The 12 best financial software (2023)

Automation and technology have transformed financial management to such an extent that the roles of financial manager and accountant are no longer the same. This means the automation of many processes.financial managerthey are now better able to take on more analytical and strategic tasks within their companies or for their clients.

There are hundreds, if not thousands, of accounting software options, each offering great ways to simplify and automate different aspects of the job, and it can be overwhelming. With that in mind, we've put together this guide to help you understand what financial management software is, what it can do for your business, and some of the best software options available for your needs.

What is financial management software?

Financial management software or accounting software has become a key component of any company's financial activities. Financial management solutions give team members the power to manage and monitor all financial aspects of their organization. This includes cash flow, invoicing, money management, budgeting, financial data monitoring, financial planning and much more.

The main benefits

Here are some of the top reasons why you should consider investing in financial management software:

1. automation -This is the game changer that changed the industry. Thanks to the offered automation software solutions, financial managers and accountants spend less time on tasks such as balance sheet accounting or financial reporting. Instead, they can now focus on more strategic tasks that will help their business or clients reach their financial goals more efficiently.
2. Productivity -Automation streamlines and simplifies many tasks and therefore makes finance managers much more productive.
3. Cloud-based flexibility -With many solutions now moving to the cloud, this means your data is synced across platforms and can be accessed remotely by teams in different departments and offices in different locations.
4. Better data -Financial managers have access to more accurate financial data and reports, greatly reducing human error. Data is extracted much faster and with smarter insights.
5. More compatible financial processes- Financial management software allows companies to simplify their reporting processes and comply with the strict legal or regulatory frameworks to which they are subject.
6. data security -Your confidential data is better protected when you use accounting software. Many solutions allow for regular backups and include encryption to protect against data breaches.

Should you invest in financial management software?

While the benefits are undeniable, financial automation software can be quite expensive. It is therefore important to think of it as an investment and first determine whether or not such an investment is necessary.flow of kisses, one of the many SaaS services available, suggests looking at five indicators to help you make this decision:

1. waste of time -when you and your employees spend a lot of time on simple financial processes that could easily be automated
2. Complex processes -Are you facing increasingly complex financial processes and high levels of employee engagement?
3. High volume of tasks- Your finance team's to-do list is getting bigger
4. Less visibility -You get the feeling that you don't have a clear enough view of your financial processes.

If this reflects your company's situation, read on and we can help you decide which financial management software solutions are best for you.

Choosing the right solution for you

There is a myriad of accounting software solutions for your business or small business, with different features and significantly different price points. With that in mind, we decided to take a look at some of the top features to look out for and some of the best solutions they offer.

basic financial services

There are a number of basic financial services that can be automated and enhanced with the right software. This includes managing financial accounts, accounts payable and receivable, cash register and order management, general ledger, purchasing, and order management.

except intact

intact sageThe core functionality of financial services is second to none. It has an open API framework that allows integration with other business applications including CRM and payroll. Your basic financial skills are just the tip of the iceberg of all the features Sage has to offer.

Prices top out at $5,000 a year. Sage Intacct may be better suited for large financial institutions or companies with stronger needs.

Information

The Core Financials solution fromInformationIt offers customizable and automated functionality focusing on areas such as revenue management, expense management, liquidity and accounting management, project costing and billing.

The Core Financials solution is part of Infor's ERP & Financials solution, and the company adjusts its pricing for each customer.

expense tracking

With expense tracking, you can manage and monitor all your business expenses. This includes everything from meals, transportation and, of course,Travel expenses professionally. This feature allows you to analyze your cash flows and incurred expenses, improving your cash management. You get real-time control and more transparency into your company's spending.

Here are some financial management software solutions with excellent expense tracking functionality:

To spend

the good thing about itTo spendis that your employees can scan receipts, add expenses and upload them in real-time via their mobile devices. This streamlines the expense approval, billing, and reimbursement process.

Prices start at $5 per month.

Pay

PayThe expense management solution is best suited for small and medium-sized businesses. It automates every aspect of your company's spending process, from real-time notifications when a company card runs out to transaction reporting and analytics. It gives you complete and flexible control over spending, including setting spending limits, card management, and easy direct-to-bank reimbursement for one-time charges.

The Divvy platform is free with the option of paid plugins.

Yokoy

Yokoyis an AI-based expense management system that aims to save time for employees and financial managers. Leverage its technology for smoother submissions, instant review, validation and export. This saves time for finance managers who therefore have to review flagged transactions rather than each individual payment.

Yokoy's prices are tailored to your business on a case-by-case basis.

TravelPerk

Travel expenses can easily make up a large portion of your business expenses and are typically one of the hardest to track. TravelPerk is a complete travel platform that allows you to book, manage and report all of your company's business travel from one easy-to-use interface. travelersExpense management featuresmakes expense tracking and invoicing extremely easy. Our platform also allows with a single clickIntegrationwith some of the best finance and expense management apps. Plus, you get 24/7 access to a dedicated human support team within 15 seconds, anywhere in the world.

TravelPerk offers its customers a free account with various upgrade options depending on their needs.

budget

The budget feature is extremely useful and can be found in many of the top financial management software solutions. Here are some budget-oriented solutions you might want to try:

to cry

to cryit's about helping your business create budgets and stick to them with financial forecasts and review processes designed to improve your financial decisions. It lets you import information from other financial management systems like Quickbooks or Xero, it offers more than 20 types of forecasting methods, and you can plan better with continuous forecasts.

Pricing starts at $75 per month.

NetSuite

A service offered by Oracle,NetSuiteautomates the budgeting process and centralizes your company's financial and operational data, enabling both budgeting and forecasting. You can model what-if scenarios and generate reports with a single solution.

NetSuite Budgeting and Planning is part of its ERP system solution, and the company tends to tailor its pricing to each customer.

Payroll Management

Payroll is a monthly process that often takes hours. Payroll software automates many of these processes and manages all of your employees' financial records, from salaries, taxes, bonuses, etc. Here are two solutions that handle this very well:

Enthusiasm

EnthusiasmIt was developed especially for your team. It offers an employee onboarding service to help you complete all the initial paperwork. Automatically file and pay payroll taxes, process employee benefits, and perform all necessary compliance checks.

Prices start at $6 per month per person.

QuickBooks

If you're in the finance industry, you've probably heard of it.QuickBooks. Another multifunctional tool that helps with bank reconciliation, invoicing, expense tracking and, of course, payroll. It's great for scheduling direct deposits, offers automated tax filings and payments, and has built-in time tracking and timesheets.

Quickbooks has several plans starting at just over $10 a month.

Inventarverfolgung

Inventory tracking or management lets you keep track of your inventory, knowing what's in stock and what's selling, as well as managing your invoices and orders.

Xero

Another all-in-one solutionXeroIt has a great stock tracking feature, looks neat and is very easy to use. You can use it to track up to 4,000 items, create inventory management reports, and add items to preloaded invoices.

The Xero Startup plan starts at $20 per month.

top shelf

top shelfby Scout is an inventory management solution that you can access across multiple platforms. It's great for managing inventory in different warehouses in different locations, and it provides real-time updates to notify you of any issues ASAP.

Pricing starts at $90 per user per month.