Accounting engines are solutions that enable organizations to manage financial activities by leveraging internal and external data sources. Users can examine two or more sets of information requiring financial records, with predefined business models and accounting standards that are configurable in the solution. Many modern accounting engines are cloud-based solutions, offering enhanced accessibility and scalability. Typical users of an accounting engine include accountants and financial analysts, management, who use it for budgeting, forecasting, and strategic decision-making; and auditors, who verify the accuracy and integrity of financial statements. These engines generates detailed financial reports and statements, providing insights into the company's financial status and helping in planning and predicting future financial performance based on historical data. and also streamlines the invoicing process, reducing manual errors and ensuring timely payments.
Gartner defines the market for cloud ERP for service-centric enterprises as a market for application technology that supports the automation of operational activities for service-centric (nonproduct) industries, including financial management, order-to-cash, source-to-pay, human capital management and other administrative capabilities. Cloud ERP for service-centric enterprises is delivered under a SaaS license model (with frequent mandatory updates), where application support, infrastructure provisioning and management are the responsibility of the vendor.
Professional services automation (PSA) platforms help services organizations manage and streamline their business operations by automating tasks and optimizing processes. They provide a centralized location for service planning and execution, enabling improved efficiency and business performance through better visibility into delivery costs and profitability. PSA platforms focused on supporting managed services providers also include integration capabilities for orchestrating and capturing additional service activity delivered through customer accounts via third-party systems and/or service providers. PSA platforms provide a centralized location for collaboration, project planning and tracking, resource allocation, contract management, service management, cost tracking, customer invoicing, and reporting and analytics. Multitenancy is a foundational aspect of PSA platforms as users support multiple customer accounts concurrently. With a focus on services delivery activity and cost capture, PSA platforms provide organizations insight into profitability overall, as well as at the account and service-line level.