Top Financial Management Software Tools Every Business Needs

 

To give you a better understanding of the current state of the finance technology stack, we’ve listed some software vendors across various categories below. We have classified them as ERP or FPA solutions.

Top Financial Management Software Tools

Vena

Vena Solutions is a predictive analytics cloud-based business intelligence solution that automatically creates predictions and insights from your data. Vena also provides automated variance analysis, anomaly detection, and ad hoc reporting for your organization.

 

Who it’s for:  Vena is suitable for businesses that require the consistent process and control planning of pre-configured FP&A processes, or those that want to tailor a pre-configured solution to their specific requirements.

 

Key Features:

 

●      Financial planning

●      Financial reporting automation

●      Incentive compensation management

●      Regulatory compliance

●      Financial consolidation

 

Workday Adaptive Planning

Workday Adaptive planning is a comprehensive financial planning and analysis platform that many of the world's leading brands use.

 

The software allows users to: Manage cash flow, Execute expense management, Revenue management, Workforce modeling, Capital Management, and Financial close.

 

Workday adaptive planning is cloud-ready, mobile-friendly, and combines visual elements, color-coding, and a user-friendly, easy-to-use user interface.

 

Who it’s for:  Whether you’re a medium-sized or large-scale business, this software is perfect for you. With the flexibility and tools to scale your business as it grows, Workday adaptive planning provides a comprehensive solution to all of your business’s financial needs.

 

Key Features:

 

●      Shareable custom reports

●      Automate and streamline repetitive tasks

●      Payroll and workforce management

●      Planning and forecasting tools

 

Also Read: Common Finance Management Mistakes SMBs Make And How To Avoid Them

Anaplan

Anaplan is an online planning and forecasting platform that enables organizations to make informed decisions based on real-time data. Model creation and management, data sharing between teams, and project collaboration are all available in the application.

 

Anaplan’s goal is to help companies make informed decisions by analyzing alternatives and tradeoffs in real-time in today’s environment. It also provides signal analysis to gain insight and adjust to ever-evolving environments and markets.

 

Who it’s for: Anaplan is best suited for large companies with a dedicated IT infrastructure to support deployment.

 

Key Features:

 

●      Planning and modeling

●      Predictive insights

●      Enterprise scale

●      Security

●      Connected planning

 

Prophix

Prophix is an FP&A solution that focuses on corporate performance management. Using AI and a VFA, Prophix automates the mundane tasks needed to run your business. Automated budgeting software from them will save you time and make your business more efficient.

 

Who it’s for: Prophix is a workflow automation solution for businesses.

 

Key Features:

●      Budgeting and planning

●      Forecasting

●      Reporting and analytics

●      Financial consolidation and close

●      Workflow and automation

Oracle Essbase

Essbase is a cloud-based business analytics solution that enables you to make more informed decisions by quickly testing and modeling complex business assumptions on the cloud or in-house.

 

Companies use business drivers to create and maintain analytic applications that simulate several what-if situations. Essbase is a web-based or Microsoft Office-based platform for analysis, modeling, collaboration, and reporting.

 

Who it’s for: Oracle Essbase is best suited to very large organizations with extensive IT infrastructure that already has a strong FP&A solution, analysis teams looking for analytics and modeling tools that are specific to them, and back-office solutions that are already invested in.

 

Key Features:

 

●      Scenario modeling

●      Simple workflows

●      Multidimensional expressions

●      Analytics

●      Real-time reporting

Xero

Xero is a cloud-based accounting software that offers a user-friendly platform for all your business accounting requirements. Bills can be paid, expenses can be claimed, payments can be accepted, projects can be tracked, and you can connect with all your banks using Xero.

 

Who it’s for: Xero is designed for small to medium-sized enterprises.

 

Key Features:

 

●      Pay bills and claim expenses

●      Bank connections

●      Track projects

●      Manage payroll with Gusto

●      Inventory and analytics

Zoho Finance Plus

ZOHO Finance Plus is an all-in-one business finance solution that provides a single platform for your entire back-office operations. All of ZOHO’s apps are cross-platform, meaning that any information you enter in one app immediately appears in the others, ensuring that your data is always up to date and correct.

 

Who it’s for: The ZOHO Finance Plus product is designed for small to medium-sized enterprises.

 

Key Features:

 

●      Financial reports

●      Subscription management

●      Invoicing and expense reporting

●      Order and warehouse management

 

Acumatica Cloud ERP

Acumatica is an ERP cloud-based solution that helps grow your business. Artificial intelligence-driven automation improves every part of your business. Depending on your industry, Acumatica can provide you with a comprehensive suite of solutions to help you scale your business.

 

Who it’s for: Acumatica is designed for medium-sized companies.

 

Key Features:

 

●      Financial management

●      Warehouse management system

●      Accounting

●      CRM

●      Payroll

●      Construction management

●      Manufacturing management

Sage Intacct

As one of the industry’s oldest financial software companies, Sage has some of the most innovative products in the market. The company’s ERP solution is Sage Intacct. Sage Intacct is an industry-leading cloud financial management software that is AICPA-certified and is used by leading CFOs globally to streamline complex operations, consolidate information, and enable better financial decision-making.

 

Who it’s for: Sage is intended for teams ranging from 10 to 200 people. It is also best suited for distribution and manufacturing, and for professional services. However, finance teams across most industries can tailor the software to their specific needs.

 

Key Features:

 

●      A clean UI that is easy to navigate and provides fast data discovery.

●      Responsible for handling intricate calculations and other manufacturing needs.

●      It’s cloud-based, so you don’t have to worry about downloading files, and you can access it from anywhere.

●      Integrate with third-party applications and tools with ease.

 

QuickBooks

QuickBooks is one of the most comprehensive cloud-based accounting and finance software solutions for small businesses. The software empowers finance teams to better manage their financial information. You can track KPIs, gain insights into performance, work with your team, and drill into data through an interactive dashboard.

 

With QuickBooks' comprehensive reporting and analytics capabilities on the backend, you can easily create real-time performance reporting and monitor critical metrics.

 

Who it’s for: This software is intended for small to mid-sized companies. It facilitates better collaboration between finance teams, automates tedious tasks, and simplifies all aspects of a company’s financial operations.

 

Key Features:

 

●      It has an easy-to-understand user interface and is very user-friendly even if you have never used similar software.

●      Strong financial reporting tools.

●      It works well with graphics such as graphs and charts to make it easy to view data in real time.

●      You can direct your financial data into a single source of accuracy thanks to it.