ERP for Financial Services

Q: What are the key ERP requirements for financial services companies?

Key requirements include flexible chart of accounts, multi-hierarchy reporting, analysis and transaction codes, statistical accounts, automated intercompany balancing, allocation management, multi-currency support, and audit trail documentation.

Q: How do I find the best ERP software for financial services companies?

The selection process should begin with reporting obligations, entity structure, and compliance requirements, followed by an objective comparison of financial-services-specific and general ERP platforms.

Q: How much does ERP for financial services cost?

ERP costs vary depending on entity complexity, users, reporting requirements, and deployment model. Multi-entity structures and complex compliance needs usually increase implementation cost.

Q: Why should financial services companies use independent ERP consultants rather than going directly to a vendor?

Independent ERP consultants provide vendor-neutral advice based on business requirements rather than software sales incentives, which is especially valuable in financial services where compliance and reporting accuracy are critical.

We are independent ERP consultants specializing in ERP for financial services, from software selection through to implementation. We do not accept compensation from any vendor or implementer, so our advice is entirely in your interest.

Compare Financial Services ERP Software

Compare Financial Services ERP Software by scrolling down and across to see their applications/modules, number of customers, underlying technology and critical generic requirements.

Click to filter by Tier, System, Application, Industry, Criteria Category and Criteria Detail.

Compare Criteria
Product Information
System
Vendor
Description
Website
Primary Tier
Industries
Applications
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
Private or Public Cloud
Tenant Architecture
Generic Requirements
Customization/Configuration
Without changing source code
User-defined fields Can define values/dropdowns for fields Used in report selection and ordering Used in workflow
User defined screens Change fields to required, optional or invisible for standard and user-defined field
Multiple Companies
Share inventory across companies
Share customers and suppliers across companies
Automate balancing of transactions across legal entities
PO of 1 company automatically generates the sales order in another company
Multiple Currencies
Maintain source and home currency amount for each transaction
Date effective currency exchange rates
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
Can generate alerts/escalation if something expected is late or reminders
Configurable approvals or alerts without needing programming
Mobility
Optimized for Android and iPhone
Offline mode and synch when internet connected
Sales tax compliance
Canadian sales tax compliance
US sales tax compliance
Reporting/Business Intelligence
Reporting
Industry standard reporting tool and can change existing reports or add new ones
Ad-hoc reporting (don’t need a programmer) with filtering, sorting and summarizing options
Dashboards
Based on real time updates from all transactions
Role specific
Configurable dashboards - don't need to be a programmer to create or change dashboard
Analytics
Drag and drop dimensions
Visualization/graphic representation of data

Not all ERP systems are created equal. There is a big variance in functionality for a specific industry and for the size of company. Small companies don’t need the complexity required for larger companies. There is also a big difference in the ERP vendors which can be:

Vendors with solutions for multiple industries. These systems are more complicated to setup because of all the industries they support.
Vendors that offer a solution for a specific industry.
Vendors that offer an extension developed by a 3rd party for a specific industry.

This page covers unique ERP requirements for financial services, a financial services ERP software comparison across leading systems, and the ERP implementers that specialize in this space. If you would like independent guidance on which direction is right for your company, we would be glad to help.

Financial Services ERP Software | Financial Services ERP Systems Comparision

ERP Requirements for Financial Services

Financial services companies operate with requirements that generic ERP systems rarely support out of the box. The list below reflects what a purpose-fit system needs to handle:

– 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

ERP Implementers for Financial Services

Drill down for information about implementers of Financial Services ERP Software including number of employees, systems supported and industries supported.

180 Systems conduct dozens of ERP selections every year. With our deep knowledge of ERP for financial services, we will help you find the right ERP system for your company and the right professional services company to implement it.

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Why Companies Choose 180 Systems as Their ERP Consultant for Financial Services

180 Systems Differentiators

1. Independence

We are independent ERP consultants and do not accept any compensation from vendors or implementers.

2. Requirements Analysis

Our analysis is mostly based on business process reviews rather than generic requirements checklists.

3. Strategic alignment

We identify requirements to attain critical success factors (CSFs) and use KPI’s to measure attainment of CSF’s as objectives for an ERP implementation.

4. Financial Services ERP Experience

We have extensive experience in Financial Services ERP Software selection and implementation with testimonials below.

5. Methodology

We have a documented best practice methodology with numerous proven templates to manage ERP selections and implementations.

6. Efficient

We don’t waste anyone’s time. For example, ERP vendors are asked to only respond to critical requirements in an RFP with the goal of 20% of requirements deemed critical.

7. Cost

Our fees are low because we have little overhead, and don’t exceed a maximum unless there is a change in scope and it has been approved.

8. Trusted Advisors

Our clients know that we will always act with integrity and honesty.

Testimonials

From clients we’ve helped with Financial Services ERP Software Selection and/or Implementation

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.

Nadia Paulino, ControllerEQ

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.

Raman Randhawa, CA, Director of Finance, Canada & USGoldcorp Inc.

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.

Jens Ehlers, Senior Vice President, FinanceCapstone Infrastructure Corporation

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.

Ernest Dunphy, ControllerGuardian Capital Group Limited

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.

Mireille Khayat , Director, FinanceInterac

Resources for ERP Selection and Implementation in Financial Services

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What is ERP for financial services and why does the industry need a specialized system?

ERP for financial services is an enterprise resource planning system configured to handle the specific operational and compliance requirements of financial services businesses. Unlike generic ERP systems, a purpose-fit financial services ERP manages complex account structures with multiple segments, multi-entity intercompany transactions, automated allocations, statistical accounts for non-financial tracking, and advanced reporting hierarchies in a single platform. Without these capabilities, financial services companies typically rely on manual consolidations and disconnected systems that make regulatory reporting and multi-entity oversight significantly more difficult.

What are the key ERP requirements for financial services companies?

The most critical requirements for ERP in financial services include flexible chart of accounts with multiple segments, multi-hierarchy reporting with date effectivity, analysis and transaction codes for operational dimensions, statistical accounts for non-financial data, automated intercompany balancing, allocation management, multi-currency support, and audit trail documentation for compliance. Requirements vary significantly depending on whether your business operates as an investment firm, insurance company, financial advisory, or lending institution.

How do I find the best ERP software for financial services companies?

The selection process should start with a clear understanding of your reporting obligations, entity structure, and compliance requirements, not a generic software checklist. From there, you can evaluate both financial services-specific systems and general ERP platforms with strong financial management modules. Independent ERP consultants can help you compare options objectively, run a structured vendor evaluation, and negotiate your contract without any vendor bias.

How much does ERP for financial services cost?

ERP costs in financial services vary significantly depending on the complexity of your entity structure, number of users, reporting requirements, and deployment model. Companies with multi-entity structures, intercompany transactions, or complex regulatory reporting typically face higher implementation costs than single-entity businesses. For a realistic breakdown of what to budget for, read our article on ERP Total Cost of Ownership.

Why should financial services companies use independent ERP consultants rather than going directly to a vendor?

ERP vendors and their implementation partners are motivated to sell their own solution. Independent ERP consultants like 180 Systems do not accept compensation from any vendor or implementer, so the advice you receive is based entirely on your business requirements. This is particularly important in financial services, where compliance and reporting accuracy are non-negotiable and the cost of implementing the wrong system extends well beyond the initial investment.