Best financial management software for businesses [2024]

What is financial management software?

Financial management software plays an integral role within any organization. The platforms are tools used to manage an organization’s income, assets, and expenses. This software solution helps reduce computation errors, maintain audit trails, and ensure compliance with accounting standards.

There are two main types of financial management software: ERPs & FP&A solutions.

Enterprise resource planning software (ERP)

ERP software is an integrated system that manages core processes including finance, human resources, supply chain, manufacturing, and services. It helps financial management by overseeing all financial operations from a single platform, which makes it easy for financial teams to see a snapshot of a business's performance and keep track of all their historical financial data. The constant communication between different apps improves the likelihood of finding unique opportunities for operational savings and increased revenue.

Financial planning and analysis software (FP&A)

FP&A software is a financial planning, analysis, and reporting solution. It helps combine the historical data of your ERP with the forward-looking data of your plans, budgets, and forecasts.

This enables finance teams to bring together an entire financial picture so detailed analysis can be performed to understand what happened in the past, what’s happening right now, and what we're planning for the future.

Suppose ERP software is a melting pot that brings all your company’s data together. In that case, FP&A is a more specialist tool that provides insights into your financial performance for better strategic planning and decision-making.

Key features of financial management software 

Financial management software encompasses a spectrum of different functionalities. When considering the right tool for you, consider the following features to ensure all your needs are met.

Financial tracking 

Financial tracking tools allow businesses to monitor and record all transactions accurately. This promotes transparency and provides a clear money trail for auditors so you can stay both financially healthy and compliant with the regulations you operate under. Real-time tracking allows you to spot discrepancies nice and early so you can take corrective actions before things escalate.

Financial planning and modeling 

These tools are for running detailed financial planning and modeling different scenarios, helping you to forecast future performance with precision. Having a clear and accurate picture means you can prepare for various financial situations with far less effort. Aware of the potential positive and negative outcomes, you can make strategic decisions and allocate resources effectively. 

Forecasting and budgeting

Financial management software simplifies forecasting and budgeting, which are traditionally among the hardest FP&A tasks to handle. With a constant flow of new information, you can tweak and adjust your predictions in real-time as new data becomes available. This flexibility puts you in a great position to respond quickly to market shifts and unexpected circumstances.

Financial analysis 

Advanced financial analysis algorithms absorb and process vast amounts of data, pulling out insights and trends. This deeper understanding of your financial performance allows you to make more data-driven decisions. Financial analysis software will do all of this in a fraction of the time it would take a human.

Centralized data management 

Centralized data management ensures all financial data is stored in one place, making it easy to access and manage. This integrates your enterprise resource planning (ERP) systems, customer relationships management (CRM) platforms, payroll software, and more into one dashboard. With a unified view of financial information, you can enhance collaboration and streamline your financial operations.

Detailed and complex reporting

Detailed financial reports help decision-makers craft strategy, report company performance, prepare forecasts, and more. Financial management software produces real-time reports with the exact financial data you want in just a few clicks. Similarly, automations can save time and reduce errors, assuring accuracy and compliance.

Benefits of using financial management software

FP&A analysts deal with many repetitive, manual, error-prone tasks that consume most of their time.

Using software to handle integrations, calculations, sorting, and data presentation frees up more of your time to analyze the data and advise the business.

Not only that, the structure and control of software applications reduce errors and improve data quality along with speeding up cycle times.

Here are some of the main benefits of using financial management software:

Automated repetitive manual tasks

Automation has transformed the speed, accuracy, and efficiency of accounting across the board. 

For example, instead of manually entering each transaction into a ledger, the software automatically records transactions from bank feeds, reducing the risk of human error and freeing up employees to focus on more strategic tasks.

This isn't just a productivity booster. Automations allow customers to get more out of their employees, while the employees themselves get greater job satisfaction by eliminating tedious, time-consuming work. 

Streamlined workflows

Financial software also does away with bloated, complicated workflows by integrating a range of apps together under one roof. Solving the unnecessary struggle of getting different systems to speak to each other coherently has a similar effect to automation. This leads to fewer moving parts where mistakes can be made and tasks are done much faster than it would take a human to do. 

Accessible financial data 

As opposed to traditional methods where you had to wait until the close of the day to be sure the numbers in your accounts departments were correct, financial management software syncs all your systems in real time. 

Not only does this give you a single source of truth, but you can pull out reports at any time and make quick decisions based on reliable data. This spreads to other departments too. Finance tools convert sheets of numbers into simple visualizations to explain your decisions to a non-technical audience. 

Strategic business planning 

Expensive data sets and insightful analytics allow you to go into far greater detail in your business planning. This kind of software gathers, stores, and processes all your historical data and blends them with recurring trends to plan for future economic downturns. 

It speeds up the processes of comparing different scenarios, predicting financial outcomes, and preparing for potential challenges, so anyone with the right software can get actionable, data-driven insights with a few clicks of a button. 

Seamless collaboration

Gone are the days when finance departments had to be huddled together in a single office for things to run smoothly. Stored on the cloud, modern financial management solutions allow you to take advantage of the remote work revolution by hiring talent based all over the world and uniting the data used by teams in different offices. 

It also helps financially-minded professionals get complex points across to other departments, superiors, and clients. The best financial management software will display profit and loss, sales figures, budgets, and more in charts, graphs, maps, infographics, and virtual dashboards. 

Reduced margin of error

Finance professionals are detail-oriented and meticulous by nature, and they pride themselves on ensuring their work is error-free.

This is where FP&A teams spend most of their time—checking and rechecking formulas, spreadsheet links, and subtotals for accuracy. But at the end of the day, they’re still human; sometimes mistakes happen and errors get missed.

Financial management software provides automation, structure, and control that eliminates many core causes of errors in spreadsheets. 

Lacking confidence in your numbers goes beyond a headache and frustration in the office. It can lead to poor, delayed decision-making that puts you behind your competition. You also run the avoidable risk of regulatory non-compliance, which can lead to fines, penalties, and legal issues. These inefficiencies contribute to a lack of investor and stakeholder confidence which can signal the end of your company. 

What to look for in financial management software

Here’s a checklist of factors that you can use to rate and rank financial management tools according to your organization’s needs. 

Ease of use 

One of the most overlooked factors in any kind of software is how user-friendly it is. It's easy to be impressed by an extensive feature list and ambitious promises around return on investment, but if your team doesn't buy into your vision because it's overcomplicated, the software isn’t helpful.

Look for a tool you can quickly implement and that integrates with their current systems to avoid a steep learning curve. Similarly, an intuitive interface and user-friendly navigation help you understand and manage your financial operations without extensive, time-consuming training.

Scalability 

It's not like finance teams to think short-term, so scalability is usually up there as a top priority for choosing financial management software. As most systems are cloud-based, adjusting your subscription is relatively easy, but the costs and agility of doing so can vary greatly. 

If you're planning to scale, make sure the tool you go for can handle increased transactions, additional users, and more complex financial processes without a drop in performance.

Customization 

There's no one-size-fits-all business, so why should your software be generic? 

For example, a manufacturing company might require reporting that tracks production costs and inventory management, while a service-based business may need advanced invoicing and client management capabilities.

Look for financial management features that you can adapt to your business needs.

Measurable ROI

Ultimately, the role of a financial management tool is to organize your cash flow in a way that saves you money. If it’s ineffective, or if the cost of running it is excessive compared to what it gives back, you might need to consider another option.

For some platforms, the cost isn’t just in the monthly subscription. You may need to splash out a hefty sum at the beginning to go through a mandatory, time-consuming onboarding. 

Security features

Cyber attacks are on the rise. The International Monetary Fund is even concerned that hackers targeting finance teams could affect global financial stability. 

When looking for online finance tools, check that their security feature list contains data encryption, secure user authentication, and regular security updates. This isn’t just for your own safety, but also for your customers.

Best financial management software tools for businesses

We’ve profiled several software vendors across different categories to give you a more comprehensive insight into the modern finance tech stack.

1. Cube

Cube is the first spreadsheet-native FP&A platform that empowers teams to drive better planning and performance without changing how they work. Our cloud-based FP&A software platform helps finance teams work anywhere—we integrate natively with both Excel and Google Sheets—so that they can plan, analyze, and collaborate with the ultimate speed and confidence.

Companies like Smart City Apartment and Instride use Cube for nearly all of their company's financial operations. In terms of return on investment, BlueWind Medical and Edge Fitness Clubs report reducing expenses by $100,000 and $300,000 annually after switching to Cube.

Automate manual workflows, reduce errors, and improve collaboration so you can make smarter business decisions in a fraction of the time.

Cube offers faster time to value (most companies are finished onboarding within two weeks) and is competitively priced.

What it is: FP&A software

Who it’s for:

Mid-size and enterprise FP&A teams looking to save time and grow. Cube also works for hypergrowth SMBs who want a solution that will scale with their organization's complexity.

Key features:

• Automated data consolidation that connects data from numerous sources for automated roll-ups and drill-downs.
• Multi-scenario analysis allows you to model how changes to key assumptions affect overall outputs seamlessly.
• Endless integrations for spreadsheets (Google and Excel), accounting & finance, HR, ATS, billing & operations, sales & marketing, and business intelligence.
• Customizable dashboards gives you full ability to build and share customizable dashboards.
• Native Excel and Google Sheets integrations that are compatible and bi-directional with any spreadsheet.
• Multi-currency support so you can evaluate your financials in both your local and reporting currencies.
• User-based controls, validations, and an audit trail ensure that the right data goes to the right people at the right time.
• Centralized formulas and KPIs store all your calculations in a central location and manage from a single source of truth.
• Drill down and audit trail get straight to the transactions and history behind a single cell of data in just one click.

Pricing:

Starting at $1250/month for lean finance teams and $2450/month for companies looking to scale.

See detailed pricing or book a demo.

2. Vena Solutions

Vena Solutions is a cloud-based predictive analytics and business intelligence tool that automatically generates forecasts and insights from data.

Vena also automates variance analysis, identifies discrepancies, and builds ad-hoc reports for your business

What it is: FP&A software

Who it’s for:

Vena is good for companies that need the rigid process and planning controls of pre-built FP&A processes or that want to customize a pre-built solution for their unique needs.

Key features:

• Simplifies financial planning and ensures accurate budgeting and forecasting.
• Financial reporting automation creates financial reports, without manual effort and errors.
• Incentive compensation management automates incentive compensation for accuracy and compliance.
• Regulatory compliance helps businesses stay compliant with various financial regulations, reducing the risk of penalties.
• Financial consolidation brings together financial data across multiple departments and entities, providing a unified view.

Pricing: Pricing is not available on their website.

3. Workday Adaptive Planning

Workday Adaptive Planning is a financial planning and analysis solution used by some of the world’s largest brands.

This software enables users to manage cash flow, carry out expense management, revenue management, workforce modeling, capital management, financial close, and more.

Workday Adaptive Planning is cloud-based, mobile-ready, and uses a combination of visuals, color coding, and a clean and intuitive UI to deliver a great user experience.

What it is: FP&A software

Who it’s for:

This software is ideal for medium to large businesses. Workday Adaptive Planning has the tools and flexibility to scale with growing businesses and offers a complete solution to all the financial requirements of a business.

Key features:

• • Cash flow management helps ensure liquidity and efficient resource use.
  • Expense management tracks and controls expenses to stay within budget.
  • Revenue management handles revenue streams for accurate forecasting and reporting.
  • Payroll and workforce management allow for detailed workforce planning and resource optimization.
  • Capital management oversees capital expenditures and investments efficiently.
  • Planning and forecasting tools make data-driven decisions you can be confident in.

Pricing: Teams need to reach out to Workday Adaptive Planning for pricing.

Read our complete Workday Adaptive Planning Review.

4. Anaplan

Anaplan is a web-based planning and forecasting application designed to help organizations make decisions by giving them real-time access to data. The application offers the ability to create and manage models, share data across teams, and collaborate on projects.

Anaplan works to help businesses make decisions by evaluating options and trade-offs in the current environment in real time. It also offers signal analysis to uncover insights and adapt to continually changing conditions and markets.

What it is: FP&A software

Who it’s for:

Anaplan is a good choice for larger enterprises that have a strong IT team to support implementation.

Key features:

• Planning and modeling facilitate detailed planning and accurate forecasting.
• Predictive insights provide real-time data for strategic decisions.
• Enterprise scale accommodates growing data and business complexity.
• Security ensures robust data protection with access controls and encryption.
• Connected planning aligns different departments and functions through integrated planning.

Pricing: Pricing is not listed on their website.

Read our full review of Anaplan.

5. Prophix

Prophix is an FP&A solution with a focus on corporate performance management. Prophix uses AI and a virtual financial analyst to simplify the repetitive jobs required to keep your business running smoothly. Their automated budgeting software will help save time and increase efficiency for your business.

What it is: FP&A

Who it’s for:

Prophix works for businesses that need workflow automation.

Key features:

• Budgeting and planning simplify processes and improve accuracy.
• Forecasting tools provide accurate projections for future financial scenarios.
• Reporting and analytics generate detailed reports and offer valuable insights.
• Financial consolidation and close streamline processes for timely reporting.
• Workflow and automation reduce manual tasks and enhance efficiency.

Pricing: Pricing is not listed on their website.

6. Oracle Essbase

Oracle Essbase is a business analytics solution designed to drive smarter decisions with the ability to quickly test and model complex business assumptions in the cloud or on-premises. Businesses develop and manage analytic applications by using business drivers to model multiple what-if scenarios.

You can interact with Essbase through a web or Microsoft Office interface to analyze, model, collaborate, and report.

What it is: FP&A

Who it’s for:

Oracle Essbase is ideal for very large enterprises with deep IT resources that already have a robust FP&A solution in place, have analysis teams seeking targeted analytics and modeling tools, and are already invested in Oracle back-office solutions.

Key features:

• Scenario modeling prepares for various business situations with detailed financial scenarios.
• Simple workflows streamline processes and improve efficiency.
• Multidimensional expressions facilitate complex financial analysis.
• Analytics provide advanced capabilities for strategic insights.
• Real-time reporting ensures timely and accurate financial information.

Pricing: Oracle has a complex pricing system that involves a lot of moving parts. Let’s just say for now that Oracle doesn’t come cheap.

7. Xero

Xero is an accounting software solution that provides an easy-to-use platform for all of your business accounting needs. You can pay bills, claim expenses, accept payments, track projects, and connect with all of your banks with Xero.

You will have a full financial picture of your business, making tasks such as end-of-year tax returns easy. Automate tasks like invoicing and reporting to keep your business running smoothly.

What it is: ERP software for accounting

Who it’s for:

Xero is for small to mid-market businesses.

Key features:

• Bill paying and expense claims provide a comprehensive view of accounts payable.
• Bank connections link your financial accounts for real-time transaction updates.
• Project tracking monitors project costs and profitability.
• Payroll management with Gusto streamlines employee payments.
• Inventory and analytics tools help manage stock and provide insights into business performance.

Pricing:

• Starter: $29/month
• Standard: $46/month
• Premium: $62/month

8. Zoho Finance Plus

ZOHO Finance Plus is an integrated finance suite for businesses that offers a unified platform for all of your back-office needs. All of the ZOHO apps are integrated so any data you input in one app will immediately be reflected in the others, helping keep your data updated and accurate at all times.

What it is: ERP

Who it’s for:

ZOHO Finance Plus is for small to mid-market businesses.

Key features:

• Financial reports consolidate data across all Zoho applications for comprehensive reporting.
• Subscription management automates recurring billing and subscription services.
• Invoicing and expense reporting simplify financial transactions and tracking.
• Order and warehouse management streamline inventory control and order processing.

Pricing: $249/month with a few optional add-ons if you need them.

9. Acumatica Cloud ERP

Acumatica is a cloud-based ERP solution that helps scale growing businesses. Providing easy integrations with all applications currently being used. AI-powered automation makes every aspect of your business more efficient.

Acumatica can be tailored to any industry for an in-depth suite of tools to help grow your business.

What it is: ERP

Who it’s for:

Acumatica is for mid-market businesses.

Key features:

• Financial management integrates all financial operations for comprehensive oversight.
• Warehouse management system optimizes inventory and logistics operations.
• Accounting ensures accurate financial records and reporting.
• CRM provides tools for managing customer relationships and sales processes.
• Payroll manages employee payments and related compliance tasks.
• Construction management supports project management and cost tracking in construction.
• Manufacturing management oversees production processes and inventory.

Pricing: Acumatica does not list pricing online.

10. Sage Intacct

Sage is one of the oldest financial software companies in the space and has a number of market-leading products in its portfolio.

Sage Intacct is their ERP solution. It’s an AICPA-endorsed cloud-based financial management software, and is used by CFOs around the world to automate complex processes, consolidate data, and drive better financial decisions.

This software comes with a good deal of customizability. You can use business object frameworks, connect it with Office 365 apps and Web APIs, and build a platform that meets your finance department’s needs.

What it is: ERP solution

Who it’s for: Sage is designed for teams between 10 to 200 in size. It’s also most suitable for distribution, manufacturing, and professional services. Although, finance teams in most industries can customize the software to meet their needs.

Key features:

• Clean UI is easy to use and makes finding data quickly.
• Capable of handling complex costing and other manufacturing requirements.
• Cloud-based, no need to download files locally, and can be accessed from anywhere.
• Easy to integrate with third-party apps and tools.

Pricing:

Pricing for Sage Intacct depends on the modules you opt for, so you first need to book a demo with their sales team.

11. Oracle NetSuite

Oracle NetSuite is a financial management and business system designed to help finance teams of any size better organize their data.

NetSuite lets you see real-time business insights at a click of a button and uses business intelligence to help with forecasting and scenario planning.

It’s one of the more comprehensive financial management solutions on the market and provides a deep pool of tools and features.

What it is:

Oracle NetSuite is a complete all-in-one business management and ERP solution.

Who it’s for:

This software is better suited to medium to large organizations with complex financial planning requirements. Smaller businesses may find it overwhelming.

Key features:

• A central dashboard provides a comprehensive view of key financial and operational metrics.
• A single source of truth consolidates data across all business functions.
• Customizable options tailor the software to specific business needs.
• Real-time business insights facilitate timely and informed decision-making.
• Assign permissions for secure and efficient data access and collaboration.

Pricing: Teams need to book a demo or reach out to NetSuite’s customer support for a quote.

12. QuickBooks

QuickBooks is a cloud-based, all-in-one accounting and financial management solution for small businesses.

This software helps finance teams gain better control over their financial data. You can monitor KPIs, gain deeper insights into performance, collaborate with team members, and drill down into data via an interactive interface.

QuickBooks has a robust suite of reporting and analytical tools on the backend, making it easy to produce real-time performance reports and keep a close eye on metrics that matter.

What it is: ERP financial management and accounting software

Who it’s for:

This software is designed for small to medium-sized businesses. It helps finance teams better collaborate, automate repetitive tasks, and streamline all aspects of a business’s finances.

Key features:

• Intuitive UI ensures ease of use for users without prior experience.
• Strong financial reporting tools generate detailed and customizable reports.
• Visuals like graphs and charts provide easy-to-understand data presentations.
• Centralized financial data channels all information into a single source of truth.
• The cloud-based platform offers flexibility and remote access to financial data.

Pricing: QuickBooks has pricing plans ranging from $17/month to $70/month.

13. FreshBooks

Freshbooks is a cloud-based accounting and financial management platform designed for small businesses.

This intuitive and easy-to-use software makes it easy to keep your financial data organized and produce reports based on real-time information.

If you manage financials for clients, you can seamlessly invite them to log in and view the data you want to give them access to within FreshBooks.

What it is: Accounting and financial planning ERP software

Who it’s for:

This software is better suited to smaller businesses and businesses that handle financials for clients. It has excellent collaboration and communication tools and is easy to pick up and use.

Key features:

• The mobile app enables financial management on the go.
• Project creation and client invitations facilitate collaboration and transparency.
• Time-tracking tools monitor team productivity and project timelines.
• Centralized financial records simplify data management and reporting.

Pricing: FreshBooks has three monthly plans running from $19/mo to $60/mo, as well as custom packages for enterprises.

14. SAP Business One

SAP Business One is an ERP solution offering an affordable way to manage any small business. You can drive profitable growth by streamlining key processes, gaining more significant insights into your business, and making decisions on real-time information.

SAP Business One is a complete ERP software solution powered by AI and analytics.

What it is: ERP

Who it’s for:

SAP Business One is best for small businesses.

Key features:

• Financial management integrates all financial activities for comprehensive oversight.
• Sales and customer management streamline interactions and sales operations.
• Purchasing and inventory control manage procurement and stock levels efficiently.
• Business intelligence provides analytics and reporting for strategic insights.
• Cloud-based access ensures remote operations and data access.
• SAP HANA in-memory platform stored on RAM for faster retrieval and processing.
• SAP applications and APIs connect you to the wider SAP ecosystem.

Pricing: Pricing is not listed on their website.

15. Multiview ERP

Multiview ERP offers a team of client support specialists on top of their powerful, data-centric financial ERP software. This software helps break down data silos, automate accounting processes and provide more access to information through industry-leading dynamic reporting solutions.

What it is: ERP

Who it’s for:

Multiview is best for mid-market and enterprise companies.

Key features:

• The general ledger maintains accurate financial records and reporting.
• Business intelligence tools provide detailed analytics and insights.
• Accounts payable and receivable manage cash flow and financial transactions.
• Fixed assets management tracks and manages physical and financial assets.
• Budgeting and forecasting tools provide accurate financial planning and projections.

Pricing: SAP’s pricing is rather complicated, but for a sense of the cost, just the implementation of the Business One Cloud is between $25,000 and $100,000.

Find the best financial management software for you

Financial management software plays a crucial role in managing and optimizing your organization's financial health and performance.

But these platforms aren’t always one-size-fits-all. Take the time to understand the strengths and weaknesses of each, and how they align with your requirements and goals.

If you’re curious to see how a financial management solution may work for your business, book a free demo with Cube.