Introduction
In the ever-evolving landscape of business technology, the decision to overhaul or upgrade your business software systems is nothing short of monumental. At TouchstoneFMS, we understand the weight of this decision, recognising that it’s not merely about selecting a software solution but rather charting a course for the future success of your business.
In a saturated market, navigating Financial Management System (FMS) options can be overwhelming. While Cloud ERP is often touted for its versatility and expansive functionalities – not all platforms meet the intricate demands of financial management.
Certain industries demand a more specialised solution, prioritising the robust financial management capabilities often found in dedicated FMS systems. So, the question arises: which system is best, a dedicated FMS or an ERP?
We explore the difference between Financial Management Systems (FMS) and Enterprise Resource Planning systems (ERP), highlighting their unique functionalities and importance in contemporary business operations. Grasping this disparity is essential for businesses seeking to enhance efficiency and choose the right software solution for their individual requirements.
What is a Financial Management System (FMS)?
A financial management system (FMS) is the backbone of business finance, overseeing income, expenses, assets and liabilities. It consolidates financial operations into one platform, streamlining complex business processes.
Today’s FMS offers powerful, intuitive and robust tools for finance teams, including audit trails, compliance with accounting standards, reporting and analytics and AI driven transaction processing.
What is an Enterprise Resource Planning system (ERP)?
Enterprise Resource Planning systems (ERP) oversee daily business activities, integrating everything from financial accounting to customer relationship management. This streamlining foster efficiency and adaptability across diverse enterprises. ERP supports and standardises processes like sales, procurement, HR, project management, and supply chain operations.
FMS vs ERP: Functionality
General ERP systems are suited to enterprises where a 360⁰ view of your customers is paramount in driving decision-making. However, for a services-led business features such as sales ordering, kitting, inventory, warehouse management, or product lifecycle management (PLM) may not be pertinent. In this case, investing in ERP functionalities that won’t be utilised would amount to unnecessary expenditure.
FMS vs ERP: Integration to other systems
In certain industries like the Financial Services sector, the implementation of a General ERP solution may not yield significant benefits and, in some instances, could even be a retrograde step. Financial Services businesses commonly rely on specialised dedicated front-of-house systems, including underwriting, broking, FX management, investment management, asset management, and settlement systems, which seamlessly integrate with their dedicated FMS.
Given the specialised requirements of these functions, there currently isn’t an ERP system on the market that provides the comprehensive functionality offered by a dedicated Financial Management System. For the Financial Services sector, what proves indispensable is an Industrial Strength FMS that serves as the cornerstone of their business systems infrastructure. Such a solution offers unparalleled functionality and integration capabilities, addressing the unique needs and complexities of the financial industry.
FMS vs ERP: The System of Choice
While some sectors may benefit from the implementation of a general ERP system, for industries with unique demands, such as the Financial Services Sector, require a specialised Financial Management System and Infor SunSystems emerges as the unparalleled choice. Boasting a remarkable 40-year legacy and an array of superior functionalities tailored specifically for financial institutions. Here are just a few highlights of its impressive features:
- Enterprise-class unified ledger: Combining general ledger, accounts payable, and accounts receivable into one comprehensive ledger.
- Multi-currency capabilities: Supporting unlimited trading currencies and up to 5 reporting currencies, along with sophisticated currency revaluation functionalities.
- Consolidation and allocations: Empowering organisations with flexible consolidation at any level and robust allocations engine driven by business rules.
- Integration and flexibility: Facilitating seamless integration with user-defined screens, forms, and document storage, alongside easy configuration and real-time posting capabilities.
- Regulatory compliance: Ensuring adherence to FCA and IAS reporting standards, guaranteeing regulatory compliance.
- Security and deployment options: Providing secure, user-driven solutions available on-premise or in the cloud, tailored to individual organisational needs.
- Global support: Backed by a network of channel partners, Infor SunSystems offers worldwide support and service, ensuring a seamless experience across borders and jurisdictions.
Conclusion: How TouchstoneFMS can help
In the debate between FMS vs ERP, the answer ultimately depends on the unique needs and priorities of your business. If you require a comprehensive system offering insights into all aspects of your operations, a general ERP might suffice. However, for businesses where financial management is the cornerstone of success, opting for a robust Financial Management System like Infor SunSystems proves advantageous.
Infor SunSystems stands out as the preferred solution for UK businesses seeking top-tier financial management solutions. Its unparalleled capabilities ensure efficiency and accuracy, making it a trusted ally for organisations striving for excellence in financial management.
Discover the full potential of Infor SunSystems and seamlessly integrate it into your business infrastructure with the help of TouchstoneFMS. With our expert implementation services, we ensure a smooth transition and maximum benefit from this powerful FMS solution.
Why choose TouchstoneFMS?
- Over 40 years of successful operation in FMS and ERP.
- Leading Gold Channel Partner for Infor SunSystems® in the UK.
- 90% client recommendation rate, reflecting our commitment to excellence.
Ready to transform your business operations with Infor SunSystems? Contact info@touchstonefms.co.uk to learn more about how TouchstoneFMS can help.
