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Financial Management Software
The essential features of top financial management software
Financial management software isn’t not something you change very often. However, as your company grows, you reach the point where manual processes are draining your productivity and you struggle to analyze the growing range of financial and operating data. You need a better way to handle accounting and finance within your company.
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At minimum, modern financial management software should automate and streamline core functions such as accounts receivable (order to cash), accounts payable (procure to payment), and financial close. But to truly fuel your growth, you need to go much further than simply basic automation. Make sure your financial management software offers the key attributes you need:
Automated, flexible financial processes—A modern general ledger lets you manage, analyze, and present your financial information the way you want, without adding complexity to your chart of accounts or requiring external reporting tools. Your financial management software should adapt to your optimal business structure and workflows rather than limit your business flexibility.
Revenue recognition and management—Chances are, you’re using multiple spreadsheets and work-arounds to determine recognized and deferred revenue. A modern accounting system automates revenue recognition to save time and effort with defined templates, rules, and schedules.
Business insight—The right financial management software solution provides in-depth, real-time insight into your business, allowing you to capitalize on new opportunities or quickly recognize the need for corrective action, giving you a thorough picture of the financial performance of your company.
Cloud architecture—A cloud-based solution can lower IT costs, reduce your technology risks, and improve productivity. It also gives you flexibility to choose best-in-class solutions that focus on easy integration with other leading software solutions.
The right company—Be sure to work with an organization that is committed to providing world-class financial management software, not just a suite of tools and components you may not need.
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