The 12 best software for finance managers
Automation and technology have changed the finance management game to the point where finance managers and accountants’ job descriptions are no longer the same. The automation of many processes means that finance managers are now in a better position to take on more analytical and strategic roles within their companies or for their clients.
There are hundreds if not thousands of accounting software options out there, each offering great opportunities to streamline and automate different aspects of the job and this can be overwhelming. That’s why we’ve put together this guide to help you understand what financial management software is, what it can do for your company and, some of the best software options out there depending on your needs.
What is financial management software?
Financial management software, or accounting software, has become a key component of any company’s financial activity. Financial management solutions give team members the capability to manage and oversee all financial aspects of their organization. This includes cash flow, invoicing, money management, budgeting, overseeing financial data, financial planning and so much more.
The key benefits
Here are some of the main reasons you might want to consider investing in financial management software:
- Automation - this is the game-changer that transformed the sector. Thanks to the automation software solutions on offer, finance managers and accountants are spending less time on tasks like accounting balance sheets or financial reports. Instead, they can now focus on more strategic tasks which will increase their company or client reach their financial goals more effectively.
- Productivity - the automation quickens and streamlines many tasks, therefore, making finance managers that much more productive.
- Cloud-based flexibility - with many solutions having now migrated to the cloud, this means that your data is synchronized across platforms and makes it possible for teams to access it remotely and across different departments and offices in various locations.
- Better data - finance managers have access to more accurate data and financial reporting which significantly reduces human error. Data is obtained much faster and with smarter insights.
- More compliant financial processes - financial management software gives companies the chance to simplify their reporting processes and adhere to strict legal or regulatory frameworks they operate under.
- Data security - your sensitive data is better protected when using accounting software. Many solutions allow for regular backups and contain encryption that protects against data breaches.
Should you invest in financial management software?
While the benefits are undeniable, finance automation software can be quite costly. It is therefore important to look at it as an investment and to first determine whether or not such an investment is needed. Kissflow, one of the many SaaS services out there, suggests looking out for five indicators to help you make this decision:
- Time-consuming - when you and your staff are spending too much time on simple finance processes that could easily be automated
- Complex processes - Are you faced with ever-increasingly complex financial processes and a high level of employee involvement?
- High volume of tasks - your finance team’s to-do list keeps getting bigger and bigger
- Less visibility - you feel like you don’t have a clear enough view of your financial processes.
If these reflect your company’s situation, read on and we can help you decide on what finance management software solutions might work best for you.
Choosing the right solution for you
There is a vast number of accounting software solutions out there for your company or small business with various features and significantly different pricing. That is why we’ve decided to look at some of the key features to look out for and some of the best solutions that offer them.
Core financial services
There are a number of core financial services that can be automated and improved upon with the right software in place. This includes managing financial accounts, accounts payable, accounts receivable, cash and order management, general ledgers, purchasing, and order management.
Sage Intacct’s core financial services functionality is second-to-none. It has an open API structure that allows for integration with other business applications including CRM and payroll. Its core financial capabilities are just the tip of the iceberg of all the features Sage offers.
Pricing comes in at a hefty $5000 per year Sage Intacct might be better suited for larger financial institutions or enterprises with more robust needs.
The Core Financials solution by Infor offers adaptable and automated features with a focus on areas like revenue management, expense management, liquidity management, as well as project accounting, costing and billing.
The Core Financials solution is part of Infor’s ERP & Financials solution and the company tailors its price to each customer.
Expense tracking allows you to manage and monitor all of your business expenses. These include everything from meals, transportation, and, of course, work travel expenses. Through this feature, you’re able to analyze your cash flows and the expenses incurred increasing your cash management. You get real-time control and increased transparency over your company’s spending.
Here are some financial management software solutions with great expense tracking functionality:
The great thing about Expensify is that it allows your employees to scan receipts, add expenses and upload them via their mobile devices in real-time. This streamlines the process of expense approval, accounting, and reimbursement.
Pricing starts from $5 a month.
Divvy’s expense management solution is best suited for small and medium-sized organizations. It automates every aspect of your company’s expense process from real-time notifications when a company card is used up to transaction reviews and report generation. It gives flexible and full control over spending including the setting of spending limits, card management, and simple, direct-to-bank account reimbursements in cases of one-off expenses.
The Divvy platform is free with the option of paid add-ons.
Yokoy is an artificial intelligence-powered expense management system aimed at saving time for both employees and finance managers. It utilizes its technology for more seamless submissions, instant checking, validation, and exporting. It saves time for finance managers who therefore need to check flagged transactions rather than every single payment.
Yokoy pricing is tailored to your company on a case-by-case basis.
Travel expenses can easily take a big chunk of your company’s expenses and are normally some of the most difficult to keep track of. TravelPerk is an all-in-one travel platform that allows you to book, manage and generate reports on all of your company’s business travel in one simple-to-use interface. TravelPerk’s expense management functionality makes expense tracking and invoicing extremely easy. Our platform also allows for one-click integration with some of the top expense management and finance apps around. Furthermore, you get 24/7 access to a dedicated, human support team within 15 seconds wherever you are in the world.
TravelPerk offers its clients a free account with multiple options for upgrading depending on your needs.
Budgeting functionality is extremely useful and can be found in many of the big financial management software solutions out there. Here are a few budget-focused solutions you might want to check out:
PlanGuru is all about helping your company create budgets and sticking to them with forecasting and financial review processes aimed at helping improve your finance decision-making. It allows you to import information from other finance management systems like Quickbooks or Xero, offers over 20 types of forecasting methods and plan ahead better using rolling forecasts.
Pricing starts at $75 per month.
A service offered by Oracle, NetSuite automates the budgeting process and centralizes your company’s financial and operational data allow for budgeting as well as forecasting. You can model what-if scenarios and generates reports all using one solution.
NetSuite Budgeting and Planning is part of their ERP system solution and the company tends to tailor its price to each customer.
Process payroll is a monthly process that normally takes hours. Payroll management software automates a lot of these processes and handles all of your employee’s financial records from salaries, taxation, bonuses, and so on. Here are two solutions that handle this pretty well:
Gusto was designed specifically with your team in mind. It offers an employee onboarding service to help you handle all of the initial paperwork. It automatically files and pays payroll taxes, handles employee benefits, and has the necessary compliance checks in place.
Pricing starts at $6 per month, per person.
If you’re in the finance industry, you’ve probably already heard about QuickBooks. Another multi-functional tool, it helps with bank reconciliations, invoicing, expense tracking, and, of course, payroll. It’s great for scheduling direct-deposits, offers automated tax filing and payments, and has integrated time tracking and timesheets.
Quickbooks has multiple plans starting from just over $10/month.
Inventory tracking or management allows you to keep an eye on your inventory by knowing what’s in stock and what’s been sold while simultaneously managing your invoices and orders.
Another multi-function solution, Xero has a great inventory tracking feature is sleek-looking and very easy to use. It allows you to track up to 4,000 items, run inventory management reports and add items to pre-populated invoices.
The Xero starter plan starts at $20 per month.
topShelf by Scout is an inventory management solution that you can access across different platforms. It is great for managing inventory across different warehouses in different locations and delivers real-time updates, alerting you of any problems as soon as possible.
Pricing starts at $90 per user per month.