Top 6 Best Financial Management Software

Everyone needs a bit of help at times. 

This is especially true when you’re running your own business. 

One of the trickiest aspects of a business is financial management. There are a large range of things that need to be considered and it can very quickly become overwhelming. 

That’s why financial management software is such a popular business tool. But what exactly is financial management software? 

We’ll break down what a financial management solution is. We’ll also give you a list of the top 6 best financial management software currently available for businesses and financial institutions. So you can take advantage of all management software has to offer.

What Is Financial Management?

Financial management is the financial reporting, planning, organizing, directing and controlling of a company’s financial processes. This could include things such as the procurement and the utilization of the business’ funds.

Financial management applies general management principles to the financial resources of the company. This is to ensure a regular and adequate supply of funds. 

What Is Financial Management Software?

Financial management software makes it possible to digitize your workflow. You can then manage all of the financial aspects of your business in one single platform.

This can range from controlling your cash flow, to your profitability, taxation and budgeting. Software is a way to streamline your financial management and cut down on repetitive administrative tasks. 

Any good finance management software should include:

Financial Tracking

Financial management software gives you transparency and complete real-time insights and control over your finances. You should be able to easily track financial statements and data and coordinate your workflow. It also makes it easy to compile your tracked data for business analysis. 

Financial Planning

Planning is crucial. That’s why finance management software has such a focus on creating and aligning strategic planning. This can then be used for the overall business strategy of the organization. 

It can provide the connection between your tasks, data and staff. 

Finance Automation

Software allows you to automate a lot of your repetitive administrative tasks. This helps to free up a large amount of time to be put towards more important tasks. This can drive up consistency and free up your employees.

Top 6 Best Financial Management Software

1. Sage Intacct

Sage Intacct provides integrated management and financial reports across businesses in minutes. It is designed to allow your business to manage their finances with ease so that they can go further and scale up. 

It gives you easy access to your core financial data. This can help you to plan your business spending and have greater overall visibility on your business performance.

Sage Intacct offers a free trial so that you can try it out before making a purchase. They offer a per user pricing model but do not currently provide pricing details without direct contact. 

2. AccountsIQ

AccountsIQ is an award-winning cloud-based accounting software. It aims to transform your financial management. 

They give you access to a number of innovative accounting automation tools which help you complete tasks with ease. It also helps to deliver accurate insights across your organization. 

It is an ideal solution for multi-company businesses. It makes use of a unique consolidation aspect that streamlines the financial management across all boards. 

It also has an open API which allows a wide range of integration with other financial applications. 

AccountsIQ does not offer a free version but you can apply for a free demo. Their pricing then starts at £280 per feature, per month. 

3. Cloud Financials

Cloud financials is a cloud-based finance platform. It accurately manages all elements of your business’s accounting and financial management. 

They provide instant visibility of your financials and cash flow. This is through their personalized and customizable dashboards. 

They have a 24 hour customer service portal and a dedicated UK support team. So they can quickly and efficiently help deal with any issues or problems that you may have. 

Cloud financials offer neither a free trial or a free version. Their pricing structure is available upon request.

4. OneStream XF

OneStream XF is a comprehensive and user-friendly cloud-based finance solution. It aims to help to reduce the complexity of your financial management. 

They work by utilising corporate performance management processes. This is such as planning, financial close and consolidation, reporting and analytics. They offer insights into your operations that help to support faster and more informed decision making. 

OneStream is perfect for mid-market businesses and can be scaled up to cater to enterprise class businesses. 

They offer a free demo so that you can try before you buy, and their pricing structure is available upon request. 

5. CAFLOU

CAFLOU is a 100% digital cash flow and financial management software that aims to make your business more organized.

They allow you to track, plan and manage your cash flow all from their integrated online platform. You can also keep track of your past and planned company cash flows so that you can analyze and compare historical performance. 

CAFLOU lets you analyze income and expenses by customers, suppliers or projects.

Their interface is easy to use but has all of the complexities that financial management software should have. 

They offer a free trial as well as a free version with limited features. Their pricing plan then starts at £10 per feature per month. 

6. Acumatica Cloud ERP

Acumatica Cloud ERP provides integrated financial and business management that is designed to help you to run your business more efficiently and effectively. 

Their system allows you to integrate your company’s financial management, operations, CRM and more. It can be run on site or on the cloud, meaning you can work from anywhere but still stay connected. 

They also have a billing structure that only charges for what you actually use, not on a per user basis. 

Acumatica Cloud ERP is perfect for small, and mid-market businesses that are looking for a management solution that is resilient and scalable.

 They currently do not have a free trial or a free version. Their pricing per feature model is available upon request. 

Key Takeaways

Managing your finances is a key component of running a healthy and efficient business.

These financial management systems are a fantastic way to streamline your business processes and eliminate human error. It can free up a lot of time for your employees and offer a way to work that makes sense and give you a clearer financial picture. 

Are you looking for more business advice on everything from starting a new business to new business practices? 

Then check out the FreshBooks Resource Hub.

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