Financial Management & Enterprise Resource Planning

Paper Summary:

This paper discusses how financial planning is centric to the planning process of a business and how financial models can aid in calculating business costs. The author analyzes how an enterprise resource planning software or (ERP) is useful in integration of all departments and functions across a company through use of a single computer system that serves all the needs of various departments. The paper gives examples of ERP usage and benefits, as well as a brief examination of the process of implementing the ERP system.

Outline:
Introduction
Comprehensive Model in Financial Planning
Financial Planning Models - How do They Work?
Business Planning Projections
Financial Planning Traps
Writing the Business Plan
Enterprise Resource Planning
Examples of ERP Modules
ERP Vendors
Benefits of ERP
Organizations Implementing ERP
Steps to ERP Implementation
Four Factors ERP Selection Should be Base Upon
Summary and Conclusion

From the Paper:

"Regardless of the age of size of a business, financial planning is a critically important activity. Fort businesses that are new, financial projections are centric to the planning process of the business and in companies of a larger size, annual budgeting is partially formed by financial planning and financial planning plays a key role in planning that is long-term in nature as well as in business appraisals and corporate development."

Sample of Sources Used:

• Preparing Financial Projections (nd) PlanWare - Creative Commons Attribution-onCommercial-NoDerivs License. Online available at: http://www.planware.org/financialprojections.htm
• Writing a Business Plan (nd) PlanWare. Online available at: http://www.planware.org/businessplan.htm
• ABC - An Introduction to ERP: Getting Started with Enterprise Resource Planning (2008) CIO Online available at: www.cio.com.
• Pang, Les (2001) Manager's Guide to Enterprise Resource Planning (ERP) Systems. Information Systems Control Journal, Volume 4, 2001. Online available at: http://www.planware.org/businessplan.htm

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