Don’t get stuck using Excel spreadsheets, outdated templates, or a financial management solution your team has outgrown.
The rapid development of SaaS providers, along with the rise of remote work, has driven companies to rethink how employees go about their role – including finance departments.
There’s plenty of software applications designed to help finance workers streamline day-to-day tasks so they can focus on what matters most.
In this article, you’ll learn the key benefits of financial management software, as well as the 4 most important categories of software applications your finance team needs.
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The Key Benefits of Financial Software Applications
Here are some of the main reasons why you might consider investing in financial software applications:
Automation
As a result of automation software, finance teams are spending less time on things like accounting balance sheets and financial reports. They can now concentrate on more strategic activities that will help their company or client achieve their financial objectives more successfully.
Productivity
Because automation speeds up and simplifies numerous activities, finance departments are significantly more productive.
Flexibility
With many systems now migrating to the cloud, a company's financial data is synced across platforms. This allows teams to access it remotely and throughout multiple departments and offices.
Compliancy
Financial software applications allow finance departments to streamline their reporting procedures while adhering to tight legal or regulatory standards they must work under.
Greater Data
Finance managers now have access to more precise data and financial reporting, which decreases human error dramatically. Data is gathered considerably quicker and with more intelligent insights.
More Security
When accounting software is used, sensitive data is better safeguarded. Many solutions provide frequent backups and use encryption to prevent data breaches.
Software Applications Your Finance Team Needs
There are thousands of software applications available to finance workers, and each offers its own opportunities to streamline different elements of the job. While this is beneficial, it can also be extremely overwhelming.
Here's the 4 key categories you need when considering financial management software for your team.
Accounting Software
From simple invoicing and billing to tax calculations and project management, accounting software is a must-have tool for your company's financial data. It also assists in customer management, bank account reconciliation, and the generation of comprehensive financial reports that help your business to continue growing rapidly.
When choosing accounting software, look for an application that offers great user experience, numerous integrations, broad functionality, and feature delivery speed. Medium-to-large companies should also consider accounting software that provides multi-entity support and custom reporting conditions.
Payment Software
Payment software is a must-have for receiving payments. These systems rely on an e-commerce site, payment gateway, and merchant account to make sure consumers can carry out transactions. In this way, payment software can act as a mediator between banks and the merchant.
It verifies the payment information provided by the consumer. It does so in a safe manner by encrypting data before sending it to the customer's bank to assure availability and validity. The transaction is completed once the checks are completed, and the business receives the funds for the product or service.
Look for an integrated payment platform that offers multichannel payments, as well as a return and refund policy and e-invoicing solutions. Confirmation emails and other customer notifications are also highly beneficial.
Invoicing Software
Invoicing is a tedious but vital task of the finance department. You must itemise charges, add taxes, monitor who has paid, and chase down clients who haven't. It takes time, but invoicing software makes the billing process much easier.
The best invoicing software will integrate seamlessly with accounting software, while giving finance workers the ability to customise invoices as they see fit. It should also offer robust reporting tools to track invoice data, as well as a recurring billing feature for repeated payment requests.
Expense Management Software
Forget manual processes, paper receipts, and handwritten notes. Companies can submit and track expense claims, boost compliance, and save time by using software to monitor employee spending.
ExpenseIn is a cloud-based expense management software that completely streamlines the way your business manages expenses and invoices. With features such as receipt scanning, automated policies, advanced approvals, real-time reporting, and card statements, it brings everything you need to create, approve and report on expenses into one easy-to-use package.
ExpenseIn also allows companies to stay in control of their supplier spend and automatically capture, process, and approve supplier invoices from anywhere, and at any time.
