Financial Services
We are independent ERP consultants providing expertise in system selection, best practice and business process improvement for the financial services industry.
Financial Services Requirements
Unique financial services industry requirements include:
- Multiple segments – Account structure has flexibility in the number of segments and rules for skipping certain segment and defaults
- Reporting structure – Can roll up any segments to multiple hierarchies as well as date effectivity on rollups so can generate historical data
- Analysis or transaction codes offering additional dimensions for analyzing operations without building it into the general ledger account structure
- Statistical accounts – to track non-financial data
- Intercompany transactions – with automatic balancing
- Allocations – to spread revenues or expenses across different departments or companies (with automatic balancing)
- Flexible financial reporting tool – Includes ability to create financial reports for external use
- Consolidation – with ownership calculations, intercompany eliminations and foreign currency translations
Systems
- Tier 1
- Tier 2
- Tier 3
| Microsoft Dynamics 365 Finance & Operations | Multiview | NetSuite | Oracle Cloud ERP | Sage Intacct | Sage X3 | SAP Business One | SAP S/4 HANA | Workday | |
|---|---|---|---|---|---|---|---|---|---|
| Product Information | |||||||||
| System | Microsoft Dynamics 365 Finance & Operations | Multiview | NetSuite | Oracle Cloud ERP | Sage Intacct | Sage X3 | SAP Business One | SAP S/4 HANA | Workday |
| Vendor | Microsoft Dynamics 365 | Multiview | NetSuite | Oracle Cloud ERP | Sage Intacct | Sage X3 | SAP Business One | SAP S/4HANA | Workday |
| Description | Dynamics 365 launched in 2016 when Microsoft brought together Dynamics AX, its ERP application and the Dynamics CRM application. Microsoft was one of the first to make a move an offer an integrated solution. Given the dynamic nature of business and the likelihood of unique situations, it is becoming more and more important for software/solution providers to introduce applications that cater to the changing trends. Dynamics 365 is a comprehensive suite of services enabling all in one solutions so that you don’t have to pick and choose from the plethora of options available.
Microsoft Dynamics 365 can be used for:
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For nearly 30 years, Multiview has been proudly advancing the corporate finance and back office operations alongside our clients so they can spend more of their time focusing on their business. Corporate Finance and accounting has been leveraged as a way to discuss past performance. There is value in that. We believe, however, there is even more value if you can leverage that information not only monthly, quarterly, or annually, but daily to drive results and decisions with the information. Not talk about the results after it being too late to do something about it. CFO’s, Controllers, Accountants, are and should be at the heart of the data trust of their organization. Many organizations, whether by choice or circumstance, are operating with a vast array of data silos. The power of data control being at the hands of the CFO or centralized in an organization is you can share it throughout the company. Trusting the information you’re making decisions on is incredibly important. Ultimately, the finance team’s job is to tell stories. Tell the stories about what is actually going on within an organization, and support the story with accurate, timely data. Stop Chasing Numbers. Start Using them. |
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Oracle Cloud ERP is a complete, modern, cloud ERP suite that provides advanced capabilities, such as AI to automate the manual processes that slow them down, analytics to react to market shifts in real time, and automatic updates to stay current and gain a competitive advantage. | Sage ERP X3 is Sage Group's global ERP solution for large and mid-sized companies and subsidiaries of large entities. For over 10 years Sage ERP X3 has been a proven and comprehensive ERP solution addressing mid-market companies' specific requirements and challenges in industries from manufacturing and services, to distribution and many more. 5,100 companies in 100+ countries worldwide have chosen Sage ERP X3 because helps companies grow forward with faster, simpler and flexible ERP. Focus on compliance, business intelligence and traceability. | The SAP Business One® application offers an affordable way to manage your entire business – from accounting and financials, purchasing, inventory, sales and customer relationships, and project management, to operations and human resources. SAP Business One helps you to streamline processes, gain a greater insight into your business, so that you can act fast and make decisions based on real time information, to help you drive profitable growth. A single view of your business to help you stay in control We understand that businesses like yours have big dreams and big goals, and as your business grows it can be difficult to get a single view of what is happening at any given time, when information resides in different applications or even locations. SAP Business One is designed for small and midsized companies to grow with you, it is flexible, modular, yet powerful and with its user-friendly interface, it is simple to use. | As the market leader in enterprise application software, SAP helps companies of all sizes and in all industries run better by redefining ERP and creating networks of intelligent enterprises that provide transparency, resiliency, and sustainability across supply chains. SAP's end-to-end suite of applications and services enables customers to operate profitably, adapt continuously, and make a difference worldwide. | Workday is a leading provider of enterprise cloud applications for finance and human resources, helping customers adapt and thrive in a changing world. Workday applications for financial management, human resources, planning, spend management, and analytics have been adopted by thousands of organizations around the world and across industries—from medium-sized businesses to more than 50% of the Fortune 500. | |
| Website | https://dynamics.microsoft.com | https://multiviewcorp.com/ | https://www.netsuite.com/ | https://www.oracle.com/erp/ | https://www.sage.com/en-ca/sage-business-cloud/sage-x3/ | https://www.sap.com/products/erp/business-one.html | https://www.sap.com/ | https://www.workday.com/ | |
| Primary Tier | 1 | 2 | 2 | 1 | 2 | 2 | 2 | 1 | 1 |
| Industries | |||||||||
| Apparel | No | No | Yes | No | No | No | No | Yes | No |
| Construction | Yes | No | No | Yes | No | No | No | Yes | No |
| Field Services | No | No | Yes | No | No | No | No | No | No |
| Financial Services | Yes | Certified | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Food & Beverage | Yes | No | Yes | Yes | No | No | No | Yes | Yes |
| Hospitality | Yes | No | Yes | Yes | No | No | No | Yes | No |
| Manufacturing | Yes | No | Yes | Yes | No | Yes | Yes | Yes | No |
| Nonprofit | No | No | No | No | No | No | No | No | No |
| Professional Services | Yes | No | Yes | Yes | Yes | No | Yes | Yes | Yes |
| Retail & ECommerce | Yes | No | Certified | Yes | No | No | Yes | Yes | Yes |
| Transportation & Logistics | Yes | No | Yes | Yes | No | No | No | Yes | No |
| Wholesale Distribution | Yes | No | Certified | Yes | Yes | Yes | Yes | Yes | No |
| Applications | |||||||||
| Accounting (General Ledger, Financial Reporting, Accounts Receivable, Accounts Payable, Budgeting and Cash Management) | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Asset Management | No | No | Yes | No | No | Yes | Yes | Yes | Yes |
| CPQ (Configure Price Quote) | No | No | No | No | No | No | No | Yes | Yes |
| CRM | Yes | No | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Distribution (Order Processing, Purchasing and Inventory) | Yes | No | Yes | Yes | No | No | Yes | Yes | No |
| E-commerce | Yes | No | No | Yes | No | Yes | No | Yes | No |
| Field Services - Dispatching & Scheduling | Yes | No | No | Yes | No | Yes | No | Yes | No |
| Field Services - Mobile Field Management | Yes | No | Yes | Yes | No | Yes | Yes | Yes | No |
| Human Resource Management | No | No | Yes | Yes | No | No | No | Yes | No |
| Manufacturing - Quality Control | No | No | No | Yes | No | No | No | Yes | No |
| Manufacturing - Scheduling | Yes | No | Yes | Yes | Yes | No | No | Yes | No |
| Manufacturing - Shop Floor Control | Yes | No | Yes | Yes | Yes | No | Yes | Yes | Yes |
| MRP | No | No | No | Yes | No | No | No | Yes | No |
| Payroll | Yes | No | No | Yes | No | No | No | Yes | No |
| Point of Sale | No | No | No | Yes | No | No | No | Yes | No |
| Product Lifecycle Management | Yes | No | No | Yes | No | Yes | No | Yes | No |
| Professional Services - Scheduling | No | No | No | Yes | No | No | No | Yes | No |
| Professional Services - Timesheets | No | No | No | No | No | No | No | No | No |
| Professional Services – WIP Management | No | No | No | No | No | No | No | No | No |
| Project Management | No | No | No | No | No | No | No | No | No |
| Transportation Management | No | No | No | No | No | No | No | No | No |
| Warehouse Management | No | No | No | No | No | No | No | No | No |
| Developer Information | |||||||||
| Number of customers - all products | |||||||||
| Number of customers - this product | |||||||||
| Technology | |||||||||
| % of application that is web based (just need a browser on workstation) | |||||||||
| On premise, cloud or hybrid | On Premise | On Premise | On Premise | On Premise | On Premise | On Premise | On Premise | On Premise | On Premise |
| Private or Public Cloud | Private | Private | Private | Private | Private | Private | Private | Private | Private |
| Multi-tenant architecture | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Generic Requirements | |||||||||
| Customization/Configuration | |||||||||
| Without changing source code | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
User-defined fields
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In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
User defined screens
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In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Multiple Companies | |||||||||
| Share inventory across companies | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Share customers and suppliers across companies | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Automate balancing of transactions across legal entities | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| PO of 1 company automatically generates the sales order in another company | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Multiple Currencies | |||||||||
| Maintain source and home currency amount for each transaction | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Date effective currency exchange rates | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Work Flow | |||||||||
| Can apply an approval process to any transaction such as a journal entry or any master file such as a supplier or inventory item | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Can generate alerts/escalation if something expected is late or reminders | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Configurable approvals or alerts without needing programming | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Mobility | |||||||||
| Optimized for Android and iPhone | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Offline mode and synch when internet connected | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Sales tax compliance | |||||||||
| Canadian sales tax compliance | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| US sales tax compliance | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Reporting/Business Intelligence | |||||||||
| Reporting | |||||||||
| Industry standard reporting tool and can change existing reports or add new ones | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Ad-hoc reporting (don’t need a programmer) with filtering, sorting and summarizing options | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Dashboards | |||||||||
| Based on real time updates from all transactions | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Role specific | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Configurable dashboards - don't need to be a programmer to create or change dashboard | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Analytics | |||||||||
| Drag and drop dimensions | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
| Visualization/graphic representation of data | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release | In Current Release |
Requirements
Business Services:
- Service call date and time stamping
- Escalations if work not done on time
- Track service history by serial no.
- Generate quote for customer
- Generate work order
- Generate invoice for work done and inventory used
- Scheduling by manually assign resources
- Scheduling by automatically assigning resources based on skills and availability
- Self-service by client including checking status, logging problems and access to information to resolve problems
Business Services Systems
Some of the systems that provide solutions for the business services industry are:
- Acumatica
- Blue Link
- CTRL
- Deltek
- Epicor
- IFS
- Infor
- Intuitive
- Jonas
- Microsoft Dynamics
- NetSuite
- Oracle
- Pronto
- Q360
- RMI
- Sage 300 ERP (formerly Sage ERP Accpac)
- Sage ERP X3
- SYSPRO
Implementers
Financial Service Testimonials
The whole process moving to a new ERP System with Alex from 180 Systems was smooth and he delivered beyond what was expected. He was great, and to this day, if we have a question, we email Alex and he remembers. He guided us through the whole process, took his time to make sure we understood how everything works, answered all our questions. I can’t say anything but good things about him.
I found 180 Systems to be knowledgeable of the IT environment and practical in terms of understanding our requirements and determining appropriate systems to evaluate. 180 Systems provided good value in terms of system selection.
180 Systems was instrumental in Capstone Infrastructure's selection of a general ledger system. Their efficient methodology, comprehensive approach and deep expertise significantly aided our decision-making process, enabling us to identify the right system for our needs.
Selecting a new system is a very complicated task, not something you do every day, so it is great to have an expert working with you who is acting in your interest. 180 Systems has a good process and know certain questions to ask the vendor. 180 Systems is not working for them, and that is what you want. They is not going to make your selection for you, but they set you up with the right tools to make the decision. 180 Systems handled it well, had a good format, focused on the bigger things as well as the details.
Michael was very articulate, right to the point, knew his stuff, and provided a very good layout of what are the key steps an organization must go through. He explained terms related to technology, and the price was also right. Michael has a very good tool that pulls information together so that has been quite helpful.
