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.