Investing in financial management software can help a business maximize profits by automating repetitive tasks and making it easier to stay organized. However, not all financial management software is created equal. Instead of just choosing one at random, business owners can read on to find out about the top five picks for 2023.
1. Sage Intacct
Sage Intacct is a cloud-based software program that offers financial insights as part of a broader enterprise resource planning (ERP) solution. Consistently rated #1 in customer satisfaction by G2, this highly configurable financial management solution deserves a place on any top five list.
The program is as effective for non-profits that need help with strategic financial analysis, planning, and decision-making as it is for global enterprises. As an accounting ERP, Sage Intacct offers a far wider range of features and services than most of its competitors in the financial management field.
Payhawk is a financial management solution focused on helping organizations gain visibility and control over their expenses. The software program can automatically reconcile card payments and set a range of card controls, helping businesses control spending more effectively at scale.
There are also options for defining spending policies, setting spending limits, and real-time expense tracking. Payhawk may be a more highly specialized solution than most financial management software, but it’s a good fit for growing businesses that just need some added visibility and cost-control features for corporate credit cards.
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Moneydance is a financial management application designed for individuals rather than companies, and it’s a top contender in the field. The application helps people manage investments, provides financial reports with cash flow summaries, sets reminders for bill payments and sends automatic payments, and assists investors with researching the current performance of stocks, bonds, and mutual funds.
Moneydance is a good option for investors that are serious about financial management and want an app that combines investment insight with personal budgeting features.
Bonsai is a financial management system that focuses on expense tracking and tax automation. The software program’s primary audience is freelancers, and many of its features reflect that fact.
Bonsai comes equipped with profit and loss tracking, invoice automation, tax reminders, and other tools that can be used to track personal finances in real-time. Users get access to a customer relationship management (CRM) module and customizable templates in addition to financial management features.
5. Personal Capital
Personal Capital offers financial management services that are focused on retirement planning. The software system helps users manage cash flow and wealth, create budgets, and develop personalized strategies for spending, saving, and investing.
The top thing that sets it apart from other personal financial management software programs is that Personal Capital offers access to experts who can help users strategize more effectively for the future. The application is available to investment services, wealth management clients, and private clients, but most users are big investors.
Make An Informed Decision
Not sure which financial management software solution will be the best fit for a particular company or individual situation? The best option is to narrow down choices to those that have well-established positive reputations among similar clients and then contact the top providers to request demos. There’s no need to rush the process, so take the time to ask questions, read through the company’s literature, evaluate demos, and make an informed decision.