Journal of Accounting and Management Information Systems (JAMIS)

Considerations about implementing an accounting and financial management software

22/2007 ,  


Keywords:   Accounting and financial management (AFM) software, Enterprise Resource Planning (ERP), business processes, integration, TCO (total cost of ownership)


Accounting and financial management software is the backbone of every organization and the foundation that helps a company manage and gain insight into their business. Multinational, large or small company, each of them relies on a strong and trustworthy information system. Accounting and financial management (AFM) is the core of the system, the first component to implement in order to build an integrated information system.

These applications streamline processes to help an organization manage business-critical functions such as accounting, project management, payroll, and human resources. When the AFM software becomes disjointed or broken, the implications can certainly impact the success and profitability of that organization. Selecting AFM software is a critical business decision. In fact, when properly selected, installed, and implemented, AFM software can contribute fundamental benefits to the organization, including better decision-making capabilities, improved cash flow, more accurate information and control, and a real foundation for growth.

The paper identifies key challenges managers face with their accounting software. In many organizations, the current systems provide inaccurate data and delays in gathering financial information – the paper presents the drawbacks of these systems by addressing the key areas of an accounting and financial management solution. For each area we include a presentation of characteristics offered by the integrated AFM solutions, mostly identified as ERP systems today.