Financial Management Systems

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Showing 1 - 20 of 96 products
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Showing 1 - 20 of 96 products

FreshBooks

FrontRunners 2022

FreshBooks takes billing out of your hands and puts it on autopilot. Set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster. Next, boost team productivity with pr...Read more

Wrike

Wrike is a cloud-based project management platform for teams of 20+ that is suitable for both large enterprises and SMBs. It supports remote work for various teams. This solution comes with Gantt charts, calendars, workload view f...Read more

NetSuite

FrontRunners 2022

With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more

Sage Intacct

FrontRunners 2022

Sage Intacct is a provider of cloud-based financial management and accounting software. Sage Intacct's software solution is suitable for small to midsize accounting firms and can provide financial reporting and operational insight...Read more

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Synder

Synder is a finance management solution with a focus on bookkeeping automation for small to midsize businesses and accounting professionals that work with SMBs. Synder integrates payment systems (Stripe/Paypal/Square) with ac...Read more

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SAP Business One

FrontRunners 2022

SAP Business One is a modular and integrated enterprise resource planning (ERP) solution. This platform integrates financials, CRM, inventory, sales and operations management modules within a single system. SAP Business One automa...Read more

Kashoo

Kashoo is a cloud-based accounting solution that helps small business owners automate bookkeeping tasks. Using machine learning, the platform categorizes and reconciles expenses for bank and credit card transactions, providing one...Read more

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WinTeam

FrontRunners 2022

WinTeam is a cloud-based enterprise resource planning (ERP) solution, which helps janitorial and security service contractors manage the productivity of employees and handle financial operations. Features offered are attendance tr...Read more

Creatio CRM

Creatio CRM is a no-code powered suite of high-end products for marketing, sales, and service automation to automate the entire customer journey with a maximum degree of freedom. •Marketing Creatio - a ready-to-use platform to ...Read more

4.76 (87 reviews)

idu-Concept

idu-Concept is a budgeting, forecasting, and reporting system for midsize to large businesses in a wide variety of industries. In addition to these functions, the system also helps companies track spend, manage their assets and eq...Read more

4.34 (75 reviews)

Software pricing tips

Read our Financial Management Systems Buyers Guide

Subscription models

  • Per employee/per month: This model allows you to pay a monthly fee for each of your employees.
  • Per user/per month: Users pay a monthly fee for users—normally administrative users—rather than all employees.

Perpetual license

  • This involves paying an upfront sum for the license to own the software and use it indefinitely.
  • This is the more traditional model and is most common with on-premise applications and with larger businesses.

Rated best value for money

M1 ERP

ECI M1 is a subscription-based enterprise resource planning (ERP) system, available on-premise or via the cloud, that automates financials, inventory, production, sales/quoting and production planning. The solution is suitable for...Read more

3.69 (67 reviews)

Ellucian

Ellucian is a cloud-based software provider that helps higher education institutions with professional solutions to create a connected campus. Designed for universities of all sizes, the platform provides solutions for departments...Read more

3.62 (66 reviews)

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Deskera Books

FrontRunners 2022

Deskera Books is an easy-to-use tool for business owners. The dashboard gives users a quick overview of orders, invoices, bills, receivables, bank account balance, and much more. Users can create professional invoices with a colle...Read more

4.40 (63 reviews)

Workday Financial Management

Workday Financial Management is a single cloud-based solution that assists global businesses of all sizes in a variety of industry verticals with financial planning, analysis and transactions. Workday delivers user and administrat...Read more

4.37 (59 reviews)

OneStream

FrontRunners 2022

OneStream XF is a market-leading CPM 2.0 solution that unifies and simplifies financial consolidation, planning, reporting, analytics and financial data quality. Modernize financial processes, replace multiple legacy applications,...Read more

4.84 (57 reviews)

Acumatica Cloud ERP

Acumatica Cloud ERP provides the best business management solution for transforming your company to thrive in the new digital economy. Through leading-edge technology, best-in-class business functionality, and customer-friendly ...Read more

4.44 (55 reviews)

Moon Invoice

Moon Invoice is a cloud-based and on-premise billing and invoicing solution designed to help businesses of all sizes across education, legal, healthcare, hospitality and various other industries process payments, track expenses an...Read more

4.36 (55 reviews)

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FinancialForce Accounting

FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent appli...Read more

3.81 (44 reviews)

FloQast

FloQast is a cloud-based performance management platform. It allows users to manage HR, payroll and ERP solutions. FloQast’s key features include close process organization, collaboration and manual process automation. Its ma...Read more

4.81 (42 reviews)

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eCMS

eCMS offers a comprehensive suite of software applications that help commercial contractors manage all aspects of their financials and operations. eCMS is specifically built for the construction industry delivering users business ...Read more

4.66 (38 reviews)

PriceDemo

Buyers Guide

Last Updated: May 03, 2022

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.
  •   
  • 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.