Is a Financial Management Network Important?

Sometimes, in a large enterprise or organization, the role of a Financial Management Network gets
downplayed in favor of the importance of the other parts of the organization. For instance, the Accounting
Department may not think of the Financial Management Network as being crucial to the functions of their
own department – until the Financial Management Network ceases to work properly. Then it becomes
the concern of everyone how to get the Financial Management Network up and running again.

Due to the sensitive nature of data about financial transactions, it is very likely that the Financial
Management Network will be an Intranet (if users are mostly employees and top management.) There
should be a different system for outsiders or third parties like customers or suppliers. Obviously, you
would not want an outsider to see clearly every single transaction that you make on behalf of the
organization – at best, you can provide totals or summations but definitely not the small individual details.
If that were possible, then there would be no need for industrial espionage to be conducted.

It is equally likely that the organization will select a developer or service provider that can set up an
Enterprise Resource Planning system (or ERP system) to act as the Financial Management Network of
the organization. The ERP system will help the organization to cut down on its overhead, promote more
links with customers and suppliers, and meet higher demand for the services of the client organization
itself. In the present business environment, a Financial Management Network has become indispensable.