Best Financial Management Software to Manage Business Money

Budget management: Set and achieve business financial goals using insights from budget and profitability reports. Includes niche features for SMBs like setting up recurring retainers and tracking billable or non-billable hours.

Invoice management: Create and automate branded invoices to set up recurring billing, subscription invoices, late fees, etc.

Collect payments: Include digital payment options within invoices and send automated payment reminders for improved cash flow.

Expense tracking: Streamline bookkeeping by digitizing expense tracking. It automatically reports profits and determines tax estimates to improve business accounting efficiency.

Financial reports: Generate real-time financial statements and reports on client or project profitability, activity, billable hours utilization, and more.

Achieve financial goals: Decide monthly saving goals, align your expenses accordingly, and track them to meet the targets.

Manage debts: Use ‘What-If’ scenario tools to plan your debt payoff strategy and know timelines for executing it.

Manage investments: Centralize tracking of all investments, dividends, fees, cash flow, and more. Explore investment opportunities across stocks, bonds, crypto, etc. Includes analytics to optimize investments to minimize risks and maximize returns.

Plan retirement: Perform personalized financial planning for retirement by considering it in your budgeting, investment, and savings workflows.

Quicken for small businesses: Use the small business mode for budget and financial planning. You can generate reports to maximize tax deductions, manage invoices, track payments, and manage expense documentation.

Bank reconciliations: Automatically match bank transactions with invoices and expenses to save time and reduce errors in financial records.

Accounting dashboard: Track invoices, payments, bills, and accounting workflows in a centralized dashboard.

Financial reports: Generate customizable reports that provide insights into your business’s financial health. Allows collaboration and includes profit and loss statements with cash flow forecasts.

Invoices management: Create and send professional invoices quickly. Allows recurring billing and automated reminders to ensure timely payments.

Expense tracking: Upload receipts directly into the software to allow your employees to capture, categorize, and submit expenses.

Accounts Payable: Using two-way sync, you can centralize your bills and implement payment automation. BILL allows adding approval workflows for each payment for improved AP visibility.

Invoice management: Automate accounts receivable using customizable invoice templates and scheduling. BILL supports recurring invoices, tracks invoice status, and automates follow-up workflows.

Track payments: Users can easily make payments via virtual credit cards and ACH transfers, including international transactions. BILL tracks payments and manages cash flow through a streamlined interface aggregating all payment tasks.

Forecast cash flows: BILL provides a dashboard to track cash management metrics like balances, net cash flow, custom costs, etc. It uses predictive financial modelling to generate a 13-month historical accounting data forecast. This helps make key financial decisions like understanding the impact of hiring an employee on your overall business expenses.

Budgeting software: Add spending controls and approvals to effectively implement your company’s spending policy and align with the budgets set.

AP and AR automation: Automate billing and invoicing workflows using Sage Intacct’s payment solutions.

Intelligent General Ledger: Implement continuous AI-powered accounting to get multi-dimensional insights and deep dive into transactions.

Financial planning: Budgeting software can use strategies like what-if scenario analysis, data visualization, rolling forecasting using financial models, and more.

Multi-entity management: Use one shared account to centralize financial management of multi-entity business processes for real-time visibility into inter-entity transactions. Generate aggregated and entity-level reports to track financial health across organizations.

Dashboards: Access 25+ data visualization types and 200+ pre-built interactive visuals to draw and share insights into your company’s finances.

Business accounting: Automate manual processes across AP and AR, bank reconciliations, cash management, bookkeeping, etc. It also calculates financial performance metrics for fixed assets, taxes, cash flow, profitability, etc, to strategize for tax-saving opportunities.

Advanced billing: Allows highly customizable billing cycle automation. You can automate recurring subscriptions, implement promotions like volume discounts, provide custom rates, or generate bills for tiered pricing. Such advanced billing modes for managing subscriptions make it ideal for SaaS financial operations use cases.

Revenue recognition: Design revenue recognition workflows for your products and services to automate revenue scheduling and reporting. This helps navigate accounting due to complex customer contracts and recurring billing.

Financial reporting: Perform multi-dimensional analytics on your financial and operational data to generate reports for the overall financial picture and individual transactions.

Financial risk management: Sync any regulatory or taxation changes in real-time. Allows permissions and role-based access, real-time alerts of fraudulent activity, and audit trails.

Financial reports: AI models generate compliance and financial reports in real-time to track KPIs and optimize service operations.

Multi-everything: Certinia allows managing multiple entities across geographies, currencies, and languages using multiple books, charts, and bank reconciliations.

Billing: Implement your business model across subscriptions, product bundling, service pricing, usage-based billing, and more. Allows consolidating invoices, renewals, and analysis of financial KPIs using bills in a single platform.

Financial planning: Design dynamic budgets by using what-if scenario analysis and mass functions. Perform stress tests for service operations and create financial plans accordingly.

Revenue management: Recognize, centralize, track, and manage all your service revenue streams to get real-time insights on how you can achieve your revenue goals.

Accounting Center: Helps track and consolidate all transactions across operations and the front office of multiple entities to streamline financial closing.

Financial audit trails: Workday promises proactive internal auditing for real-time insights on transactions, security, and workflow control. It includes custom reports with user permissions and roles for segregated views.

Spend management: Enterprise-grade and AI-powered expense reporting tools for simplifying accounting and timely reimbursements. Includes mobile app for expense submissions, risk reporting for unauthorized transactions, and Workday AI for receipt scanning.

Workday Illuminate: Speeds up tasks involved in financial operations using Generative AI like auto-filling details, detecting anomalies in transactions, document scanning, summarizing contracts, and more.

Project accounting: Create budget reports, actual project costs, billing, estimations, quotes, and purchase orders for materials for strict budget control.

Revenue accounting: Get visibility to perform accounting on long-term and recurring contracts. This includes considering advanced revenues or deferred payments for custom durations or intervals.

Point of Sale (POS) connectors: Help handle offline transactions in field services like retail, capturing and recording transactions for streamlined cash management and reconciliation.

Bank feeds: Connects with 14,000+ financial institutions to accurately reconcile transactions across banks and credit cards. It also helps automatically place refunds based on adjustments made.

General ledger: Bring together transactions, assets, and liabilities from accounts payables and receivables, inventory, and fixed assets to instantly prepare balance sheets and financial statements.

Financial consolidation: Consolidates financial data in real-time to provide company-wide view anytime without waiting for aggregating subsidiary data. It can manage complex arrangements of ownership and foreign currency automatically.

Integrated reports: Use 250+ pre-built financial reports and dashboards with editable parameters to get snapshots of your financial operations.

Tax and compliance: Allows profiting users to perform full VAT for single or multiple entities, add approval flows to automate batch payments, and more.

Business intelligence: Irrespective of your GL structure, AccountsIQ can provide intelligent insights into your business processes. It provides interactive tools like charts, KPI trend indicators, interconnected filters, and more to drill into the insights dynamically.

Cash flow forecasting: Manage transactions across accounts payable, fixed assets, and accounts receivable. Use this data to visualize and forecast cash flow in real-time.

Receipt tracking: Smartscan supports 150+ currencies to capture every detail, categorize it, and auto-fill submission expense reports.

Expensify card: Assign the Expensify Visa Corporate Card to your employees to streamline expense tracking in real-time and implement spending limits to stay on budget.

Pay bills: Automate and schedule your bill payments without incurring additional costs.

Invoice management: Automate the end-to-end invoicing process and process invoices for tax filing with a single click. Customers can chat with you for any invoice support they require.

Reports and insights: Analyze spending data from bills, receipts, card transactions, invoices, etc., to generate 32+ report types for your spending patterns.

Invoice automation: Use Tipalti’s Smart AI Scan feature to automatically capture and auto-fill invoice data. It uses Generative AI to code invoices and auto-generate purchase requests with the required information.

Automate approvals: Intelligently considers historical bills, invoices, and any supplier-specific rules to automatically approve or flag bills. It also assigns approved bills to the relevant approver for further processing.

Supplier portal: Manages payments, currencies, and taxation via a self-onboarding global supplier portal.

Multi-entity operations: Design fully connected entities with consolidated finance, procurement, and expense management visibility. It applies unique automation workflows and branding to streamline payments, reconcile transactions, and handle supplier communication, taxation, and compliances.

Corporate cards: Implement advanced spending limits as per your spending policies to control employees’ expenses. These digitized transactions streamline expense management by tracking receipts, performing reimbursements, and analyzing company spending patterns.

Financial reports: Consolidate data from your CRM, HRIS, and accounting system and create multiple versions of custom reports. Use variance analysis to plan your company’s finances and compare with actual numbers.

Financial models: Prepare financial models to streamline complex scenarios that include multi-entities, products, geographies, etc. Then, create and compare scenarios to fine-tune your financial strategy, business accounting, and operational processes.

Collaborate: Share your financial models and reports with team members with custom views and permissions.

Budgeting: Connect directly with QuickBooks or Xero to pull historical data and use designed financial models for real-time budgeting and forecasts.

Enterprise-grade security: Implement admin-level control and role-based permissions. Causal maintains detailed audit trails that log user activity within the platform. It also encrypts data, enables you to use SAML/SSO, and is SOC2 certified.