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Epicor Eclipse is a distribution-focused business management solution developed to fit electrical, plumbing/PVF, and HVAC wholesale businesses that scales from tens to thousands of users on a single installation. Eclipse provides extensive functionali...Read more about Epicor Eclipse
EzPay America is a cloud-based software that helps businesses manage processing of payments through ApplePay, Google Wallet, Samsung Pay, credit and debit cards, ACH and other modes. The platform includes iSpyFraud, a rule-based tool, which allows organiza...Read more about EzPay America
Prismatic's AI powered financial management platform enables accounting and finance teams to consolidate data across all entities and dimensions for reporting and dashboarding purposes. With Prismatic, users can generate balance sheets, profit and loss sta...Read more about Prismatic
Trovata is an intelligent cash-management tool on an open banking platform that aggregates your cash data across all your bank accounts, consolidating & normalizing your transaction data into one unified view. Trovata helps you visualize key insights fro...Read more about Trovata
Raptech is a SaaS-based collaborative business management platform that enables enterprises to grow faster by making smarter decisions using real-time data that is achieved by integrating the Lead-to-quote, Order-to-cash, Purchase-to-pay, and Record-to-rep...Read more about Raptech
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, accounting, and transactions. Workday delivers user and administrative tools across financ...Read more about Workday Financial Management
SAP Business ByDesign is a cloud-based enterprise resource planning (ERP) solution. It unifies core business functions such as finance, sales, product management, and purchasing. The system is designed for midsize businesses that are growing quickly. It en...Read more about SAP Business ByDesign
Sage X3 is a powerful ERP software solution designed for midsized national and global manufacturers, distributors, and after-sales providers and can establish a foundation for your digital transformation. Sage X3 comes with industry-leading functionality f...Read more about Sage X3
TallyPrime provides business management functionalities including accounting, finance, compliance, inventory, sales, purchase, point-of-sales, manufacturing, job costing, payroll, and branch management. The accounting module enables support tasks such as e...Read more about TallyPrime
Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size from rapidly growing small businesses to large enterprises across North Ame...Read more about Multiview ERP
Plaid is a cloud-based financial solution that helps users establish a connection between applications and bank accounts to access banking data. It allows to authenticate accounts, check balances, verify identity, validate income, verify assets and more. ...Read more about Plaid
Certinia ERP Cloud is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. Certinia ERP Cloud has several inherent applications, including general ledger (GL), accounts pa...Read more about ERP Cloud
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 tracking, budgeting, bank re...Read more about WinTeam
Aptean Industrial Manufacturing ERP, WorkWise Edition, is a purpose-built solution designed to empower discrete and industrial manufacturers to streamline operations, boost efficiency, and maintain a competitive edge. Tailored for mid-sized to large enterp...Read more about Aptean Industrial Manufacturing ERP WorkWise Edition
Priority is a leading provider of scalable, agile, and open cloud-based business management solutions, serving industries and organizations of all sizes, from global enterprises to small and growing businesses. Renowned for its product innovation and recog...Read more about Priority Software
IFS Cloud is a composable enterprise software application that orchestrates customers, people, and assets to reduce complexity, cost and risk as you plan, manage and optimize critical asset availability, strive for operational excellence and workforce prod...Read more about IFS Cloud
Designed specifically for mid-sized businesses (20-1,000+FTEs), the MYOB Acumatica ERP platform harnesses award-winning technology, industry specific workflows and hands-on support from local experts to unlock insights and drive growth for businesses. Fo...Read more about MYOB Acumatica
SAP S/4HANA Cloud 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, retail, who...Read more about SAP S/4HANA Cloud
Acumatica Cloud ERP is a comprehensive business management system. It caters to a variety of industries, such as finance, manufacturing, construction, distribution, and retail, among others. The software provides real-time access to financials, reporting, ...Read more about Acumatica Cloud ERP
Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and operational insights to a variety of businesses. Recognized for its robust accounting...Read more about Sage Intacct
Maconomy by industry leader Deltek is a complete, fully integrated Enterprise Resource Planning (ERP) accounting system designed for professional service companies both small and large. Maconomy streamlines business operations, eliminating the internal bar...Read more about Deltek Maconomy
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 automates many business practice...Read more about SAP Business One
M1 ERP 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 small to midsize business...Read more about M1 ERP
NetSuite is a cloud-based business management suite that incorporates ERP, financial management, CRM, and eCommerce functionalities into a unified platform, helping organizations automate core processes and gain real-time visibility into operational and fi...Read more about NetSuite
Aptean Discrete Manufacturing ERP is the ideal solution for industrial and discrete manufacturers seeking to streamline operations, ensure compliance and drive growth. Designed for users who need straightforward, integrated software, this ERP system combin...Read more about Aptean Industrial Manufacturing ERP Made2Manage Edition
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Your Guide to Top Financial Management Software, March 2024
Software Advice uses reviews from real software users to highlight the top-rated Financial Management products in North America.
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“Usability” includes user ratings for Functionality and Ease of Use.
“Customer Satisfaction” includes user ratings for Customer Support, Likelihood to Recommend and Value for Money.
Reviews analysis period: The reviews analysis period spans two years and ends the 15th of the month prior to publication.
Buyers Guide
This detailed guide will help you find and buy the right financial management systems software for you and your business.
Last Updated on January 27, 2025I 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.
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.
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
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.
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.