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Software Functionality Revealed in Detail
We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.
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Compare Software Solutions
Visit the TEC store to compare leading software solutions by funtionality, so that you can make accurate and informed software purchasing decisions.
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 dental charts


Software Update: TEC Advisor
My recent post Bye-bye Beta announced that TEC Advisor, TEC’s online software evaluation and selection system, exited the beta phase. I highlighted its newest

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Software Functionality Revealed in Detail

We’ve opened the hood on every major category of enterprise software. Learn about thousands of features and functions, and how enterprise software really works.

Get free sample report
Compare Software Solutions

Visit the TEC store to compare leading software by functionality, so that you can make accurate and informed software purchasing decisions.

Compare Now

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Demandforce’s First Anniversary at Intuit


A year ago Intuit acquired Demandforce, an online marketing and communication product, to bolster offerings that help small businesses attract and retain customers. Intuit recently celebrated several Demandforce milestones, not the least of which is that Demandforce has helped Intuit’s Small Business Group achieve 17 percent revenue growth for the quarter over this time last year.

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Bezos to McNealy: Drop Dead!


The first runner up for Amazon.com’s infrastructure business is… Sun Microsystems. Amazon, led by Jeff Bezos, has given the nod to Hewlett Packard. The win comes on the heels of a speech by Sun CEO Scott McNealy, where he called HP “pathetic”. Looks like Sun is left to wail and gnash its teeth.

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Best Software To Hold Competition At Bay


Having garnered an astutely broad enterprise applications’ portfolio, Best Software recently unveiled its 'customer and/or partner for life' strategy to fend off any intruder to its US market stronghold, especially Microsoft Business Solutions.

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New Software Evaluation Center from Technology Evaluation Centers (TEC) Helps Small Businesses Find Solutions for Growth


To remain competitive and to foster growth in today’s aggressive marketplace, small businesses and even microbusinesses would greatly benefit from ERP-like software, or at least a company-wide business management solution. TEC's self-serve tool can help small businesses find and select the right software.

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Smart e-HR


ePower solutions include personnel administration and performance management. It also offers training and tools in HR help desk, personal development, job descriptions, organizational charts, and 180 or 360 degree feedback.  

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Keep Your IT Projects Focused with TEC’s Evaluation Centers


Here at TEC, we spend a lot of time talking about how easily software selection projects can go wrong. One mistake we see over and over is that companies fail to properly define their functional and technical requirements—the things that their new software must do and support. That’s a big problem—because accurate, well-defined requirements are a critical part of any selection project. Get them

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Preparing Yourself for the EHR Mandate in Massachusetts


In a climate of economic crisis, federal and state governments are examining ways to evolve the health care system. One way is to adopt an electronic health record (EHR) system. A bill is in effect in the state of Massachusetts to facilitate EHR implementation in all doctors’ offices and hospitals by 2015. To find out how the EHR bill will affect administrative procedures and practices statewide, read this doctor’s guide.

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BI Portal from Enterprise Software Solutions Is Now a TEC Certified Application


Business Intelligence Portal (BI Portal) from Enterprise Software Solutions (ESS) has become part of TEC’s group of certified BI applications, and is now available for online evaluation in comparison with other BI software solutions in TEC’s Business Intelligence and Data Management Evaluation Center. ESS, a US-based software provider with offices in Mexico, Colombia, South Africa, and Bulgaria

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TEC 2012 Financial Software Packages for Medium and Large Enterprises Buyer's Guide


Accounting and financial management is one of the most mature enterprise software markets, but that doesn’t mean it’s stopped evolving. TEC analyst Aleksey Osintsev walks you through the latest developments in financials and accounting solutions and looks at how trends like cloud computing, mobility, and social media are reshaping the industry. The guide also includes feature lists, vendor comparison charts, thought leadership from industry experts, and real-world case studies.

Accounting and financial management software is among the first software applications to have been adopted by organizations of all sizes and in all types of industries. In fact, the software has been around almost as long as computers have been in use. As the general concepts and principles of accounting follow objective, rational rules, it was relatively easy to develop accounting packages and to have them gain quick and widespread acceptance within the business community as a powerful tool for managing the financial activities of a business unit or entire organization. It’s hard to imagine that any company or governmental organization today could function without an accounting package in place— from micro businesses with a few users to national governments and global multinational enterprises with hundreds of users performing accounting and financial management work on a daily basis. With ample experience in accounting software, today’s tech-savvy financial managers and controllers are looking for software that not only is capable of performing accounting transactions and generating a standard set of quarterly and annual reports, but also is flexible enough to absorb and accommodate changes in the economy, business realities, and technological trends; is sufficiently rich and scalable to address a number of daily operations challenges; and is easy to work with. This buyer’s guide examines the major issues that medium and large businesses experience with financial and accounting processes, and looks at what various solutions can offer to mitigate those problems.


Table of Contents


Financial Software Packages for Medium and Large Enterprises

State of the Market

Evaluating Accounting and Financial Software

Conclusion

Vendor Solutions


TEC Resources for Financial Software Packages

Casebook

Acumatica Customer Success Story : Acumatica Reduces Time and Cost of Producing and Distributing Reports with a Consolidation Solution

Cougar Mountain Software Customer Success Story: Noah’s Restaurant

Microsoft Dynamics AX and Ignify Customer Success Story: Consumer Electronics Distributor Automates Processes and Improves Worker Productivity with Microsoft Dynamics AX

Pronto Customer Success Story: Hobart Canada—Developing a Recipe for Success

Sage ERP X3 Customer Success Story: Carson Home Accents Improves Service and Cuts Overhead Using Sage ERP X3

Sage ERP Solutions White Paper: Transforming Finance into a Strategic Resource

SYSPRO ERP Software Customer Success Story: Annabelle Candy Finds Sweet Success with SYSPRO ERP Software

UNIT4 Customer Success Story: UNIT4’s Coda Financials Solution Preferred by GSO Group over Incumbent ERP Solution


TEC Partners Resource Directory

Vendor Directory


Download the full copy of the TEC 2012 Financial Software Packages Buyer’s Guide for medium and large businesses.



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Issues Faced by Accounting Departments


As accounting and financial departments and associated business processes are an inherent part of any commercial or non-commercial organization, these departments face the same challenges as the rest of the company—a need to keep the business competitive and respond to tough competition during difficult economic times, attract and retain customers, provide an extremely high customer support and service level, constantly review and improve business processes, and many others. At the same time, accountants experience challenges and business pains owing to their specific accounting and financial management processes and tasks. Following is a list of major challenges and issues faced by accounting and financial departments with regard to these processes and procedures.

  • Accounting and financial activities and internal processes must conform to various types of standards and rules, from international regulations such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) to local or even municipal requirements. This is exacerbated by confusing taxation and reporting regulations prescribed by law. The task becomes much more complicated upon company expansion and entry into different markets, regions, or countries— in which case accounting and reporting processes must comply with multiple standards simultaneously. And at this point, the process of financial and reporting data consolidation becomes a non-trivial and constantly changing task—financial managers and their employees must always keep abreast of these changes.


  • Relatively recently, the need has emerged to accommodate alternative accounting models and non-standard accounting and financial management principles, in addition to or as substitutions for traditional ones. Lean accounting is an example of such a model. Unlike traditional accounting practice requirements, lean accounting looks to calculate and track added value streams, sees a company’s assets and expenses in a different way (e.g., inventory as waste to be minimized or eliminated rather than simply a company’s assets), and generate profit-and-loss statements based on lean principles instead of GAAP or IFRS or in parallel to mandated (i.e., traditional-type) reports.


Download the full copy of the TEC 2012 Financial Software Packages Buyer’s Guide for medium and large businesses.

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IT Project Management Tools: MS Project and Its Alternatives (Part 1)


In a previous blog post, I wrote about the Project Manager’s role and some of the constraints that affect the daily life of a PM, namely: scope, time, and cost. This post will focus on some of the tools a PM uses on a day-to-day basis (and why), and some of the limiting factors that these tools present. In order to understand the use of PM tools it is essential to have an understanding of the PM’s

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