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PayPal is a digital payment platform that enables businesses and individuals to pay and accept payments through an online portal without revealing any financial details. The solution is suitable for businesses of all sizes. P...Read more about PayPal

Quickbooks Online

QuickBooks Online enables users to download and reconcile credit card transactions that allows businesses to organize weekly timesheets and track bank deposits. What is Quickbooks Online? Quickbooks Online i...Read more about Quickbooks Online


FrontRunners 2023

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 about FreshBooks


Xero is an accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial position. As a web-based so...Read more about Xero

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Procore manages your projects, resources, and financials from project planning to closeout. The platform connects every project contributor with the owner and general or specialty contractor. The centralized dashboard allows manag...Read more about Procore


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 about Wrike


FrontRunners 2023

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 about NetSuite

QuickBooks Online Advanced

FrontRunners 2023

QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into b...Read more about QuickBooks Online Advanced


Happay is a first-of-its-kind all-in-one Integrated Solution for Corporate Travel, Expense, and Payments Management. With over 7000+ customers globally, and across industries, Happay solves complex finance use cases with precision...Read more about Happay


With Abby, an auto-entrepreneur can manage administrative procedures on a single platform, streamline the automatic calculation of contributions, and send declarations to Urssaf. The invoicing module assists with the creation of ...Read more about Abby

Sage Intacct

FrontRunners 2023

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 about Sage Intacct

CMW Platform

CMW Platform is an enterprise-ready BPM software that enable businesses of all sizes to connect teams, data and processes and manage routine business operations without coding. Both cloud-based and on-premise deployments are avail...Read more about CMW Platform


FrontRunners 2023

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 an...Read more about SAP S/4HANA Cloud

Sage 100

FrontRunners 2023

Sage 100 is a cloud-connected ERP platform (Enterprise Resource Planning) for medium-sized manufacturers, distributors, and professional service companies. Finance, budgeting, planning, inventory, supply chain, production manageme...Read more about Sage 100

SAP Business One

FrontRunners 2023

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 about SAP Business One


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 about Synder


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 enabl...Read more about TallyPrime


FrontRunners 2023

Mint is a personal finance management tool that helps users track their spending, save money and make more informed financial decisions. Mint pulls all your financial accounts into one place, so you can finally get a clear picture...Read more about Mint


Kashoo is a cloud-based accounting solution for small business owners who want the control and simplicity of doing their own books. It’s time-saving, fully customizable, and easy-to-use. It’s a great alternative to complicated acc...Read more about Kashoo


Tipalti is the world's leading finance automation solution for managing accounts payable, procurement, expenses, card, and global payments. Eliminating 80% of manual work and accelerating financial close by 25%. Tipalti allows yo...Read more about Tipalti

Buyers Guide

Last Updated: March 16, 2023

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.

  • 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.


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.


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.