What is a financial system?
Financial systems or accounting software will generally offer a wide range of financial capabilities to automate historically manual tasks including general ledger, fixed assets, accounts receivable, accounts payable, trial balances. Many solutions also offer more advanced features such as time and expenses, sales ordering and billing and basic procurement. Like most software solutions, there is a wide range available offering different capability and a range of delivery options including on-premise, hybrid and cloud options.
An ERP system is about managing all of the various resources a business has. This includes financial resources (procurement, billing, customer and supplier management), operational resources (Inventory management, machinery, production processes and rental fleets) and employee resource (time and attendance management, skills mapping and resource allocation). So an ERP system can bring a lot more to an organisation than accounting software, especially those with complex operations that want to drive efficiencies across their business. It can provide a greater level of reporting and end to end integration for all business transactions.
What kind of skills do you need to work with financial systems?
To work with financial systems, individuals will need to have a mixture of finance/accounting and systems knowledge – with more or less of each depending on where the role sits in a business. Administrators or Developers will have a greater systems knowledge and be able to do increasing amounts of development including building new applications.
Financial systems technical skills:
- Ability to prepare accurate financial reporting
- Understanding of core business finance process
- Some knowledge of scripting or VB for reporting
- Application Management
- Knowledge and familiarity with a range of financial planning/reporting software
Financial systems soft skills:
- Inquisitive mindset to look for a better option or complete detailed research
- Accounting qualification or experience
- Problem-solving skills
- Ability to multitask
- Strong communication skills to be able to explain complicated IT based issues to finance users or vice versa
The different types of financial systems job roles:
- Finance Systems Directors
- Finance Systems Managers
- Enterprise Applications Directors
- Enterprise Applications Managers
- ERP Project Managers
- ERP Programme Managers
- ERP Functional Consultants
- ERP Technical Consultants
- EPM & BI Developers
- ERP Solution Architects
- Financial Systems Administrators
- Financial Systems Support Consultants
- Financial Systems Analysts
- Systems Accountants