--- title: "Best Financial Management Software - 2026 Reviews & Pricing" description: "Find the best Financial Management Systems for your organization. Compare top Financial Management Systems with customer reviews, pricing, and free demos." source_url: "https://www.softwareadvice.com/erp/financial-management-system-comparison/" page_type: "subcategory" language: "en" --- [Home](https://www.softwareadvice.com/) / Financial Management Software Software Advice offers objective insights based on verified user reviews and independent product and market research. When our advisors match you to a software provider, we may earn a referral fee. # Best Financial Management Software of 2026 Updated October 21, 2026 On this page 1. FrontRunners 2. Popular Comparisons 3. Buyers Guide 4. Related Software Filter products 361 results ### Compare Products Showing 1 - 25 of 361 products #### Company Size - Self-Employed - 2-10 - 11-50 - 51-200 - 201-500 - 501-1000 - 1000+ #### Pricing Options - $$$$$ - $$$$$ - $$$$$ - $$$$$ - $$$$$ ### Compare Products Sort by **Recommendations**: Sorts listings by the number of recommendations our advisors have made over the past 30 days. Our advisors assess buyers’ needs for free and only recommend products that meet buyers’ needs. Vendors pay Software Advice for these referrals. **Reviews**: Sorts listings by the number of user reviews we have published, greatest to least. **Average Rating**: Sorts listings by overall star rating based on user reviews, highest to lowest. **Alphabetically (A-Z)**: Sorts listings by product name from A to Z. ### [Epicor Eclipse](/distribution/epicor-eclipse-profile/) - Overall rating: 5/5 - Reviews: 4 - Starting price: $0.01 - Free trial: Not available - Free demo: Not available #### Overview 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 [Read more](/distribution/epicor-eclipse-profile/) #### Features ##### Best rated features - Inventory Management: 5/5 - Order Tracking: 5/5 - Receiving: 5/5 - Supplier Management: 5/5 ##### Worst rated features - Returns Management: 4/5 - Import/Export Management: 4/5 - Sales Forecasting: 4/5 - Warehouse Management: 4/5 [See all features](/distribution/epicor-eclipse-profile/#key-features) --- ### [EzPay America](/retail/ezpay-america-profile/) - Overall rating: 5/5 - Reviews: 3 - Starting price: $0.00/month - Free trial: Available - Free demo: Not available #### Overview 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 [Read more](/retail/ezpay-america-profile/) #### Pricing ##### Free Trial - Price: $0.00/month - EzPay POS would like to offer you a FREE Trial of our point of sale. This allows you to see the [See full pricing details](/retail/ezpay-america-profile/#pricing-and-plans) --- ### [Trovata ](/treasury/trovata-profile/) - Overall rating: 4.5/5 - Reviews: 25 - Starting price: $24,000.00/year - Free trial: Not available - Free demo: Not available #### Overview Trovata is an AI-native treasury management and liquidity platform that centralizes multibank connectivity, cash visibility, treasury operations, and stablecoin within a single [Read more](/treasury/trovata-profile/) #### Features ##### Best rated features - Electronic Payments: 5/5 - Accounting Integration: 5/5 - Financial Reporting: 5/5 - Transaction Monitoring: 4.7/5 ##### Worst rated features - Accounting: 1/5 [See all features](/treasury/trovata-profile/#key-features) --- ### [Raptech](/erp/raptech-profile/) - Overall rating: 3/5 - Reviews: 1 - Starting price: $99.00/year - Free trial: Available - Free demo: Not available #### Overview AI-Driven Business Process Automation Platform for SMBs Raptech is a cutting-edge, AI-powered business intelligence and automation platform purpose-built to help small and [Read more](/erp/raptech-profile/) #### Features ##### Best rated features - Inventory Management: 4/5 - Inventory Control: 4/5 - Inventory Optimization: 3/5 - Order Management: 3/5 ##### Worst rated features - Financial Reporting: 2/5 - Tax Management: 2/5 - Audit Trail: 2/5 - Product Identification: 3/5 [See all features](/erp/raptech-profile/#key-features) #### Pricing ##### Basic - Price: $99.00/year [See full pricing details](/erp/raptech-profile/#pricing-and-plans) --- ### [Acumatica Cloud ERP](/manufacturing/acumatica-manufacturing-profile/) - Overall rating: 4.4/5 - Reviews: 243 - Best for: Small businesses - Free trial: Not available - Free demo: Not available #### Overview Acumatica Cloud ERP is a comprehensive business management system. It caters to a variety of industries, such as finance, manufacturing, construction, distribution, and retail, [Read more](/manufacturing/acumatica-manufacturing-profile/) ##### What users love - Flexible customization for workflows - Robust third-party integrations support - User-friendly and intuitive interface ##### To take in mind - Significant costs for small businesses #### Features ##### Best rated features - Inventory Auditing: 5/5 - Project Accounting: 5/5 - Multi-Company: 5/5 - Manufacturing Planning: 5/5 [See all features](/manufacturing/acumatica-manufacturing-profile/#key-features) --- ### [Plaid](/financial-services/plaid-for-lending-profile/) - Overall rating: 4.4/5 - Reviews: 109 - Best for: Value for money - Free trial: Not available - Free demo: Not available #### Overview 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, [Read more](/financial-services/plaid-for-lending-profile/) #### Features ##### Best rated features - Tax Compliance: 5/5 - Multiple Authentication Methods: 5/5 - Data Verification: 5/5 - Investments Tracking: 5/5 [See all features](/financial-services/plaid-for-lending-profile/#key-features) --- ### [SAP Business ByDesign](/erp/sap-business-bydesign-profile/) - Overall rating: 4.4/5 - Reviews: 98 - Starting price: $19.00/month - Free trial: Available - Free demo: Not available #### Overview 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. [Read more](/erp/sap-business-bydesign-profile/) #### Features ##### Best rated features - HR Management: 5/5 - Catalog Management: 5/5 - Contact Database: 5/5 - Payroll Management: 5/5 ##### Worst rated features - Self-Service Reporting: 3/5 - Mobile Access: 3/5 - Employee Management: 3/5 [See all features](/erp/sap-business-bydesign-profile/#key-features) #### Pricing ##### Self-Service User - Price: $19.00/month - Various add-ons are available: - Localization Version for $857/month - Additional Test Tenant for ##### Core User - Price: $106.00/month - Various add-ons are available: - Localization Version for $857/month - Additional Test Tenant for ##### Advanced User - Price: $192.00/month - Various add-ons are available: - Localization Version for $857/month - Additional Test Tenant for [See full pricing details](/erp/sap-business-bydesign-profile/#pricing-and-plans) --- ### [Sage X3](/manufacturing/sage-x3-profile/) - Overall rating: 4.4/5 - Reviews: 171 - Best for: Ease of use - Free trial: Not available - Free demo: Not available #### Overview 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 [Read more](/manufacturing/sage-x3-profile/) #### Features ##### Best rated features - Multiple Projects: 5/5 - Serial Number Tracking: 5/5 - Cash Management: 5/5 - Supplier Management: 5/5 ##### Worst rated features - Data Visualization: 1/5 - Real-Time Reporting: 1/5 - Performance Metrics: 1/5 - Enterprise Asset Management: 1.8/5 [See all features](/manufacturing/sage-x3-profile/#key-features) --- ### [Priority Software](/manufacturing/priority-software-profile/) - Overall rating: 4.4/5 - Reviews: 61 - Free trial: Not available - Free demo: Not available #### Overview Priority Software is a global provider of business management solutions that help organizations connect finance, operations, supply chain, manufacturing, distribution, and [Read more](/manufacturing/priority-software-profile/) #### Features ##### Best rated features - Contact Management: 5/5 - Invoice History: 5/5 - Billing & Invoicing: 5/5 - Payment Processing: 5/5 [See all features](/manufacturing/priority-software-profile/#key-features) --- ### [Workday Financial Management](/accounting/workday-financial-management-profile/) - Overall rating: 4.4/5 - Reviews: 89 - Starting price: $50.00/month - Free trial: Not available - Free demo: Not available #### Overview 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, [Read more](/accounting/workday-financial-management-profile/) #### Features ##### Best rated features - Order Management: 5/5 - Cash Management: 5/5 - Visualization: 5/5 - HR Management: 5/5 [See all features](/accounting/workday-financial-management-profile/#key-features) --- ### [Multiview ERP](/accounting/multiview-enterprise-profile/) - Overall rating: 4.4/5 - Reviews: 97 - Free trial: Not available - Free demo: Not available #### Overview Multiview Financials is the flagship ERP system developed, sold, implemented, and supported by Multiview Financial Software. Multiview is designed for organizations ranging in size [Read more](/accounting/multiview-enterprise-profile/) #### Features ##### Best rated features - Supply Chain Management: 5/5 - Multi-Location: 5/5 - Chart of Accounts: 5/5 - Multiple Projects: 5/5 ##### Worst rated features - Access Controls/Permissions: 2.7/5 - Expense Claims: 3/5 - Workflow Management: 3/5 [See all features](/accounting/multiview-enterprise-profile/#key-features) --- ### [Aptean Industrial Manufacturing ERP WorkWise Edition](/manufacturing/aptean-industrial-manufacturing-erp-workwise-edition-profile/) - Overall rating: 4.1/5 - Reviews: 36 - Free trial: Not available - Free demo: Not available #### Overview Aptean Industrial Manufacturing ERP, WorkWise Edition, is a purpose-built solution designed to empower discrete and industrial manufacturers to streamline operations, boost [Read more](/manufacturing/aptean-industrial-manufacturing-erp-workwise-edition-profile/) --- ### [Financial Management Cloud](/accounting/ff-psa-profile/) - Overall rating: 4.2/5 - Reviews: 55 - Starting price: $150.00/month - Free trial: Available - Free demo: Not available #### Overview 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 [Read more](/accounting/ff-psa-profile/) #### Features ##### Best rated features - Billing & Invoicing: 5/5 - Time & Expense Tracking: 3/5 - Expense Tracking: 3/5 - Time Tracking: 1/5 [See all features](/accounting/ff-psa-profile/#key-features) #### Pricing ##### Basic - Price: $150.00/month [See full pricing details](/accounting/ff-psa-profile/#pricing-and-plans) --- ### [WinTeam](/physical-security/winteam-profile/) - Overall rating: 4.4/5 - Reviews: 123 - Starting price: $0.01/month - Best for: Customer support - Free trial: Not available - Free demo: Available #### Overview WinTeam is a cloud-based enterprise resource planning (ERP) solution, which helps janitorial and security service contractors manage the productivity of employees and handle [Read more](/physical-security/winteam-profile/) #### Features ##### Best rated features - Payroll Reporting: 5/5 - Employee Profiles: 5/5 - Cash Management: 5/5 - Employee Scheduling: 5/5 ##### Worst rated features - Task Scheduling: 1/5 [See all features](/physical-security/winteam-profile/#key-features) #### Pricing ##### Basic - Price: $0.01/month [See full pricing details](/physical-security/winteam-profile/#pricing-and-plans) --- ### [TallyPrime](/accounting/tally-profile/) - Overall rating: 4.4/5 - Reviews: 230 - Starting price: $630.00one time - Best for: Features - Free trial: Available - Free demo: Not available #### Overview TallyPrime is a business management and accounting software designed to help organizations manage essential functions such as invoicing, accounting, inventory, banking, cash and [Read more](/accounting/tally-profile/) #### Features ##### Best rated features - Cash Flow Management: 5/5 - API: 5/5 - Customer Statements: 5/5 - Bills of Material: 5/5 ##### Worst rated features - Electronic Payments: 1/5 - Cost Tracking: 2.5/5 - Accounting Integration: 2.5/5 - Automatic Billing: 2.7/5 [See all features](/accounting/tally-profile/#key-features) #### Pricing ##### TallyPrime Silver - Price: $630.00one time - Suitable for businesses that need TallyPrime on a single PC. What you get : - 1-Year Free TSS - ##### TallyPrime Gold - Price: $1,890.00one time - Perfect for businesses needing multi-user access on multiple PCs. What you get : - 1-Year Free TSS [See full pricing details](/accounting/tally-profile/#pricing-and-plans) --- ### [IFS Cloud ERP](/product/3243-IFS-Manufacturing/) - Overall rating: 3.9/5 - Reviews: 30 - Free trial: Not available - Free demo: Available #### Overview IFS Cloud is a composable enterprise software platform unifying Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), and Field Service Management (FSM) in a [Read more](/product/3243-IFS-Manufacturing/) #### Features ##### Best rated features - Preventive Maintenance: 5/5 - Reporting/Analytics: 4.7/5 - Time & Expense Tracking: 4.7/5 - Task Scheduling: 4.5/5 ##### Worst rated features - Supply Chain Management: 1/5 - Project Management: 4/5 - Work Order Management: 4/5 [See all features](/product/3243-IFS-Manufacturing/#key-features) #### Pricing ##### Basic - Price: Custom - Pricing available upon request [See full pricing details](/product/3243-IFS-Manufacturing/#pricing-and-plans) --- ### [Wrike](/project-management/wrike-profile/) - Overall rating: 4.4/5 - Reviews: 3,044 - Starting price: $10.00/month - Best for: Mid-size businesses - Free trial: Available - Free demo: Not available #### Overview Wrike is the trusted work delivery platform where AI extends what people can accomplish. By centralizing all work in one governed, context-rich environment, Wrike helps [Read more](/project-management/wrike-profile/) ##### What users love - Centralized project organization tools - Unified workspace for teamwork - Flexible coordination across teams ##### To take in mind - Feature overload and complexity - Cluttered and unintuitive interface - Expensive for smaller teams #### Features ##### Best rated features - IT Reporting: 5/5 - Color Codes/Icons: 5/5 - Template Management: 5/5 - Dashboard: 5/5 [See all features](/project-management/wrike-profile/#key-features) #### Pricing ##### Team - Price: $10.00/month - Intelligent project management ##### Business - Price: $25.00/month - Customizable platform to manage your workflows ##### Pinnacle - Price: Custom - Pricing available upon request - Built for complex workflows [See full pricing details](/project-management/wrike-profile/#pricing-and-plans) --- ### [SAP S/4HANA Cloud](/accounting/sap-s-4hana-cloud-profile/) - Overall rating: 4.3/5 - Reviews: 358 - Best for: Enterprise businesses - Free trial: Available - Free demo: Not available #### Overview 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 [Read more](/accounting/sap-s-4hana-cloud-profile/) ##### What users love - Robust real-time data handling - Versatile business system connectivity - Comprehensive financial process automation ##### To take in mind - Challenging and unintuitive interface - Steep learning and onboarding demands - Occasional lag and slow response #### Features ##### Best rated features - Dashboard: 5/5 - Enterprise Asset Management: 5/5 - Portfolio Management: 5/5 - Integrated Business Operations: 5/5 ##### Worst rated features - BOM Creation: 2.3/5 - Distribution Management: 4/5 - Cost Tracking: 4/5 - Collaboration Tools: 4/5 [See all features](/accounting/sap-s-4hana-cloud-profile/#key-features) #### Pricing ##### Plan - Price: Custom - Pricing available upon request - Pricing not available [See full pricing details](/accounting/sap-s-4hana-cloud-profile/#pricing-and-plans) --- ### [MYOB Acumatica](/revenue-management/myob-advanced-profile/) - Overall rating: 4.1/5 - Reviews: 77 - Free trial: Available - Free demo: Not available #### Overview MYOB Acumatica is Australia & New Zealand's #1 all-in-one cloud enterprise resource planning (ERP) solution. This customizable ERP system provides real-time visibility and control [Read more](/revenue-management/myob-advanced-profile/) #### Features ##### Best rated features - Dashboard: 5/5 - Accounting Integration: 5/5 - Inventory Tracking: 5/5 - Cost-to-Completion Tracking: 5/5 [See all features](/revenue-management/myob-advanced-profile/#key-features) #### Pricing ##### Basic - Price: Custom - Pricing available upon request [See full pricing details](/revenue-management/myob-advanced-profile/#pricing-and-plans) --- ### [Deltek Maconomy](/accounting/deltek-maconomy-profile/) - Overall rating: 3.9/5 - Reviews: 60 - Starting price: $100,000.00 - Free trial: Not available - Free demo: Not available #### Overview Deltek Maconomy is an AI powered ERP built for global professional services firms that need complete control over projects, people, and profitability. It unifies project [Read more](/accounting/deltek-maconomy-profile/) #### Features ##### Best rated features - Multi-Department/Project: 5/5 - Employee Management: 5/5 - Bank Reconciliation: 5/5 - Audit Trail: 4/5 ##### Worst rated features - Budget Management: 2/5 - Financial Management: 2/5 - Mobile App: 4/5 - Compliance Management: 4/5 [See all features](/accounting/deltek-maconomy-profile/#key-features) --- ### [Sage Intacct](/accounting/intacct-accounting-profile/) - Overall rating: 4.3/5 - Reviews: 718 - Best for: On the rise - Free trial: Not available - Free demo: Not available #### Overview Sage Intacct operates within the Sage Business Cloud portfolio as a comprehensive cloud-based financial management software, expertly designed to bring rich financial and [Read more](/accounting/intacct-accounting-profile/) ##### What users love - User-friendly and intuitive interface - Comprehensive accounting functionality - Robust, customizable reporting capabilities ##### To take in mind - Complex and inflexible report customization - Slow and unresponsive support experience - Expensive and rising costs #### Features ##### Best rated features - Quotes/Estimates: 5/5 - For Nonprofits: 5/5 - Vendor Management: 5/5 - Customer Statements: 5/5 [See all features](/accounting/intacct-accounting-profile/#key-features) --- ### [Epicor Prophet 21](/product/521541-Epicor-Prophet-21/) - Overall rating: 3.9/5 - Reviews: 90 - Free trial: Not available - Free demo: Not available #### Overview Prophet 21 gives distributors real-time inventory insights to always know what's in stock and available to promise customers. The automatic forecast engine leverages machine [Read more](/product/521541-Epicor-Prophet-21/) #### Features ##### Best rated features - Real-Time Data: 5/5 - Access Controls/Permissions: 5/5 - Serial Number Tracking: 5/5 - Order Tracking: 4.5/5 ##### Worst rated features - Invoice Management: 1/5 - Cash Management: 1/5 - Bank Reconciliation: 1/5 - Product Identification: 4/5 [See all features](/product/521541-Epicor-Prophet-21/#key-features) --- ### [SAP Business One](/accounting/sap-business-one-profile/) - Overall rating: 4.3/5 - Reviews: 346 - Best for: Small businesses - Free trial: Not available - Free demo: Not available #### Overview SAP Business One is a modular and integrated enterprise resource planning (ERP) solution. This platform integrates financials, CRM, inventory, sales and operations management [Read more](/accounting/sap-business-one-profile/) ##### What users love - Comprehensive inventory control tools - Tailored for SMB growth needs - Flexible integration and customization ##### To take in mind - Significant costs and licensing fees - Outdated and unintuitive interface - Frequent slowdowns and crashes #### Features ##### Best rated features - Quotes/Estimates: 5/5 - Activity Tracking: 5/5 - Production Management: 5/5 - Financial Analysis: 5/5 [See all features](/accounting/sap-business-one-profile/#key-features) --- ### [NetSuite](/accounting/netsuite-financials-accounting-software-profile/) - Overall rating: 4.2/5 - Reviews: 2,081 - Best for: Popular - Free trial: Not available - Free demo: Not available #### Overview NetSuite is an AI-powered cloud-based business management suite that incorporates ERP, financial management, CRM and eCommerce functionalities into a unified platform, helping [Read more](/accounting/netsuite-financials-accounting-software-profile/) ##### What users love - Deep system tailoring options - Comprehensive and scalable functionality - Centralized financial operations platform ##### To take in mind - Steep learning curve and complexity - Complex and rigid reporting tools - Slow and inconsistent support experience #### Features ##### Best rated features - "What If" Scenarios: 5/5 - Aging Tracking: 5/5 - Vendor Master Data Management: 5/5 - Import/Export Management: 5/5 [See all features](/accounting/netsuite-financials-accounting-software-profile/#key-features) --- ### [M1 ERP](/manufacturing/m1-erp-profile/) - Overall rating: 3.8/5 - Reviews: 103 - Starting price: $5,000.00 - Free trial: Not available - Free demo: Not available #### Overview 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 [Read more](/manufacturing/m1-erp-profile/) #### Features ##### Best rated features - Warehouse Management: 5/5 - Estimating: 5/5 - Bills of Material: 5/5 - Data Import/Export: 5/5 [See all features](/manufacturing/m1-erp-profile/#key-features) --- 1 [2](https://www.softwareadvice.com/erp/financial-management-system-comparison/?__ai_markdown=true&page=2)[3](https://www.softwareadvice.com/erp/financial-management-system-comparison/?__ai_markdown=true&page=3)[4](https://www.softwareadvice.com/erp/financial-management-system-comparison/?__ai_markdown=true&page=4)[5](https://www.softwareadvice.com/erp/financial-management-system-comparison/?__ai_markdown=true&page=5) ... [15](https://www.softwareadvice.com/erp/financial-management-system-comparison/?__ai_markdown=true&page=15) ## Popular Comparisons [ QuickBooks Online vs PayPal ](https://www.softwareadvice.com/compare/104664-paypal/vs/393202-QuickBooks-Online/)[ Abby vs FreshBooks ](https://www.softwareadvice.com/cpq/abby-profile/vs/freshbooks/)[ NetSuite vs Xero ](https://www.softwareadvice.com/accounting/netsuite-financials-accounting-software-profile/vs/xero/)[ Wrike vs CMW Platform ](https://www.softwareadvice.com/erp/cmw-tracker-profile/vs/wrike/)[ Sage Intacct vs Sage 100 ](https://www.softwareadvice.com/accounting/intacct-accounting-profile/vs/sage-100cloud/) ## Your Guide to Top Financial Management Software, March 2025 Software Advice uses reviews from real software users to highlight the top-rated Financial Management products in North America. [Learn how products are chosen](https://www.softwareadvice.com/legal-page/frontrunners-methodology/) #### Explore FrontRunners - [Acumatica Cloud ERP](https://www.softwareadvice.com/manufacturing/acumatica-manufacturing-profile/) - [Agicap](https://www.softwareadvice.com/accounting/agicap-profile/) - Center Expense - [Cube](https://www.softwareadvice.com/product/238885-Cube/) - [D&B Finance Analytics](https://www.softwareadvice.com/erp/dandb-credit-profile/) - [FloQast](https://www.softwareadvice.com/accounting/floqast-profile/) - [FreshBooks](https://www.softwareadvice.com/accounting/freshbooks-profile/) - [Lucanet](https://www.softwareadvice.com/erp/lucanet-world-profile/) - [Mosaic](https://www.softwareadvice.com/product/191104-Mosaic/) - [Multiview ERP](https://www.softwareadvice.com/accounting/multiview-enterprise-profile/) - [NetSuite](https://www.softwareadvice.com/accounting/netsuite-financials-accounting-software-profile/) - [QuickBooks Online](https://www.softwareadvice.com/product/393202-QuickBooks-Online/) - [Sage 100](https://www.softwareadvice.com/distribution/sage-100cloud-profile/) - [Sage Intacct](https://www.softwareadvice.com/accounting/intacct-accounting-profile/) - [Sage X3](https://www.softwareadvice.com/manufacturing/sage-x3-profile/) - [SAP Business ByDesign](https://www.softwareadvice.com/erp/sap-business-bydesign-profile/) - [SAP Business One](https://www.softwareadvice.com/accounting/sap-business-one-profile/) - [SAP S/4HANA Cloud](https://www.softwareadvice.com/accounting/sap-s-4hana-cloud-profile/) - [TallyPrime](https://www.softwareadvice.com/accounting/tally-profile/) - [Workday Adaptive Planning](https://www.softwareadvice.com/nonprofit/workday-adaptive-planning-profile/) - [Xero](https://www.softwareadvice.com/accounting/xero-profile/) “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. 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](https://www.softwareadvice.com/accounting/) 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?](#WhatIsaFinancialManagementSystem) [How Do Financial Management Systems Fit Into ERP Software?](#HowDoFinancialManagementSystemsFitIntoERPSoftware) [Common Features of Financial Management Systems](#CommonFeaturesofFinancialManagementSystems) [Benefits of Financial Management Systems](#BenefitsofFinancialManagementSystems) ## 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](https://www.softwareadvice.com/erp/) (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](https://www.softwareadvice.com/resources/erp-avoid-implementation-failure/) 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: | Feature | Description | | --- | --- | | 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. ### Related Financial Management Software - [Accounting Software](https://www.softwareadvice.com/accounting/) - [Billing and Invoicing Software](https://www.softwareadvice.com/accounting/billing-invoicing-software-comparison/) - [Budgeting Software](https://www.softwareadvice.com/accounting/budgeting-forecasting-software-comparison/) - [Financial Reporting Software](https://www.softwareadvice.com/accounting/financial-reporting-comparison/) - [Financial Risk Management Software](https://www.softwareadvice.com/financial-risk-management/) - [Financial Services Software](https://www.softwareadvice.com/financial-services/) - [Fund Accounting Software](https://www.softwareadvice.com/accounting/fund-accounting-software-comparison/) - [Revenue Management Software](https://www.softwareadvice.com/revenue-management/)