Financial Management Software Buyer's Guide
Comparing Financial Performance Management Software
As a component of enterprise resource planning (ERP) systems, financial performance management software (FPMS) is a major resource for the modern business. Companies of all sizes are using financial performance management software packages to try to analyze everything from profits to product expenses, and to build a more detailed financial view of operations.
What is Financial Performance Management Software?
Essentially, financial performance management software is the software that companies use to chart a financial course for the business, and to keep financial data safe and accessible. Aspects of financial performance management software involve budgeting software, software for ledger systems, asset management software, and other kinds of financial handling software solutions.
In the context of the ERP software world, financial performance management software fills the role of identifying and working with the global financial data that's built by transactional models as the business operates.
Why Do Businesses Need Financial Performance Management Software?
Companies need financial performance management software in order to figure out the financial health of the company, and to consider how specific operations or departments contribute to either profit or loss. They also need financial performance management software to keep financial data in order, and to maintain it for various legal and tax purposes. While financial performance management software provides compliance with industry standards, it also provides key insights into how companies are using their resources to generate profit.
Companies use financial performance management software to:
- accomplish budgeting goals
- isolate costs for specific cost centers
- identify areas for financial improvement
- utilize reports and metrics in a transparent way
- keep track of assets and their financial impact on the business
- manage customer accounts
Advantages and Benefits of Financial Performance Management Software
One of the biggest advantages of financial performance management software is its ability to affect more agile financial management, so that companies are confident about the money that they spend and the money that they take in.
Revenue handling tools provide clear, visual insights that executives can use to make sound financial decisions. They can tell leadership a lot about a company and what's going on inside any segment of that enterprise, and how it relates to overall financial health and profitability.
Another benefit of financial performance management software is security. When combined with a practical security platform and tools, financial performance management software systems help to keep financial data safe and guard it from illegitimate access.
Financial performance management software also helps with transparency for e-discovery. Having an auditable system helps businesses in key ways. It helps them to accommodate outside inspectors from government agencies or other sources. It helps the company to confidently reveal financial details, knowing that it is in good financial health, and that leaders have planned well for the kinds of operations that are going to cost money to maintain over time.
Each type of financial performance management software has its own features and functionality. Selecthub can help busy professionals to do apples-to-apples comparisons of financial performance management software systems and choose accordingly.
Features of Financial Performance Management Software
Shoppers who are looking for financial performance management software solutions for a business can look for various key features to choose the best software packages.
Corporate Performance Tracking Resources
One of the key areas of functionality for financial performance management software is the provision of analytical resources related to the company's finances.
Look for tools that include visual dashboards to show isolated costs, and to provide background information on product or process histories. This is the way that decision-makers use this type of financial software to investigate market demands and otherwise keep the company afloat.
Product and Operation Profitability
Specific profitability tools will look at the products and services that a company sends to market, and evaluate whether they are making money for the company. By looking at the big picture, these decision support software products can parse the details on whether product costs are outweighing profits, or how products and services could be altered to provide bigger profit margins.
Other features of financial performance management software packages involve the consideration of how a company pays its bills and takes in its revenues. These tools may include things like invoice factoring resources, pro forma invoicing tools, or tools that evaluate aged accounts in detail. These types of collections tools are especially critical for businesses that face long collection times, or have high numbers of aged accounts in their systems.
Financial performance management software systems should be made to be interoperable with other aspects of enterprise resource planning architectures. They should integrate with customer relationship management tools and other kinds of ERP software. With a thriving IT network composed of various analytical products, the company can drive more business intelligence to help make better and more informed decisions about the future.
A Track Record
Audit tools, again, contribute to transparency. The best systems have clear and demonstrable audit properties that can give business leaders peace of mind about inquiries and inspections by outside auditors.
Working with Future Technologies
Financial performance management software ledger tools can also be used to innovate within a business. An excellent example is the Blockchain ledger system that is now driving a lot of experimentation in corporate offices. As a digital ledger tool, Blockchain is becoming popular with financial institutions. Where FPMS tools are made to be interoperable with new technologies such as Blockchain, a company can get more power out of these suites of products.
Questions to keep in mind when purchasing financial performance management software:
- Is it easy to implement?
- Is it going to require a lot of legacy migration?
- Does it interface with new financial technologies?
- What does the service level agreement look like for the software?
- What kinds of support and training is the vendor willing to provide?
- Who are the core sets of users and how are they to be supported?
- What is the pricing model and what are the pricing options?
- What are the logistics of deployment and installation in the office?
- How many departments will be using the software package?
Top 10 Financial Management Software Leaders by Analyst Rating(of 57 products) GET THE IN-DEPTH REPORT
Vena’s financial planning and analysis feature connects Excel spreadsheets, templates and models to one central database operated by a workflow engine. It provides accurate calculations, strong data modeling and a controlled environment. Excel and other traditional spreadsheet tools have intense IT consulting, high cost of ownership and lack of auditability.All spreadsheets come with real-time updates to guarantee your team has the latest versions of their work at all times, and the capability to roll back to previous versions to view and analyze changes over time. Insightful analysis ensures smarter and faster decision making.
Adaptive Insights enables users to manage their finances and to more accurately plan for future needs through a range of sophisticated modeling features. It can pull source data from other software systems to ensure that insights are accurate and remain up-to-date. KPIs can be visualized, and reports can be shared among different users as well.Drill-down capabilities are available so that users can get more insight into what data means. Employees can also look at the historical values that data cells have had so that when source data changes are made, they can see how insights were affected.
Expensify is Accounting-related software accessible to businesses as a web-based service (also called, "web application" or "software-as-a-service (SaaS)") through a monthly subscription. Expensify is a member of The Small Business Web, a loose coalition of independent web-based Software as a Service companies that provide services to small businesses. The software offered by the participating companies, some of whom compete with one-another, all utilize open APIs and are intended to integrate information and workflow data seamlessly among the various products
Easy online accounting to organize your finances in one place: QuickBooks puts the things you need most all in one place. Easily do invoicing, accept payments, track expenses, and stay on top of bookkeeping for tax time.
PeopleSoft is an end-to-end solution that automates and streamlines the supply chain and centralizes global transactions. It is suited for all industries and businesses of different sizes. It comes available as on-premise or cloud deployment. Oracle acquired PeopleSoft in 2004.
Traverse Software by Open Systems Adaptable Solutions (OSAS) comes with accounting, distribution, manufacturing and reporting functionalities to streamline business operations. It adapts without adjusting the source code, studies complex data for smarter business choices, provides accurate insights to finance new business opportunities and extends robust reporting.Accounts receivable and payable, bank reconciliation, inventory, warehouse management, bill of materials (BOM), requirements planning, and interactive views are some of its top features.
SAP ERP supports a variety of workflows, such as financial management, order management, human resources and production management. These elements are centralized in one location, making it easier to glean statistical insights and to share information across departments without miscommunication. Deployment is available both on-premise and through the cloud, making it an efficient option for businesses with various needs.Automation, data visualization, human resources management and budget development are some of the key features included. These elements can help organizations improve productivity and boost revenue.
An industry-leading accounting software application of choice, the ASG Financial Management System offers payroll processing, manufacturing, distribution and job project cost accounting functions such as General Ledger, Accounts Receivable, Payable and many more. This product offers true value in an accounting software application targeted to the small and mid-sized business market.
AccuFund for Government is a fund accounting suite designed specifically for government entities including municipalities (towns and cities), counties and special districts. AccuFund provides the simplicity of off-the-shelf Windows products with the functionality required to effectively manage the complex GASB reporting requirements of these cities, towns, counties and other governments.
Financial Edge is a cloud based comprehensive, purpose-built fund accounting software for nonprofits. It can suffice the unique needs of nonprofits, delivering a whole new level of performance and accessibility.
The FlexiFinancials suite consists of financial accounting modules that can operate independently or seamlessly integrated with each other or other applications. The FlexiFinancials suite was designed to handle the needs of the mid-market and is easily scalable to meet the unique requirements of global enterprise organizations requiring multi-currency and multi-company capabilities.
For 20 years… the best value in fund accounting software. Nonprofits use FUND E-Z to create and track budgets for multiple funds, programs, projects, grants, funding sources, and departments. FUND E-Z is fiscal year independent, with custom report creation capabilities. Nonprofits can properly demonstrate accountability across the board, with fundraising integration, and satisfaction of cost reporting requirements.
Infor CloudSuite Financials is a cloud accounting ERP that works with Amazon Web Services (AWS) and Infor OS, enabling businesses to experience the latest advancements in enterprise functionality such as artificial intelligence (AI). AI enables users to keep up with updates, diminish the total cost ownership and capital investment and equalize analytics to make better business decisions.Global general ledger, close management, receivables and billing, cash management, reconciliation management and asset accounting are some of its idiosyncrasies.
Epicor's Accounting aids users in scaling their business as well as meeting all of their accounting needs and staying true to Epicor's mission of driving growth for its clients and practicing the values of teamwork, passion, excellence, innovation, service and integrity. Core financial management (i.e., general ledger, accounts payable and accounts receivable), reporting, global business management and payment processing are some of its quintessential attributes.
Aderant Expert is a comprehensive suite of integrated legal PSA tools that helps law and professional services firms better serve their clients, manage their operations and maximize their profitability. It helps in managing operations across your entire firm and support key decision making with a comprehensive, agile and user-friendly financial and practice management system
Manage all of your matters, spend and risk from one central information repository and get control over the key elements that drive legal department results and outcomes. CounselLink is a comprehensive Enterprise Legal Management solution that encompasses three separate, but integrated offerings for Matter Management, Legal Spend Management and Legal Hold requirements.
The DocVue e-invoicing solution is a fully automated invoice processing solution that delivers efficient, cost-effective, and timely processing of AP transactions. Leveraging electronic document capture, best-practice workflows, repository management and unparalleled ERP system integration, DocVue e-invoicing enables organizations to: Improve efficiency, Reduce costs and Streamline processes
Dolphin’s approach to Accounts Payable automation and optimization takes significant time and cost out of the Accounts Payable process while providing several options for a truly unique solution that addresses your specific business situation.
A Web Based Electronic Invoice Management Solution for Oil and Gas Companies: APNexus automates your invoice payment workflow and provides a real-time view of your working cash flow. Take advantage of early payment discounts by speeding up your A/P cycle time!
The Acumatica ERP Financial Management Suite includes a core set of financial modules used by almost every organization. Acumatica financials are designed for companies with complex requirements, yet are easy to use in smaller organizations, who may have fewer ERP financial management system requirements. The modules in the Financial Management Suite are integrated with each other and also with the other Acumatica suites. The program was acquired by EQT Partners, the investment firm that owns IFS AB, in June 2019. The companies remain separate, but benefit from shared resources and capabilities that improve functionality.
Epicor financial management is designed to automate and streamline your financial processes with tools and controls to support complex legislative requirements and create value through timely financial monitoring, including: Accounts receivable, lockbox, credit and collections management; Accounts payable, electronic funds transfer, automated order matching; General ledger, allocations, consolidations and eliminations; Cash management, bank reconciliation, and statement interfaces; Payroll, fixed asset, and tax management; Budgeting, forecasting, and planning
Workday Financial Management goes beyond the basics of accounting and focuses on speed, agility, cost, and insights. Delivered in the cloud, this suite of unified applications includes a full range of finance and accounting capabilities, real-time business insights, and fully auditable process management.
Oracle Financials Cloud offers in-depth modern financial management applications and tools that easily integrate and scale as your business grows. This software gives companies real-time insight to minimize costs and increase productivity. Capabilities of this software include collections overview, quick receivables, expense report generation and an accounting hub. -
In today's competitive world, for any organization, sound financial planning and management is very important to ensure sustained growth and good health of business. For enabling this, you need to have an end-to-end view of your business finances. Ramco Finance Accounting helps you to achieve all this and a lot more. The solution can help transform your hitherto administrative financial tasks into well-synchronized processes to enable the best possible financial supply chain management.
Empower your finance organization to thrive in the face of sustained market volatility – with best-in-class financial management and accounting software from SAP. Streamline your financial processes to efficiently meet the demands of complex compliance regulations, growing pressure on margins, and diligent CFOs and managers who need instant financial insights 24/7.
Whether in the private, public or third sector, Advanced have a finance solution to suit your requirements. We offer a wealth of sector expertise and best-of-breed finance software solutions that can help organisations from any sector take full control of their financial management activities.
Cayenta's Financial Management application is a completely integrated suite of software applications designed to help save time and money by supporting the day-to-day tracking of budgets, funds and encumbrances in the local government and utilities environments. Its a modular, position-oriented payroll processing and human resource management application, and is completely controlled by user-defined tables. The system provides solutions that are unique to public sector needs.
TOTVS offer specialized solutions for the fields of investments, credit, cards and core banking, from the business environment to accounting and the operational area, going through managing and compliance control. Besides ERP, the portfolio offers consulting and services, which contribute to the management of financial institutions in a significant way.
SIMS Financial Management System (FMS) enables your school to manage key financial processes with an integrated double-entry accounting system. SIMS FMS ensures your school’s funding and resources are put to the best possible use and provides a comprehensive overview of your school’s finances. SIMS FMS is also ICAEW accredited*.
Arrow Financials consists of 11 modules and 9 options, (optional add-ons). Organisations can select the modules and add-ons that best meet their needs, so they have an accounting solution that is customised to meet their business needs.
BlackLine is a robust financial management solution that enables organizations to automate processes such as reconciliation. It’s well-suited for businesses in a wide range of industries and contains automation, visibility and consolidation features.Transaction matching, task management and variance analysis are included and can help streamline operations. By centralizing information, productivity can be increased and manual errors can be reduced.
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