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 73 products) GET THE IN-DEPTH REPORT
FinancialForce can accommodate the most diverse and complex financial needs. The perfect complement to Salesforce CRM, it brings back office data to the front, allowing companies to align sales, services and finance on a single cloud. It includes advances like a single ledger design and a multidimensional chart of accounts, which give you real-time business intelligence and help shorten period close cycles.
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.
CircleCI was founded in 2011 with the mission of giving every developer state of the art automated testing and continuous integration tools.CircleCI gives you all the benefits of continuous integration with none of the headaches of maintaining it.CircleCI automatically infers how to run your Ruby, Node, Python and Java tests. You can customize any step, or set up your test steps manually for PHP or other languages.
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.
Open Systems offers you complete ERP software with a fully-integrated accounting software to exceed all of your accounting, manufacturing, distribution and enterprise resource planning needs and everything in between.
Paychex provides pay processing and general human resource solutions for businesses of all sizes. Users can choose from four different pricing plans, all of which offer core HR and pay processing functionalities. The web-based system assists with hiring, onboarding, tax filing, benefits management, time tracking and more. Users can customize the solution to meet their specific business needs, adding only the features that they will use. This allows all users to get the best system to fit their needs, whether they be simple or complex.
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.
Balance offers full service bookkeeping and financial management. Whether it is personal or business bookkeeping, Balance has the tools to provide the most secure, efficient, customized and professional bookkeeping services
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.
DENALI FUND is a fully-integrated, affordably-priced accounting and financial management software package designed for nonprofits. With full conformance to GAAP (Generally Accepted Accounting Principles) as mandated by FASB (Financial Accounting Standards Board), DENALI FUND is particularly valuable for entities that must balance multiple fund ledgers.
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.
Sage 100 Fund Accounting is the award-winning financial management solution preferred by nonprofits and government agencies for planning and managing budgets, increasing transparency and accountability, and producing accurate reports.
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
Crossfire is a web-delivered document management and SEC filing platform that allows your finance, legal and audit teams to collaborate simultaneously in Microsoft Word on your desktops. Ensure the accuracy and consistency of your data more efficiently. File HTML and XBRL directly to the SEC from a single source document. Leverage the most experienced XBRL and financial reporting staff in the industry to complete the tagging or filing process at any time. Spend more time on what matters: analyzing the numbers.
Passport® Legal Spend Management is part of Datacert’s suite of industry-leading solutions for enterprise legal management. With more than 400 completed implementations for its extensive base of Fortune and Global Fortune 500 clients, Datacert has unparalleled e-billing and legal spend management experience and best practices expertise.
Our legal billing software includes all the functions you need to maintain lists of clients, matters, contacts, and persons related to each matter. You can perform conflict checks, generate client and matter reports and labels, keep unlimited free form notes for each client or matter, and email a client with the click of a mouse.
With Easy TimeBill attorney billing software, you can: track time, generate bills and collection letters, track matter appointments, tasks, notes and documents, all in one easy-to-use law firm billing software.
Aderant Expert is a comprehensive suite of integrated legal software applications 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
Serengeti Tracker, the industry's highest-rated and most widely used system for managing e-billing, matter management and analytics. Tracker incorporates worldwide best practices from leading law departments to increase cost control, reduce spend, and drive efficient collaboration, both internally and with outside counsel.
ProLaw is a comprehensive business management solution designed for everyone in the office. It provides a cover-all integration with Microsoft Outlook, Word, Westlaw court rules and other popular applications to help lawyers build and maintain a productive, profitable practice. Some capabilities of ProLaw include providing real-time business intelligence about the health of their firm, access and management of all important processes on the go with ProLaw Mobile or ProLaw Portal. It also addresses the entire matter lifecycle to service clients more efficiently and effectively.
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.
TyMetrix® 360° is the leading SaaS-based Enterprise Legal Management software solution that enables organizations to integrate and streamline virtually every dimension of managing legal matters, risk, and costs on a highly-configurable and secure technology framework. Using TyMetrix 360°, companies:
Eliminate the words "time-consuming" and "labor-intensive" from your invoice management vocabulary – with the SAP Invoice Management application by OpenText. Streamline your entire accounts payable (AP) operation with software that simplifies creating, managing, monitoring, and routing purchase orders and invoices.
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