Enterprise Applications for the Finance Industry
Financial enterprise systems or apps?
FES (Financial Enterprise Systems) are what we refer to when discussing software solutions that handle operations and processes of financial or accounting nature at large organizations. Today, many of these functions are handled by enterprise applications – the modern naming convention for integrated or stand-alone SaaS, on-premise, or mobile solutions for the finance industry or for financial functions.
Why financial enterprise apps?
In general, business operations in the modern organization are cross-functional, whereas the integration of account, financial, and investment functions need to be handled in a holistic way, rather than as separate silos. In addition, the financial services industry produces heaps of business intelligence data today, that needs to be collected, processed, mined and analyzed. All this is often beyond the capabilities of a typical ERP system and needs to be addressed by additional applications.
Are they just for the financial sector?
Financial and banking institutions aren’t the only ones in need of enterprise applications for finance, of course. Nearly every corporation today needs to collect, store, and process confidential, financial data about customers, partners, and suppliers daily. The importance of reliable desktop and mobile applications that can securely complete financial, banking, and investment operations on an enterprise level cannot be underestimated. Speed, scale, and safety are paramount when it comes to this type of processes. A reliable application development partner should understand this and be an expert at building in safeguard mechanisms like encryptions, 2- or 3-step verification, and more.
Financial innovation through the development of applications
Financial applications are a great addition to the traditional ERP (Enterprise Resource Planning) solutions employed by most enterprises today. In many cases, they extend the financial, accounting, or banking functionalities of the ERP system and provide additional capabilities and/or intelligence, in addition to being able to handle important operations on-the-go. With innovative, dedicated apps for finance, accounting, and banking, you can offer your customers, partners, and suppliers innovative features that can put you above the competition and make you a preferred provider.
Financial operations handled by apps
Financial apps today need to handle various types of operations and tasks, from the very tactical to the more strategic. Below are some of the most common functions that you would want your future financial enterprise app to handle:
- Procurement applications, including sourcing and supplier management
- Accounting procedures and operations
- Customer and supplier credit management
- Treasury management
- Invoicing, accounts receivable, account payable and payment processing
- Staff payroll, insurance, and salary payout management
- Core mobile and web-based banking, account and card management
- Expense report and travel report management and payouts
- Tax management and tax return submission (a seamless integration with government systems is often needed)
- Risk and regulatory compliance management
- Collections management
- Enterprise investment management (i.e. stocks, bonds, mutual funds, cryptocurrencies)
- Financial data visualization and reporting
Types of financial enterprise apps
Today, the options for hosting applications are plentiful. Whether you are looking to build an on-premise or SaaS / cloud-enabled financial application, it’s important that you work with an experienced development partner who is focused on enterprise apps vs. consumer-facing ones exclusively and for whom IT security is a top priority. It’s important that enterprise applications are fully mobile-optimized, as well, so they can help C-level executives manage important operations on the go. As we mentioned earlier, it’s not always a given that the necessary financial information exchange protocols, security and encryption standards will be followed but as a customer, you need to do your diligence and ensure that your software partner is adept at these processes.
Last but not least, there are several other considerations when selecting a software development counterpart, including their ability to integrate with your existing internal or external legacy systems, your IT infrastructure, and any other ERP, financial, accounting, or banking applications that your organization utilizes.