State-of-the-Art Financial System Architecture

What are the integral parts of a State-of-the-Art Financial System? – is a question frequently asked by members of an Architecture Team.

Al Enzweiler’ answer – integral parts of a State-of-the-Art Financial System are an ERP System, or a Financial System used to maintain a general ledger database and;

E-Commerce and/or classic customer transaction system and accounts receivable system used to realize productivity gains transacting business with customers and updating a general ledger database

E-Commerce and/or classic supplier transaction system and accounts payable system used to realize productivity gains transacting business with suppliers and updating a general ledger database

Travel & entertainment system used to realize productivity gains transacting business with human resources and updating a general ledger database

Time and attendance system used to realize productivity gains maintaining a database used by a payroll system and used by a Targets System

Payroll system used realize productivity gains compensating human resources and updating a general ledger database

Fixed asset system used to realize productivity gains updating a general ledger database

And if required a consolidation system used to consolidate multiple general ledger databases.

Al Enzweiler can offfer sage advice on how a general ledger database is used to publish an enterprise’s financial statements required to pass an audit by a CPA firm.