Guide for Choosing a Financial Management Software

Benefits of Financial Management Systems

The success of your company highly depends on finances. You should make profitable investments and analyze your expenses. These are the main reasons you should consider making custom cloud-based financial management software:

• Automation. The main function of any computer app is automation. It prevents mistakes and gives an accurate analysis. All accounting functions work automatically around the clock. Tax preparation, money management, investment monitoring – they are complicated financial operations that need supervision. The more often you pay attention to money, the faster your business will expand.
• Accuracy. Money-related data is usually contained in separate databases dissipated over various spheres of businesses. This can make it hard to get a total worldwide perspective on the organization's budget or to monitor and control money-related operations. With business financial management software organizations can unify all money-related data and make convenient ways to share it across various departments or even branch offices.
• Analysis. A current business sphere is a dangerous ocean where your company can easily drown without proper money management. You can prevent unfortunate events by tracking all financial operations and making regular reports. Analyzing is the first step to the successful planning of an upcoming economic situation. You can track changes in the financial sphere, make forecasts, and regulate your expenses.
• Planning. Any application is a perfect planner. You can analyze previous reports and create new financial strategies according to them. There are many functions for planning: real estate plans for investments or advice about taxes and future expenses. You will be provided with several solutions for each financial issue.
• Security. The best financial management systems provide their users with extra security measures. It is better to have a tracker that contains all the necessary data instead of storing the information somewhere else.

Tips on how to choose top finance management software

There are products on the app market you may find interesting. In fact, if you search for the best finance management software on Google, there will be a lot of results. We highly recommend you concentrate on these main factors:

• Type. There are different types of applications: mobile apps, cloud-based platforms, etc. It is important to choose the appropriate type of system. If you need offline access from time to time, it is better to search for an app that can be installed on Windows or Mac. Mobile apps are flexible and practical, but in comparison to cloud-based platforms, they lose in a number of tools.
• Budget. Most of the applications have free trials, but some are costly from the beginning. That is why it is important to figure out how much money will you spend in advance.
• Flexibility. The top financial management software solutions have special instruments to adjust the app to your type of company. Keep in mind that the number of tasks and data will grow with your business. If you think there are no suitable options, you can try to create custom software.
• Security. Many applications have different tasks and responsibilities. Some of them offer extra security measures. If you want to contain important data in the app, you should check for the safest one.

15 Best Finance Management Software Programs

Though finance management seems like a one-task job, many applications have different options for their customers. Let’s take a closer look:

• Mint. This application brings the financial information together. It demonstrates to you a review of financial limits, expenses, bills, and taxes. You can create your personal preferable budget, set notifications and updates, and adjust your information among the web and applications. Security is upgraded by encryption and multifaceted authorization. Mint is a perfect application for money tracking and investments. It is available online, as well as on gadgets.
• FreshBooks. The perfect platform for money tracking. It has convenient and simple reports to help you analyze your progress and make future plans. There is a free 30-day trial for new customers to try this app out. It manages taxes and projects, which makes it perfect for small companies and freelancers.
• Oracle Financials Cloud. It is very popular and convenient corporate financial software. It has all the main financial solutions: risks analysis, financial reports, revenue recognition, etc. This tool is very popular among mid-sized companies.
• Jenzabar One. A nice application for Higher Education establishments. It creates regular reports and a simple database with necessary information about all users.
• Kepion. This perfect application will be useful for different businesses. It can fit a small retail company, as well as a huge banking corporation. You can try out this app since it provides various functions for free – there is a demo version. It has great tools for money management: cash and project tracking, investment and risk analysis, and suitable reports.
• Unit4 Financial. One of the top financial management software solutions. Moreover, it is one of the most popular as well. Thousands of companies use this app for money management. It is a perfect platform for establishing financial agility for the development of your business.
• Corporate to Bank Integration Platform. This is an app for companies that deal with global finance and treasury operations. It creates connections between users, providing them with easy transactions and cash management. Nowadays, it serves more than 10,000 banks.
• SAS Financial Management. This application does not offer a free trial, yet it has its own group of loyal customers. It has a solid reputation due to its functions for customization. It provides efficient tools for money management and has great performance. It is capable of dealing with a huge amount of data. However, it is far from cheap – you have to pay $100,000 for it.
• Epicor ERP Financial Services. This solution offers basic tools such as tax planning, cash management, forecasting, and roll-up. It is mainly used by banks or big companies. Many people say the main advantage of this app is its nice reports – somehow the system manages to determine the most important information and provides it to users efficiently. However, it demands some base of financial knowledge.
• FundView Financial Suite. This is an application with high ratings from users. It gives genuine and simple reports and creates a convenient database. For those who haven’t already established a paperless accounting system, this app is a perfect opportunity to begin.
• LucaNet Software. A financial organizer for various companies. It was created back in 1999 and has been in continuous development ever since. This platform offers various strategic decisions and money management. The software is very flexible – it adapts to the size of your company and its type.
• BlueChip Finance. The products of the Bluedraft Company are always successful. They are able to motivate huge companies to digitize their financial systems. This particular application was created in 2008. The pricing starts from $300 per month. This app doesn’t offer a free trial.
• iLEVEL. This is a cloud-based solution for better financial data organization. It simplifies many financial operations and allows users many tools for customization.
• Corporate Planner. The operational and strategic financial planner with many integrated functions. Corporate Planner was created mainly for multifunctional analysis and predictions. It is supported on Windows OS gadgets, and it is also possible to work online.
• ERP Suite. This system was mainly created for recruiting. It is a cloud-based application with data about human resources: applicant tracking, performance monitoring, and payroll. There is no free trial. This is a web-based application; it cannot be installed on Windows or Mac.

You can try to use each of those popular platforms to understand all their pros and cons. However, if you decided to create your own product, you should take into account different characteristics to get the best finance management platform for a wide audience.

Our Experience

We have had amazing experiences developing accounting software. Our programmers created the automation platform Olivia for an American boutique broker dealer firm.

The company needed the best financial management software to conduct its business, letting investors and entrepreneurs have meetings to conclude profitable deals without problems. As a result, we were able to develop a safe and convenient platform that could cope with huge amounts of different data. You can read about this financial project here.

Conclusion

Financial organization is not an easy task. Sometimes humans make mistakes that lead to unpleasant consequences. A perfect alternative would be the digitalization of the financial sphere. Automation is a great solution, especially for big companies that deal with real estate or transportation.

If you want to learn more about financial management or any other type of project, feel free to contact our tech support.