10 Best Financial Management Software in 2024
Managing finances can be tough in today’s fast-paced business world. Doing it manually takes time and can lead to mistakes, causing financial problems. Thankfully, there are tools that use technology to make financial management easier and more accurate.
According to the Aberdeen Group, “Automating financial management can save around 21% in yearly travel and expense costs.”
Think of these tools as virtual helpers that organize and monitor expenses. They’re not just solutions but the brains behind well-organized finances.
What is Financial Management Software?
Financial management software is a key tool for any organization. It helps manage the organization's money, assets, and expenses. This software reduces calculation mistakes, keeps records of financial transactions, and makes sure the organization follows accounting rules.
Good financial management isn't just about cutting costs; it's about making smart spending choices to help the business grow and stay strong. Using tools and software makes it easier to track expenses, helping manage business spending effectively.
10 Best Financial Management Software
Here are some of the best financial tools you can start evaluating before choosing the one that suits you best:
1. QuickBooks
QuickBooks is a comprehensive financial management tool designed for small and medium businesses as well as accountants. It assists with bank reconciliation, invoices, expense tracking, payroll, and advanced reporting. QuickBooks offers both cloud and on-premise solutions.
Although it can be complex, its powerful features are ideal for handling high volumes of transactions. However, small businesses with limited needs might find it a bit overwhelming.
- Suitable for: Accountants and Enterprises
- Pricing:QuickBooks has multiple plans starting from $10 per month.
2. Kissflow Finance Software
Kissflow is not a traditional finance management tool but is designed to help you create approval workflows for finance processes. It offers pre-built apps for purchase orders, invoices, and expense reimbursements, or you can create your own without any coding. With standardized approval flows and automated processes, managing finance tasks becomes much easier.
Kissflow stands out for its visual interface, which allows you to customize apps based on your needs, regardless of their complexity, with no coding required. If your finance processes involve many approvals and repetitive tasks, Kissflow’s finance software is worth considering.
- Suitable for: Businesses with complex approval processes
- Pricing: Information available upon request.
3. Zoho Finance Plus
Zoho Finance Plus is a comprehensive suite that integrates all your back-office operations, such as accounting, invoicing, inventory, expense management, and tax compliance. It offers flexible, scalable, and secure applications to manage your entire finance process. Each app is easily accessible from the others, making usage seamless. You can customize user roles to control access based on your needs.
- Suitable for: Small and medium businesses
- Pricing: Free 14-day trial, then $149 per month per organization.
4. Xero
Xero is an accounting tool that allows you to create recurring invoices, reconcile bank and credit card statements, and manage purchases, sales orders, contacts, payroll, and inventory. It is simple and easy to use.
- Suitable for: Small and medium businesses
- Pricing: Starts at $20 per month for the starter plan, with optional add-ons.
5. Oracle Financials Cloud
Oracle Financials Cloud is a cloud-based ERP system that offers a scalable, comprehensive, and integrated set of finance tools. While it is on the expensive side, it provides excellent control and scalability for enterprises.
- Suitable for: Enterprises
- Pricing: $600 per user per month, with a minimum of 10 users.
6. Sage Intacct
Sage Intacct offers applications for managing the general ledger, accounts payable, accounts receivable, cash management, and order management. It has an open API structure, allowing integration with other business applications like CRM, payroll, or POS systems.
- Suitable for: Enterprises (though it may not offer the same value for small and medium businesses)
- Pricing: Starts at $5000 per year, making it one of the more expensive options.
7. Wave Financial
Wave Financial offers free accounting and invoicing software, making it ideal for freelancers and small businesses. It includes essential functions such as invoicing, expense tracking, and receipt scanning. Additionally, Wave Financial provides features like payroll and payment processing, which can be added for a fee.
- Suitable for: Freelancers and small businesses
- Pricing: Free for accounting and invoicing. Payroll and payment processing are available as paid add-ons.
8. Oracle Financials Cloud
Oracle Financials Cloud is a comprehensive ERP system that offers features for financial reporting, compliance, and risk management. This platform is highly scalable and customizable, making it a good fit for large enterprises that need robust financial tools. It supports complex financial processes and provides in-depth analytics.
- Suitable for: Large enterprises
- Pricing: Starts at $600 per user per month, with a minimum of 10 users.
9. Workday Financial Management
Workday provides an integrated platform for financial accounting, procurement, and analytics. It delivers real-time financial insights, which helps businesses make informed decisions quickly. Workday is designed for medium to large businesses, offering scalability and advanced analytical tools to manage their finances efficiently.
- Suitable for: Medium to large businesses
- Pricing: Pricing is customized based on the company size and specific needs, typically starting at $100 per user per month.
10. SAP S/4HANA Finance
SAP S/4HANA Finance offers real-time financial visibility and analytics for large enterprises. The platform includes comprehensive tools for financial management, analysis, and compliance. It supports global financial operations and integrates with other SAP modules for a unified business management solution.
- Suitable for: Large enterprises
- Pricing: Pricing varies based on company size and specific requirements, typically starting at $1000 per user per year.
These software solutions provide a range of features tailored to the needs of different business sizes, helping organizations manage their finances effectively and efficiently.
Benefits of Financial Management Software
Using financial management software has many benefits. It makes your work more accurate, saves time, and helps you make better decisions. It also gives you a clearer view of your finances and boosts productivity. Additionally, it ensures you follow all the rules set by authorities.
High-quality financial software for business, also known as accounting software, offers many features:
- Track income very carefully
- Monitor expenses in an advanced way
- Manage assets and loans with great accuracy
- Create and manage financial plans (budgets and forecasts)
- Compile financial statements using reporting software
- Determine your tax obligations and other compliance-related figures
Final Thoughts
Managing finances well is essential for business success, which is why financial management is so important. Financial management software helps you track and manage transactions, create budgets, and set up savings plans. These tools make accounting and finance management easier through cloud-based automation. To learn more, consider taking a management accounting course or exploring a postgraduate program in management.
FAQs
Which software is best for finance?
The best financial management software for small businesses depends on what your business needs. Look at different options and choose the one that fits your goals.
Is Excel a finance software?
Excel is often used for financial calculations and analysis, but it’s not designed specifically for managing finances. Financial Management System (FMS) software offers clear benefits over Excel, such as automation, the ability to handle more complex business needs, and specialized features that Excel lacks.
What is the full form of FMS and ERP?
FMS stands for Financial Management Software, and ERP stands for Enterprise Resource Planning. These acronyms cover many business functions, such as human resources, inventory management, and supply chain management. ERP systems often combine all these functions, making them very useful in various industries.
How do I choose the best financial management software for my business in 2024?
Identify your business needs like invoicing, expense tracking, and payroll management. Consider your business size and budget. Look for user-friendly software that provides real-time insights, integrates with your existing systems, and offers good customer support. Reading reviews and using free trials can help.
