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Financial Management Systems


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E2 Shop System logo
 
E2 is one of the premier machine shop and job shop solutions on the market. In addition to core resource planning, estimating and accounting functionality, E2 Shop System also includes customer management and analytics features.
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E2 is one of the premier machine shop and job shop solutions on the market. In addition to core resource planning, estimating and accounting functionality, E2 Shop System also includes customer management and analytics features.
 
Deltek Vision logo
 
A popular choice among Architect and Engineering firms, Deltek Vision combines project management tools with project accounting and time and expense tracking. The system is entirely web-based and integrates with Microsoft Office.
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A popular choice among Architect and Engineering firms, Deltek Vision combines project management tools with project accounting and time and expense tracking. The system is entirely web-based and integrates with Microsoft Office.
 
Sage 300 Construction and Real Estate (formerly Sage Timberline Office) logo
 
Sage 300 Construction and Real Estate is a robust, on-premise option that is a particularly good fit for mid-sized to large construction firms. The robust Project Management feature helps firms increase overall organization.
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Sage 300 Construction and Real Estate is a robust, on-premise option that is a particularly good fit for mid-sized to large construction firms. The robust Project Management feature helps firms increase overall organization.
 
Sage 100 Contractor (formerly Sage Master Builder) logo
 
For small to mid-sized construction companies looking for a robust construction and project management system, Sage 100 Contractor is a great fit that provides a host of functionalities designed to improve overall organization.
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For small to mid-sized construction companies looking for a robust construction and project management system, Sage 100 Contractor is a great fit that provides a host of functionalities designed to improve overall organization.
 
Sage Intacct logo
 
Sage Intacct is a Cloud-based accounting solution that we tend to recommend to firms in professional services, banking, real estate and related industries. In addition to best-of-breed accounting, Intacct offers BI and CRM.
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Sage Intacct is a Cloud-based accounting solution that we tend to recommend to firms in professional services, banking, real estate and related industries. In addition to best-of-breed accounting, Intacct offers BI and CRM.

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Vista by Viewpoint logo
 
Vista is an integrated suite of finance, operations and project management applications for contractors and capital project owners that can be deployed on-premises or hosted in the cloud. Users can manage workflow and reporting that... Read More
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Vista is an integrated suite of finance, operations and project management applications for contractors and capital project owners that can be deployed on-premises or hosted in the cloud. Users can manage workflow and reporting that... Read More
 
ProContractor™ by Viewpoint logo
 
ProContractor is a comprehensive estimating accounting, and project management solution designed to help small and midsize contractors manage critical financial operations. Deployed either on-premise or in the cloud, the solution enables... Read More
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ProContractor is a comprehensive estimating accounting, and project management solution designed to help small and midsize contractors manage critical financial operations. Deployed either on-premise or in the cloud, the solution enables... Read More
 
Deltek Costpoint logo
 
Deltek Costpoint is an enterprise resource planning (ERP) and management solution designed to meet the requirements of midsize and large enterprise businesses. The solution primarily assists government contractors, professional service... Read More
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Deltek Costpoint is an enterprise resource planning (ERP) and management solution designed to meet the requirements of midsize and large enterprise businesses. The solution primarily assists government contractors, professional service... Read More
 
NetSuite logo
 
Originally designed as an accounting system, NetSuite has gradually grown into a full-suite ERP with CRM, HR and business intelligence functionality. A leader in Cloud ERP, NetSuite currently supports more than 20,000 companies.
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Originally designed as an accounting system, NetSuite has gradually grown into a full-suite ERP with CRM, HR and business intelligence functionality. A leader in Cloud ERP, NetSuite currently supports more than 20,000 companies.
 
SAP Business All-in-One logo
 
Business All-in-One, developed by SAP, can support small companies as well as large enterprises. SAP offers their applications for human resources, financial management, business intelligence and CRM on a stand alone basis.
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Business All-in-One, developed by SAP, can support small companies as well as large enterprises. SAP offers their applications for human resources, financial management, business intelligence and CRM on a stand alone basis.

Call us for a free FastStart Consultation: +61 3 8899 7476


 
SAP ERP Core Finance logo
 
A global leader in ERP, SAP provides complete business management tools for businesses in most markets. We typically recommend SAP to enterprises with more than 100 employees and robust software requirements.
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A global leader in ERP, SAP provides complete business management tools for businesses in most markets. We typically recommend SAP to enterprises with more than 100 employees and robust software requirements.
 
SAP S/4HANA logo
 
SAP S/4HANA is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research and development,... Read More
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SAP S/4HANA is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research and development,... Read More
 
Brightpearl logo
 
Brightpearl is a cloud-based omnichannel retail management system with functionalities for inventory, accounting, CRM, reporting, POS and order management. The solution caters to small and midsize clients in retail industry across... Read More
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Brightpearl is a cloud-based omnichannel retail management system with functionalities for inventory, accounting, CRM, reporting, POS and order management. The solution caters to small and midsize clients in retail industry across... Read More
 
ePROMIS logo
 
ePROMIS is a hybrid operations management suite that provides businesses management functionalities including ERP, HCM and CRM. ePROMIS’s business solutions encompass the entire spectrum of enterprise functionalities, including... Read More
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ePROMIS is a hybrid operations management suite that provides businesses management functionalities including ERP, HCM and CRM. ePROMIS’s business solutions encompass the entire spectrum of enterprise functionalities, including... Read More
 
FOUNDATION Construction Accounting logo
 
FOUNDATION was created to integrate seamlessly with the Microsoft SQL Server database, and is used by over 3,000 construction clients around the world. The system is a great fit for contractors of any size and industry.
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FOUNDATION was created to integrate seamlessly with the Microsoft SQL Server database, and is used by over 3,000 construction clients around the world. The system is a great fit for contractors of any size and industry.

Call us for a free FastStart Consultation: +61 3 8899 7476


 
ComputerEase logo
 
ComputerEase is well-known within the construction market for providing a full-suite of user-friendly applications, including materials management, document control, and comprehensive accounting.
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ComputerEase is well-known within the construction market for providing a full-suite of user-friendly applications, including materials management, document control, and comprehensive accounting.
 
Jonas Enterprise logo
 
Jonas Enterprise is an award-winning, paperless construction management system that contains features for bid-management, estimating, accounting, and more, all with Jonas's impressive 24-hour support.
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Jonas Enterprise is an award-winning, paperless construction management system that contains features for bid-management, estimating, accounting, and more, all with Jonas's impressive 24-hour support.
 
MIE Trak PRO logo
 
MIE Trak Pro is an enterprise resource planning (ERP) offering that is best suited for manufacturing businesses. It includes modules designed to accommodate most production cycles and optimize the capabilities of repetitive, custom,... Read More
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MIE Trak Pro is an enterprise resource planning (ERP) offering that is best suited for manufacturing businesses. It includes modules designed to accommodate most production cycles and optimize the capabilities of repetitive, custom,... Read More
 
Jonas Premier logo
 
Jonas Premier by Jonas Software was designed to provide maximum Construction Management functionality within the efficiency of the Cloud. The system provides a full accounting suite, as well as document control.
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Jonas Premier by Jonas Software was designed to provide maximum Construction Management functionality within the efficiency of the Cloud. The system provides a full accounting suite, as well as document control.
 
Skubana logo
 
Skubana is a cloud-based enterprise resource planning (ERP) solution designed for small, medium e-commerce retailers. Key features include order management, inventory management, purchasing and analytics. The system's orders module... Read More
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Skubana is a cloud-based enterprise resource planning (ERP) solution designed for small, medium e-commerce retailers. Key features include order management, inventory management, purchasing and analytics. The system's orders module... Read More
 

Buyer's Guide

by Lisa Hedges,
Content Analyst
Last Updated: May 19, 2018


I know what you're thinking: You've learned all about accounting, and you know what your business needs to do and what you need to track in order to thrive—only then, you find out there's a whole new type of accounting software to learn about to manage your company's cash. I get it. But hear me out—there's a big difference between accounting systems and financial management systems, and it really is important for you to consider both when approaching your business funds.

In this Buyer's Guide, we'll cover the basic need-to-know aspects of financial management systems, including a definition and an overview of some key features of the software.

What Is a Financial Management System?
How Do Financial Management Systems Fit Into ERP Software?
Common Features of Financial Management Systems
Benefits of Financial Management Systems

What Is a Financial Management System?

A financial management system is made up of both software and strategies that companies can use to supervise and manage all finances, including income, expenses and assets, with the goal of increasing profits and maintaining steady income.

So what's the difference between financial management and accounting? To put it simply, accounting is record keeping, and financial management is using those records to actually manage your money. Where accounting software is designed to document and classify all of your business transactions, financial management software goes a step further to track, analyze and report financial data that can help you do a lot of things, such as:

  • Make informed decisions about where to spend money
  • Present your business to potential investors
  • Accurately calculate your company's value, including nonmonetary assets and resources

Companies can certainly function without a financial management system in place, but only up to a point. A good rule of thumb is, if your business is big enough to benefit from an enterprise resource planning (ERP) system, it's big enough to benefit from a financial management system as well. In fact, quite a lot of ERP software includes financial management modules in its functionality.

How Do Financial Management Systems Fit Into ERP Software?

When you think about everything an ERP system does, it makes a lot of sense that so many of these products include financial management features. The main function of an ERP system is to connect every department within a company to ease the transfer of data, provide higher visibility of all business processes and empower managers to make better decisions.

While financial management software can function as a stand-alone solution, it can provide even more accurate feedback for managers when linked to ERP systems. In turn, an ERP system's reach across the entirety of your company can enhance financial management software in many ways. For example:

  • Connecting manufacturing data, stock levels and sales trends to financial tracking systems results in more refined demand forecasting, which means knowing exactly how much to spend on production.
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  • Data collected from asset tracking features can improve financial reporting and make it easier to decide where to invest in resources and where there's no need to spend that money.
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  • Through combined reporting capabilities, ERP and financial management systems provide the deepest level of insight into your company's financial health.

Financial data management functionality in Sage X3 ERP Software

Financial data management functionality in Sage X3 ERP Software

Common Features of Financial Management Systems

It's useful to know how ERP and financial management systems work together when integrated into one product, but don't forget that you can implement a stand-alone financial management product without having to invest in a more expensive ERP system. But regardless of what route you take, you'll want to make sure the financial management system you're getting includes some essential functionality:

Activity dashboard A centralized location within the software where users can come to get a broad overview of all financial activity. Often, dashboards will include easily digestible graphs of data, yearly, monthly or daily breakdowns of income and expenses, year-over-year comparisons etc.
Invoicing Managing receivables. Often made up of both invoice management—controlling things such as invoice workflow and tracking—and invoice processing—actually processing the invoices when they come in.
Expense tracking Track, process, pay and record all expenses incurred in the course of business.
Profit tracking Keep tabs on income and determine what products or services are bringing in the majority of profit. Can also help assess return on investment for purchases you may be considering.
Cost analysis Usually comes hand-in-hand with profit tracking. This feature takes a close look at where you're spending money, analyzing procurement etc.
Investment tracking Sometimes tied into asset tracking, this feature keeps track of ROI and investment performance. Also helps you determine what new investments you may need to make.
Projections Looks at past performance and external market factors to build a forecast of potential revenue and expenses.
Real-time data Helps create reports, consolidate financial data into one place, maintain compliance and easily present information related to the financial status of your company.
Accounting integration Removes the need for a separate accounting system to record things such as general ledger entries, accounts receivable and accounts payable.

Benefits of Financial Management Systems

Because it's always good to know what value you should anticipate from new software, let's take a look at some of the main benefits you'll see from a financial management system.

  • Things happen faster. Information is made available in real time, so you get an instant view of what's happening with your finances at any given moment. Also, you can make decisions quicker without having to wait for information.
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  • Revenue goes up, expenses go down. By being able to see exactly what's bringing in money and what's taking it out, you'll be able to cut any unnecessary costs and focus your resources on improving what you do best.
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  • Everything happens in one place. Well, everything to do with your money, that is. A designated financial management system can handle processing and tracking all of your transactions to ensure consistency and accuracy.

All of these (and many other) benefits combine to make financial management software a valuable tool for any business, but before you run out and buy a new system, it's useful to take the time to assess your company's needs. Make a list of features you need to get out of financial software and jot down any questions that come up in the course of your research. That way, you can be completely confident that whatever product you select meets all your needs and answers all your questions.

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