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32 Best Financial Management Software in 2020

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Monarch M-FAT (Monarch's Financial Accounting Tools)
Nidhi Software
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IDOS - Accounting and Finance Software
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Last Updated on : 29 Oct, 2020

Buyer's Guide for Top Financial Management Software

Found our list of Financial Management Software helpful? We’re here to help you make the right choice and automate your business processes. Let’s discover some of the essential factors that you must consider to make a smarter decision!

What is Financial Management System Software?

Financial management software is also known as money management software. The financial management system software is a solution that every organization needs to oversee its expenses and income in order to maximize profits and maintain a sustainable income. It can also handle all the financial assets of an organization and personal. It further helps in coordinating income and expense statements along with maintaining accurate balance sheets.

Modules Of Financial Management System Software

Fixed Asset Management Solution

The fixed asset management module is used to manage all the asset management life cycles. The product life cycle includes maintenance, procurement, disposal and retirement.

Investment Management Solution

Investment management software module helps investors and law firms and all other financial institutions to manage shares. They can also analyze the data using what-if analysis technique.

Loan Management Solution

With the loan management software module, one can lend loans to micro, P2P (peer to peer lending) and retail businesses. Serving, underwriting and collection can be done with the loan management module as well.

Stock Market Solution

This module of a stock market solution is used for simulation of the stock market and the analysis of market fluctuation. One can also design an investment plan and stock trading based on market fluctuations.

Banking Solution

The banking software module is used in the banking industry to manage various financial products. It helps with functions ranging from general ledger to accounts receivable and accounts payable functions.

Insurance Management Solution

This Insurance management solution of the financial management system modules helps health insurance companies grow their businesses by automating operations using specialized processes for CRM and marketing.

There are three main types of financial management solutions

Personal Financial accounting
Managerial accounting
Business/Corporate finance

Personal Financial Accounting

This personal financial management software provides balance sheets, income statements and cash flow statements. These statements can be given to investors, creditors and tax authorities. These reports enable decision-makers to make the right business-related decisions.

Managerial Accounting

This system provides all kinds of information related to businesses and individuals. This information can be used for internal use and one can get data according to their own needs.

Corporate Finance

Corporate finance is a type of financial management system which includes analysis, budgeting, and forecasting, create all kinds of reports, This business/corporate financial management software basically provides a road map or plans for a company’s future activities.

Main Features of Financial Management Systems

1. Automation of End-to-End Accounting Processes

Financial management solution applications can streamline all administrative processes like accounting (accounts receivable and account payable), payroll, cash flow systems and general ledgers.

2. Supporting Financial Processes

With a financial management software package, the companies can have the technology they need. Technologies like multiple currency support, conversions, and guidelines can be taken care with the help of this software. This application is used to coordinate with multiple departments in a better way. You can improve process execution and manage every financial task with the help of financial management software.

3. Forecasting and Planning

Using financial management software can increase the ability to predict the patterns and trends that would occur in the future. Patterns can be predicted in the field of revenue, income and expenses. Money management system software can help analyze market conditions, which in turn helps in making strategic plans more accurately.

4. Cash Flow Management

Tracking cash flow is a necessary step as it helps monitor the way funds are actually spent. Financial management software can allocate budgets and consolidate other cash-flow related tasks. It provides real-time reports related to cash flow status and transactions

5. Advanced Reporting and Analysis

Create easy and accurate balance sheets with enterprise financial management software. Statements for profit and loss and budget allocations can also be generated with the help of this software. Now one can create custom reports according to their own needs to get an in-depth analysis of the financial status of a business.

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Financial Management Software FAQs

Q1 - Check free financial management software.

Find the best examples of open source free financial management software for managing your personal and business cash/money.

ADempiere money management
Apache OFBiz cash management solution
Compiere personal money management software
GnuCash management system
Front Accounting
LedgerSMB
OpenBravo
PostBooks

Q2 - Best money management system software

Given below is the list of the best money management system software available in the market:

Q3 - Which is personal finance management software?

Deciding the best software for any business is very subjective. The best personal financial accounting software depends on the features that one wants for their business. Hence, it depends on the requirements of a business to decide if the software is suitable for their company.

Q4 - The Cost of business financial management software.

Price and plans of business financial management system software depends on your organization size and turnovers and transactions and bills. More features and modules requirement for automating money management than you will pay more.

Q5 - Find financial management software nearby your cities.

Best financial management software is now available nearby you and in your city, find and get a free demo now.

Q6 - Find finance management software for suitable industries.

Find the best finance management software for your industry and book now for customization.