Best Finance Management Software

Best finance management software used by organizations includes Oracle NetSuite, Zoho Books, Quicken, QuickBooks, and Captain Biz. These Finance software solutions help to automate all the financial transactions and management of small, medium, and large-scale enterprises.

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List of 20 Best Finance Management Software

Showing 1 - 20 of 158 products

Category Champions | 2023

#1

Simple, easy-to-use business accounting system to help you manage your accounts online. You can download 14 days free trial of Zoho books. Zoho Books is an easy-to-use, online accounting software for small businesses to manage their finances and stay on top of their cash flow. Read Zoho Books Reviews

Starting Price: ₹749 Organisation/Month Billed Annually

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Recent Review

"web based bookkeeping programming intended for independent companies" - saipureddy chandrasekhar

#2

NetSuite, #1 cloud ERP, is an all-in-one cloud business management solution that helps more than 29,000 organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. Read Oracle NetSuite ERP Reviews

Starting Price: Available on Request

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Recent Review

"A Powerful and Versatile Solution: Oracle NetSuite ERPAs a business owner, I have always sought to streamline my operations and optimize efficiency. After extensive research and evaluations, I decided to implement Oracle NetSuite ERP, and I must say, it h" - muhammadasif

#3

DSLC is a comprehensive platform for rapid application development on both the front and back end through drag-and-drop functionality with blockchain integration providing secure and scalable growth. Read Cyberium DSLC Reviews

Starting Price: ₹720 Single User

Recent Review

"My personal review on Cyberium DSLC" - Zain Abbas Choudhary

Category Champions | 2023

#4

This bookkeeping software makes your accounting tasks easy, fast and secure. Start sending invoices, tracking time, and capturing expenses in minutes. We uphold a longstanding tradition of providing extraordinary customer service and building a product that helps save you time because we know you went into business to pursue your passion and serve your customers - not to learn to account. Read FreshBooks Reviews

Starting Price: ₹1080 Per Month

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Recent Review

"Personal Review On FreshBooks" - Muhammad Ali Khan

#5

Oracle Netsuite is the first and last business system you will ever need. For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / ERP, inventory management, HR, professional services automation and omnichannel commerce, used by more than 26,000 customers in 215 countries and dependent territories. Read Oracle Netsuite EMEA Reviews

Starting Price: Available on Request

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Recent Review

"Oracle NetSuite aids businesses to become more efficient and intelligent" - Mohammed Mustafha

Category Champions | 2023

#6

TallyPrime is India’s leading business management software for GST, accounting, inventory, banking, and payroll. TallyPrime is affordable and is one of the most popular business management software, used by nearly 20 lakh businesses worldwide. Read TallyPrime Reviews

Starting Price: Available on Request

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Recent Review

"Nothing beats tally when it comes to accounting software" - Yusuf Jawaid

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Category Champions | 2023

#7

MProfit is India’s leading portfolio management solution catering to investors, wealth managers, family offices, brokers, and chartered accountants.  Read MProfit Reviews

Starting Price: Available on Request

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Recent Review

"Review for MProfit" - Ahmad Junaid

Category Champions | 2023

#8

Vyapar is the simplest GST ready Accounting, Invoicing and Inventory management software. It's made completely for a businessman, you don't have to waste time learning it. Just start managing your business digitally like before even with no Accounting knowledge. Read Vyapar Reviews

Starting Price: ₹2399 Device/Year

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Recent Review

"Review of vyapar " - Aamir Khalifa

Category Champions | 2023

#9

Oracle NetSuite is the world's #1 cloud system hepls in finance management software, providing a single unified platform in the cloud to streamline all back-office processes, like accounting, CRM, and eCommerce. Read Oracle NetSuite ERP Reviews

Starting Price: Available on Request

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Recent Review

"The best ERP system for any business type" - Hamzeh Hamoudeh

High Performer | 2023

#10

An integrated bussing accounting and management solution, BUSY is a one-stop solution for your financial and payroll needs. It offers multi-location inventory, multi-currency support, order processing capabilities, and helps you make informed decisions. Moreover, it is best suited for the FMCG, retail, manufacturing, trading, and distribution businesses. Read Busy Accounting Software Reviews

Starting Price: ₹7200 Per Year

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Recent Review

"User friendly " - Pawan Sharma

#11

AppNomu is a web application that provides your business with financial assistance, business communication through SMS and increase your customer engagements through the incentives such as gift card, airtime and prepaid cards. Read AppNomu Reviews

Starting Price: Available on Request

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Recent Review

"credits and discounts " - naigeme patricia

Category Champions | 2023

#12

ORION Enterprise is a dynamic enterprise resource planning solution that allows organizations to smoothly integrate disparate teams, functions, processes, and systems. 3i Infotech is a global Information Technology company committed to Empowering Business Transformation. Best for finance management software. Read ORION ERP Reviews

Starting Price: Available on Request

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Recent Review

"Good Product with nice features." - Ramasamy I

Category Champions | 2023

#13

Marg's fastest and advanced, GST Ready Accounting Software for SMEs can manage account payables and receivables efficiently. It generates invoices and reports in 1000s of formats, Auto-Reconcile bank transactions with 140 banks and bring online payment options with ICICI Bank. Read MARG ERP 9+ Accounting Reviews

Starting Price: ₹8100 Full Licence/ Single-User

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Recent Review

"Beat Application" - Shreeram Upadhyay

Contenders | 2023

#14

An ideal solution for small businesses and accountants! The most convenient way to manage and operate all accounting transactions is Easy Accountax. From simple bookkeeping to invoicing the clients, it does it all for you! Being a cloud-based accounting solution, it has an amazing bunch of features. Read Easy Accountax - Cloud Reviews

Starting Price: ₹800 User/Year

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Recent Review

"Best Invoicing And Accounting Software" - Chirag Bhatt

Category Champions | 2023

#15

Oracle NetSuite CRM delivers your business with powerful front-office capabilities in a single, cloud-based CRM solution. Seamlessly integrates with accounting, e-commerce and warehousing. Read Oracle NetSuite CRM Reviews

Starting Price: Available on Request

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Recent Review

"Good" - Yashwanth

High Performer | 2023

#16

HDPOS is the best accounting software. It has ease of use and nice interface. It is a Windows based Billing, Inventory Management and Accounting Software and it easly Install on single computer or multiple Terminals. Used for finance management system. Read HDPOS Smart Accounts and Billing Reviews

Starting Price: ₹1300 Per Month

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Recent Review

"Good software for tuff and intelligent people" - MOHANKUMARSETTY

Category Champions | 2023

#17

Oracle NetSuite OpenAir is the world's #1 cloud PSA solution, running all your service delivery and project management processes on a single, real-time platform in the cloud. Read Oracle NetSuite OpenAir Reviews

Starting Price: Available on Request

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Recent Review

"User-friendly Tool for project management" - Vipul Mishra

Emergents | 2023

#18

ProfitBooks is a simple and fastest business accounting software for small businesses. It lets you create beautiful invoices, track expenses and manage inventory without any accounting background. Read ProfitBooks Reviews

Starting Price: ₹5999 Per Year

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Recent Review

"Good inventory keeping software" - Markus Schiefer

Contenders | 2023

#19

Easy GST is an online accounting software to manage your accounting, inventory and to file your GST returns with ease. Sign up for a free trial. We at Easy believe that Accounting can be made very easy and powerful using the latest technology at a very affordable price. Used for finance management software. Read Easy GST - GST Ready Accounting Reviews

Starting Price: ₹800 Yearly

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Recent Review

"Best Free Trial Accounting Software India" - Naresh PAtel

Category Champions | 2023

#20

Sage offers a complete desktop accounting software that helps you spend less time managing your accounts and more time developing your business. With its easy to use interface, Sage 50cloud Accounting has aided small businesses and entrepreneurs to operate efficiently and effectively. Special Offer: 40% off Sage 50cloud annual subscriptions | Coupon Code: D-1929-0020. Read Sage 50cloud Reviews

Starting Price: ₹3641.76 Per Month

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Recent Review

"Excellent service" - Lynne Smit

Until 30th Jun 2023

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Finance Management Software Guide

What is a Finance Software?

Finance software is a blend of methodologies and tools that allow businesses to record their income, expenses, and other assets. This record is crucial to maximizing profits and the sustainability of the company.

Several things are taken care of by efficient finance management software. It aims to improve business performance both in the short and long-term by streamlining the invoices and bill collection, minimizing redundancy, removing accounting errors, helping with budget planning, and offering flexibility to accommodate change and growth.

There is no doubt that financial management is the topmost challenge that every business faces. Whether a newly established or successful business, it needs to deal with many financial complexities. Without financial management software, you cannot track how much profit the company has earned or how much it has to pay as a loss. As the business management authority has many other core tasks to focus on, they find difficulty in keeping a record of their finances. And as it is a confidential task too, they hesitate to give it to a person unless he/she is trusted.

This difficulty faced by business organizations has given rise to financial management software. If you are wondering what such a system is all about, here is all you need to know about the financial management system.

What are the Benefits of Finance Management Software?

Benefits of Financial Management Software

  1. Automate the Bill Payment Process

    The world is digital, and businesses must keep pace with the current trend or be left behind. Nobody wants to wait for a sluggish and old-fashioned business–customers wish for efficient, fast, and reliable services which financial software offers.

    Gone are businesses and individuals relying on writing and mailing checks. Nowadays, bills can be paid online within minutes. Several financial software tools are available to pay bills online, making it efficient and fast–giving you time to do other things.

    With financial software tools for bill payment, you can easily connect your accounts and make payments. Payments of all kinds can be easily made with such software–as credit card payments or utility bills. Payments can even be saved and completed later, and you can easily keep tabs on your expenses.

  2. Tracks Your Spending

    Another aspect of financial software tools is that they make tracking your spending efficient and easy. For instance, details on bills paid with bill payment software are usually saved on the account history and can be accessed any day and at any time.

    Since all of your bills are paid from one place, it is easy for you to keep tabs on the bills and the payments. Keeping track of your spending is key in business–it will prevent you from filing for bankruptcy or shutting down your business completely. This will help you to organize your expenditures better and know where your money is going at any point in time.

  3. Reduces Operating Cost

    Companies spend a lot of money on expense reports. Studies show that 50% of companies process at least 500 expense reports per month, and up to 25% process up to 2500 reports. Moreover, since a company spends about $41.12 to manually process a statement, the cost of operation significantly increases due to the expense reports.

    However, this cost can be minimized by making use of the software. With an automated expense reporting solution, the reporting process can be made efficient, seamless, fast, and simultaneously; the aforementioned costs can be minimized or eliminated.

    Interestingly, with automated expense reporting software solutions, the cost of processing a report can reduce to $7.17. This solution could help companies save money and improve their operations significantly.

  4. Ease and Efficient Budgeting

    Most companies are investing in budgeting software tools due to their importance in keeping tabs on companies’ budgets and operations. Budgeting software tools are easy to use and manage and offer many benefits over manual budgeting.

    With budgeting software, it is easy to have an overview of the company’s budget, and it is also easy to automate accounting tasks. Accounting software makes it easy for anyone to handle the accounting processes and makes the entire process a lot easier, making it easier for the business to make a profit.

    Furthermore, budgeting software is often used for cost-cutting purposes. The software is a powerful tool for adjusting a company’s expenditures, categorizing expenditures, providing monthly projections, and therefore helping you know what to expect from your business.

  5. Efficient Invoicing System

    Invoicing is an integral part of a business. In traditional companies, employees are hired to take care of the invoices–however, in today’s world, all invoicing processes can be handled with software.

    Electronic invoicing software tools can be used in managing and creating invoices. These software tools have the advantage of accuracy, speed, and precision–which will reduce mistakes in more ways than one.

    Small businesses need such technologies to optimize their operations and keep tabs on their growth. It’s easy to track invoices and manage your operations on your phone, ensuring the business process is optimized and improved.

  6. Streamline Your Business

    You can make your life easier and your business effective with several financial software. Some software tools can be used for invoicing, budgeting, automated bill payment, tracking spending, and reducing operating costs.

    You want to stay on top of things as best you can for a successful business. Using software to help you will improve your business and keep you up to speed with your competition.

What are the Features of Finance Software?

Features of Financial Management Software

  1. Complete Management of Accounting Procedures

    Financial management software streamlines all the economic processes of the organization from start to finish. It includes the management of accounts receivable, accounts payable, payroll, cash flow, small and big purchases, and all other finance-related procedures.

  2. Prediction of Future Trends And Relevant Planning

    A financial management system allows business organizations to use their historical data to predict future trends and patterns in expenses, income, and revenues. It also lets businesses understand market conditions, allowing them to plan accurately for the future.

  3. Worldwide Financial Support

    Financial management software provides businesses the tools and technologies to coordinate activities among multiple departments and manage their financial tasks worldwide. The support for languages and various currencies, along with their conversion, laws, and guidelines specific to each country, are the things that are well supported by financial management software.

  4. User friendly

    If a software solution is not user-friendly and is difficult to understand, the user will feel discouraged as it will be a time-consuming and complicated task for him. Since every individual does not necessarily have the technical knowledge, the interface of finance management software must be user-friendly. For this reason, being user-friendly is probably one of the most important features of any software.

  5. Automatic update

    A good business financial management system should automatically update itself. This helps the client take advantage of all the new features added to the software from time to time.  A client would like to invest in software that saves his time and is completely automatic and not one that needs to be updated occasionally. If the software is not automatically updated, it will also affect the reports and records.

  6. Scalable

    A business is meant to grow. So a small company today can grow to be bigger tomorrow and later. Good software grows with the growing needs of a business. It is not just expensive but also an unwise decision to change the software with the growing needs of a business. So it is important that the financial software used by the business updates and upgrades itself with the company's growing size.

  7. Security

    Financial management software means one that has all the financial data of a business; nothing is more important than keeping that data safe and secure. One of the basic features to look for in any finance software is the level of safety it offers. Make it a priority while choosing one for your organization.

Open Source Financial Management Software

Open-source finance management software can be of great assistance to help you manage your finances. It offers many options to assist you and simplify your financial management. From tracking your bank accounts to managing your small business, this software can help you manage your finances well. Numerous online financial management software available are open source and can be utilized depending on your needs. The impressive highlights of open-source financial management software are

  1. Helps in carrying out financial calculations

  2. Schedules transactions

  3. Transaction matching

  4. Representation of reports and graphs

  5. Meets small business accounting needs

  6. Double-entry accounting, etc

Major Issues Face with Finance Software

Major Issues Face with Finance Software

Issues with offline and/or online finance management tools have been mostly generational, so when it comes to the challenges faced by finance software, they are mostly related to this generation being digital. 

Here are some of the major issues with Finance Software:

  1. Cybercrime

    With the rise in the use of technology, there have also been augmented cases of cybercrimes.  According to statistics, data breaches involving finances have increased manifold within a year. If we want to keep financial data secure, our online financial management tool must be secure and reliable enough.

  2. Use of big data

    An immense quantity of unstructured data goes into the usage of financial software. While the mammoth amount of data is an asset, it also becomes an obstacle in different ways. Finding useful information from such enormously sized unstructured data is no child’s play. Thanks to the data analytics solutions, things are looking better.

  3. Reluctance to use modern technology

    It might sound surprising, but the facts prove that a very thin percentage of financial companies prefer to use modern methods such as cloud-based technology. A large portion of people prefer to use the traditional form of banking and are reluctant to use technologies and software.

  4. Changing Regulatory Compliance

    Regulatory compliance in the finance industry changes constantly, which also becomes challenging for finance software. However, several companies are emerging with solutions to resolve compliance issues and help the finance industry. 

What Type of a Buyer Are You?

There are three types of buyers. The first category consists of small business buyers; others are best-of-breed and enterprise buyers. The financial requirements of all these buyers are quite different from each other. Small business buyers would look for other things than the two other types of buyers. Therefore, when looking for open-source software, consider your business needs and search for the one that best suits your needs. When you purchase software in line with the requirements and size of your business, it will enhance your business's efficiency and performance.

Finance is undoubtedly the lifeline of any business. It is a crucial part of any business and must be handled and managed carefully. Failing to manage your finances can make you face losses and troubles. Hence, it makes sense to take good care of your finances to keep a finger on the heart of your business. When everything is managed and well-taken care of, chances are that it will take your business to the pinnacles of success. The open source finance management software can greatly help you manage your finances so that you can concentrate on other core areas of work.

Software and Services Related to Finance Management Software

Software and Services Related to Finance Management Software

Finance Software can be broadly classified into two categories: finance management system or money management software and Tax management software

While top financial management software helps in managing investments, planning, banking, and income flow, free income tax management software aids in the preparation of tax forms and e-filing of taxes. Here is the list of software and services related to finance management software

  1. Accounting Software

    Accounting software takes care of an organization's financial transactions and automates them. The different elements of accounting software are general ledger, billing, accounts payable, accounts receivable, and payroll.

  2. Budgeting Software

    Budgeting software helps an organization balance its financial resources and expenditures. All the operations are related to budget management and distribution.

  3. Financial Risk Management Software

    Financial Risk Management Software examines and evaluates credit and market risk intended for financial institutions.

  4. Billing and invoicing software

    Billing and invoicing software automate generating invoices and sending them to customers. It also automates receiving payments. This category is also counted as the best personal financial software category because most individuals need this functionality only.

  5. Financial Reporting Software

    As the name suggests, financial reporting software automates reporting an organization's financial results, transactions, and financial status.

  6. Fund Accounting Software

    Fund accounting software is used by non-profit organizations, government agencies, private foundations, private bankers, alternative asset managers, etc. It helps in the automation of accounting functions and the management of portfolios.

  7. Revenue Management Software

    The basic functioning of revenue management software involves optimizing prices based on different factors, such as offers by competitive businesses, demand, and seasonality. This optimization of prices helps the firms to attract more customers and, thus, generates more revenues.

  8. Financial Services Software

    Financial services software is used to take care of the everyday operations of organizations that offer financial services to the general public or other businesses. These include banks, credit unions, or other similar organizations

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Finance Management Software in following industries

Last Updated: April 24, 2023