelity to record accuracy.
Hierachies of master data comprising employee IDs, customer codes, accounting numbers, stock numbers and units must be virtually hardwired and seamlessly integrated into the system. The accuracy and timelessness of transactional data must be rendered with proper parameters. Transactional data comprise the source of a company’s financial records.
A proper financial management solution is able to aggregate and filter through all the data of this complex environment without risks of system collaspe. Management of such data falls upon the perview of the IT department as much as the accounting department. A good solution would have cooperative activity between both, overseen on one platform under the ongoing development of an IT technology plan.
