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There are two schools of thought when it comes to accounting systems and related financial management software – Standalone best of breed or Unified (integrated) solutions.
Standalone Best of Breed
A best of breed approach is where a system tries to do one thing very well but needs to be integrated with other systems. While this approach enables the you to shop for the best solution in each category it actually creates multiple problems in practice. Firstly, it requires extensive and expensive integration efforts to get the various system to interact, Secondly, using multiple systems significantly increase the TCO of the solutions.
A recent study by Longitude Research revealed a highly fragmented financial systems landscape within many organisations. Only 19% had managed to standardise on just one financial management system. In fact, 32% had between 2-5, 24% between 6-10, 17% between 11-20 and 8% had even more.
By comparison Xledger is a unified solution, where you gain the benefit of a fully unified enterprise class financial management solution. Xledger focuses on doing financial management extremely well, because we believe that almost every aspect of an organisation has a financial aspect. With Xledger you get the benefit of a totally unified system, with seamless upgrades and without any of the integration challenges.
While Xledger users have access to all modules of the system (and we encourage our customers to leverage those capabilities in order to achieve maximum value), we can also integrate with third party solution for customers that prefer to use multiple systems for their business needs.