Companies across numerous industries – healthcare, banking, investment, and others – rely heavily on their financial management software to streamline their operations. With so many options from which to choose, it can be difficult to know which software is right for your company. Below, you can learn more about the five most important features of the best financial management software platforms.
#1 – Cloud-Based Technology
Of all the features that you should look for in your financial management software, this is one of the most important. Cloud-based platforms are critical because they allow for collaboration across departments, they make it easy for individuals to access information from anywhere, and they make it simple to deploy software anywhere it is needed – even on the go. It ensures that everyone has access to the exact same data at the same time, too, which goes a long way toward preventing misunderstandings and the mistakes that can arise from them.
#2 – Workflow Automation
Your financial management software should be able to carry out many of your accounting processes automatically, as well. This saves you and your finance team a great deal of time and effort by reducing the number of repetitive tasks. What’s more, when you can automate based on your own rules, it also reduces the likelihood of mistakes that can lead to serious issues.
#3 – Ledger Consolidation
If your company consists of several branches, locations, or franchises, then it’s important to choose a platform that makes it easy to manage your finances across all entities with ease. In fact, look for an option that allows you to simplify these complexities and create reports based on any data you choose almost instantly. Consolidating ledgers across multiple entities should never be complicated, even when you are dealing with different current currencies.
#4 – Real-Time Data
Though historical data certainly plays an important role in making business decisions, access to real-time data takes things even further. Making business decisions can be tough as it is, but with access to real-time data, you can be confident that the decisions you are making are based on the most accurate and up-to-date information available. No matter what the situation or decision, real-time data makes it easier.
#5 – Simplified Auditing
Finally, you should choose financial management software that provides you with a complete audit trail for every single transaction your company processes. This should include not only the original transaction, but also the workflow and all the approvals that led up to that transaction. This is a great way to ensure that you are following various guidelines, and it also allows you to produce compliance documentation in mere seconds.
Your financial management software is an important part of your business. You rely on it to understand how your company is faring at any given time, so the information you access should always be accurate and up-to-date. When choosing financial management software, be sure that it offers you these five features as well as the ability to customize reports and workflow automation to your company’s unique needs.