Businesses worldwide focus on many things that pave the way for success, whether it be improving relationships with clients, distributors, wholesalers, and other stakeholders, planning on maximizing revenue, optimizing profits, enhancing productivity, and dealing with unforeseen market conditions. Still, all these tasks, the most crucial one, are managing its finances.
Managing Finances is an integral part; a business that manages its finances poorly can go belly-up in no time, even if it’s a profitable business. Whereas businesses that monitor their finances carefully could survive catastrophic economic downturns like COVID-19, we saw thousands of businesses closing up just a couple of years back. In contrast, some of them quadrupled their growth, and some didn’t get enough of a blow like many others.
Financial Management is a foundational practice that businesses do; in previous times, it was also known as bookkeeping; now, in the fast-paced world where everything needs to be done in seconds, Business Planning software has made even the hectic task very easy.
What is Financial Management software? How can businesses benefit from them?
Financial Management software is those products businesses use to track and save financial information of the business. They have numerous benefits that make them essential in today’s world; they are equally crucial for startups, small businesses, medium-sized companies, and multinational companies.
The key benefit of using these financial planning tools is that they help in automation; with only a few clicks, you can update the whole data, increasing productivity and efficiency. Another benefit is that these tools help in strategic planning; if you store all the information in this software, they would update profit and loss sheets and balance sheets and assist your business with critical insights that end the need for Financial Advisors or Analysts.
The other benefit of Financial Management software is that it helps make financial reports that Managers, Team Leaders, and Shareholders can look at and make necessary decisions.
Now that we know the importance of these software programs, let’s look at the best ones that could level up your financial Management and give your business an edge over competitors. There might be many out there in the market that would have claimed to provide the best financial software programs, but the ones listed below are indeed the best.
Financli
Financli is a prime money management software for all-sized businesses worldwide; it has earned its reputation as one of the finest software that offers a one-stop solution for financial planning, budgeting, cost cutting, expense management, and saving goals.
For small businesses unable to afford hefty fees, Financial Advisors on Financial Analyst offers critical insight based on numbers by using this software best for them.
The majority of Startups are prone to fail; However, there are several factors for a startup failure, but the one that has remained the most common is poor money management, which makes the use of financial software necessary for them, if they don’t want to extinct in the market early then they shouldn’t have to compromise on financial Management.
Features:
- Financial Ratio Tracking
- Sales Forecasting
- Project Evaluation
- Inventory Forecasting
- Inventory Analysis
- Asset Management Strategy
- Expense Budgeting
- Interactive Dashboard
- Financial Reports
- Loan Calculation
- Loan Scheduling
- Strategic Decisions
- Sensitivity Analysis
Top 3 Features
The most astounding and lucrative aspects of Financli are as follows:
Financial Ratio Tracking
The feature that makes the software stand out is that it helps your business monitor its financial efficiency ratios, the essential ones that help you determine business progress like liquidity ratios, profitability ratios, efficiency ratios, and market value ratios. This gives you a present business situation, but it also helps to give a view of the short-term future.
Sales Forecasting
Another great feature of this software is Sales Forecasting; for a business to thrive, it has to make grand plans today to thrive tomorrow. So sales Forecasting helps a business in knowing their future revenue, how does this help? Let me tell you, look, if you want to keep your business up and running in the future, then you need to know what would you be earning in the next quarter so that you can manage inventory orders from wholesalers and distributors, manage future expenses like electricity bills, payrolls of employees, and many more.
Project Evaluation
Businesses are lucrative projects, and avoid those projects that could take it downhill; with the feature of project evaluation, you can determine the investments needed to be made and the expected revenue. financli helps you in all of it by showing the Net Present Value of the project, Inventory Rate of Return ratio, and Return on Investment (ROI) ratio, which helps you in project evaluation and decisions like whether to start the project or not.
Pros
- Top-rated dashboard functionality features
- Scalable financial planning solution
- Easy to learn
- User-friendly interface
- Easy to use
Cons
- No Free version
Pricing
The pricing of financli software is determined by the revenue of your business; that is why it is best for startups and small businesses which generate less revenue at the initial stages of operation; as your revenue rises, the subscription fee rises
Customer support options
- Phone
Supported platforms
- Windows
- Mac OS
- LInux
- Chrome OS
- Ubuntu
- Fedora
Ratings
4.4 out of 5 rating means something, it means great services, super satisfied customer, responsive customer support, and incredible reliability which is ensured by financli. If you want to be the lucky one, then start your Financial Management with financli.
Bottomline
With its super cool features, Financli standouts as a great software to work on, many businesses in the world use it to manage their finance, and it has excellent reviews. In addition, users are delighted with its flexible, interactive, and easy-to-learn mechanism.
2. FinancialForce
FinancialForce is special software that can make it super easy for your business to do your routine financial monitoring; it has incredible features that give you every possible insight to make the best decisions for your business. Financial planning and tracking could be hectic when done manually. Also, it is very exhausting, but with Financial force, you can make this operation more fun and exciting.
Suppose you want to optimize the productivity level of the Finance team, get quarterly reports instantly, predict annual profit/loss statements and avoid human error while bookkeeping. In that case, FinancialForce is the best destination.
Before we talk about the features of this great software, we should talk about what type of businesses this software is best for; this software is best for startups and small businesses because, at the initial stage of operation, startups and small businesses can’t afford hefty fees of accountants that is where FinancialForce steps in.
Features
- Audit Trail
- Accounts Payable
- Time & Expense Management
- Accounts Receivable
- Multi-Currency/Int’l
- Depreciation
- General Ledger
- Automated Transactions
- Billing & Invoicing
- E-commerce
- Automated Billing
- Billable Hours
- Purchase Orders
- Check Printing
- Credit Card Processing
- Invoices
- Recurring Billing
- Sales Reports
- Balance Sheet
- Cash Flow Statement
- Custom Dashboard Reports
- Profit & Loss Statement
- Budgeting & Forecasts
- Vertical & Horizontal Analysis
- Business Activity Statements
- Multiple Sales Tax
- VAT
Top 3 Features
The top three features of FinancialForce include:
Unified Datasets
A Financial team might be burned out after making spreadsheets over and over again; crunching numbers isn’t an easy job; that is why FinancialForce provides a unified data storage platform for your business where an update on a single document can make changes in others, too not only this but all the relevant documents are kept in one place safe and secure so that moving from folder to folder spending hours just for the sake of one file.
Forecasting Engine
For a business to be better, it must frame a better plan for its future growth; with the forecasting engine of FinancialForce, you can quickly draft future strategies for your business; by creating What-if scenarios, you can make future budgets with ease. One of the standard practices that businesses do is requesting loans from Banks.
These could be later used to gain capital equipment. Financial institutions like banks would not only look at the present situation and standing of the business, but they can also request yearly forecasts. This feature can help you give Banks a clear image of your future.
Enterprise-Wide Collaboration
Managing finance is not just for finance departments; more or less, every department is connected with Financial Management; the marketing department wants to know the next marketing budget the Finance department would be offering. The Finance department would be closely working with the Sales department to communicate Sales/Revenue goals.
The logistics team would get to know about the purchase budget so that they can make offers and negotiate purchases with distributors and wholesalers; with the feature of enterprise-wide collaboration, there would be less time wasted in lengthy discussions, and each department would get a quick update of the internal financial standing of the firm.
Pros
- Easy to use
- Highly customizable
- Easy integration
Cons
- Limitations in exporting projects to Excel
- Subject to user error
Pricing:
- Sales Users: $10/Monthly
- Executive Users: $125/Monthly
- Core: $175/Monthly
Customer support options
- Phone
Supported platforms
- Windows
- Mac OS
- LInux
- Chrome OS
- Ubuntu
- Fedora
Ratings
FinancialForce has received 4.1 rating out of 5, it has been one of the top Financial assistance platforms, and with its new updates it keeps getting better.
Bottomline
Well, if your firm doesn’t want to compromise on the quality and quantity of the work, this software is an excellent fit for your financial Management; it is sophisticated yet easy to use. With expert recommendations and thousands of businesses currently using and benefiting from FinancialForce services, this software is excellent for tracking the monetary situation of a business.
Quickbooks
Quickbooks, the simplest and most easy-to-use software, won’t be wrong if we say that it is suitable for small and startup financial models. This software is prevalent among freelancers, small businesses, and startups expenses can be efficiently monitored by this software.
Expense tracking, Billing payments, project profitability, GST & VAT tracking, Inventory management, and Data Migration can be made in real-time with Quickbooks.
Features
- Ease of managing report
- Quick Inventory Management
- Simplified Sales Tracking
- Payroll management
- Streamlined Bank Feed
- Automated Receipt management
- Automated Payment Remainder
Top 3 Features
The top three features of Quickbooks include:
Real-Time Payment Tracker
Quickbooks allows you to have an eye on payments you made, to check whether payments are made successfully and whether some of them are remaining. You can easily access all of the info on a phone, tablet, or personal computer.
Automated Invoicing
With this feature, you can easily make invoices in no time, hence saving time; with this feature, all the invoices would be sent to your customers either individually or in bulk. Also, you can create invoices with Taxes, discounts, and shipping costs, making it easier for you to create accurate numbers in the easiest way possible.
Professional Invoices
Quickbooks also helps your business in creating a professional invoice that can include your firm’s logo; this makes your firm look more professional, and personalizing invoices also makes you create a special connection with your business partners, employees, and others.
Pros
- Easy to use
- Customisable
- Tax Calculation along with payments
Cons
- Slow customer support
- It is expensive for a sole business owner
Pricing
- Simple Start: $20/Monthly
- Essential: $40/Monthly
- Plus: $70/Monthly
- Advanced; $150/Monthly
Customer support options
- Phone
Supported platforms
- Windows
- Mac OS
- LInux
- Chrome OS
- Ubuntu
- Fedora
Ratings
With its satisfactory performance and advanced features Quickbook has a rating of 4.0 out of 5, it has been people’s favorite since its launch.
Bottomline
Quickbooks has one of the best platforms to deal with the issue related to Financial Management if you want to excel in money management and get every update on your finance.
Tiller
Tiller is one of the prominent software for spreadsheet management, within just minutes you can update tons of work. Improve your performance, productivity, and financial management with tiller.
Financial management can be boring at times, but with tiller everything is exciting because it has marvelous features, let’s have a look at it.
Features
- Customizable
- Ads-Free
- Open Banking
- One tiller account for MS Excel and Google
- High quality cyber security
- Exciting Templates
- Notifications
- Custom Rules
- Automation
Top 3 Features
Automation
The feature of automation helps you in saving precious time, you don’t have to hustle hard in manually adding each transaction the software would do it perfectly as you desired, giving error free results each and every time.
Setting Your Own Rules
Different companies have different definitions of a lucrative deal and tiller respects that, that’s why you can create your own rules to measure the profitability of a deal and make a decision to approve, negotiate or reject it.
Setting your rules can also help you with measuring the current financial situation of your business.
Notification & Mails
Each and every business transaction is crucial, with the feature of notification you can easily receive latest emails daily on which transactions and whether you are missing out one. This helps in avoidance of bad debts, and ensures that every of your customers clear their bill.
Pros
- Affordable
- Good for budgeting
Cons
- Steep learning curve
Pricing
- Monthly: $6.58
- Annually: $79
Customer Support Options
- Phone
Supported Platforms
- Windows
- Mac OS
- LInux
- Chrome OS
Ratings
Tiller has received 4.0 out of 5, it has excellent features that has attracted many businesses to make it their financial management software and it has retained all of its previous customers credited to its great credibility.
Bottomline
Financial Management with tiller has been amazing for many entrepreneurs and business owners, what is stopping you from making the best use of this resource. Start your free trial now and you couldn’t help yourself from using it, and eventually getting addicted to it.
Final Verdict
Of all the software we have gone through, the one that stands as the best for all-round performance is Financli, we look through the automation efficiency, inventory management, and extensive reviews on not just business owners, but a wide board of Accountants, Finance Managers, Bankers, and many other all of them have concluded that this software is near to perfect in terms of features offered, ease of pricing compared to other software, interactiveness in terms of user interface and user experience.
Our responsibility was to give detailed info about the best financial software in the market, and now you have it, hope it helps you frame a better decision.
