5 Best Financial Management Solutions 2025

Along with properly managing your company’s books, every business would welcome the ability to seamlessly maximize profits, protect and connect financial data, and prevent fraud. Financial management solutions bring all this and more to the table. 

If you’re looking for the best financial software list, then you’re in luck because we’re going to break down the best financial tools examples, software to consider, and the various benefits that come along with it.

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What is a Financial Management Solution?

A financial management solution is a platform and technology that can help manage a company’s assets, expenses, and income. The software adheres to accounting principles, improves compliance, and reduces manual errors, all of which improves business’ leaders ability to make informed decisions to reduce costs and grow the business. 

With a financial management solution and the aid of automation, teams can remove bottlenecks and key person dependencies to fulfill key finance processes, centralize data, and access more detailed analytics. For example, financial automation software like SolveXia enables teams to conduct reconciliation, regulatory reporting, expense management, APRA reporting, and more, with little to no human intervention. 

What are the Benefits of Financial Management Solutions?

There are plenty of benefits that come along with using financial management solutions. Let’s take a look at some of the most outstanding advantages that a business of any size has to gain:

1. Automated Workflows

When it comes to finance, there are many moving parts and people involved with keeping track of transactions. With financial software, you can remove the hassle of connecting disparate systems and records from various departments. All data is centralized and flows into a single repository for use with workflow automation.

2. Accessible Data

Gone are the days of having to wait for manual bookkeeping and accounting to take place to know where the company’s financial position stands. With business moving fast, the books and data must keep up. Financial management software syncs data in real-time and provides a single source of truth and more detailed analytics for greater decision making. 

3. Improved Planning

Given the accessible data, personnel have the information they need to draw conclusions and perform analysis that can be trusted. By doing so, forecasts and planning are made to be more accurate and trustworthy. 

4. Less Errors

Error-free work is always the goal, but when performed manually, it’s impossible to fully achieve, no matter how meticulous your team members may be. With automation software, you can remove the risk of manual mistakes. 

5. Enhanced Collaboration

Last but not least, remote work is on the rise, and finance teams no longer have to be in the same place at the same time to get their tasks done. With cloud-based software, financial management solutions unite data in an accessible location so that teams and people across offices and borders can continue to work together, no matter where they may be logging in from. 

What is the Functionality of a Financial Management Solution?

Financial management software connects data to deliver accurate, timely, and reliable financial information across critical functional areas, including:

1. Accounts Payable and Accounts Receivable 

Financial management software helps with accounting, but it does more than this– it also removes repetition in records and enables forecasting. By integrating with banking systems and tracking records, you’ll never have to guess where your money is coming from or going again. 

2. Asset Management

Financial management software doesn’t just track the movement of funds, it can be used for assets as well, such as inventory management. 

3. Expense Management

Employee expense reports are time-consuming to complete and a dreaded aspect of tracking company finances. A financial management solution automates these tasks, helping to not only ensure employees are paid on time, but also making note of any anomalies to better manage expenses. 

4. Reporting/Analysis

The best financial management software provides automated and customizable reporting features so that key personnel can organize, visualize, and analyze data to reap insights. 

5. Revenue Management

Software also aids in revenue management by automating billing, analyzing sales data, identifying trends, and adhering to regulatory standards, which all work to reduce compliance risk. 

What are the Key Features of Financial Management Solution?

When researching the best financial management solutions, you’ll come across an array of options. To help narrow your focus, be on the lookout for these valuable features:

1. Financial Automation 

Automation is a must-have capability that reduces manual labor, saves time, and prevents mistakes. By automating repetitive and otherwise time-consuming finance tasks, you can free up your team’s time to focus on high-level and strategic initiatives instead. 

2. Financial Planning

Financial models are cumbersome and complex, so you’ll want a tool that can handle this for you. All that’s needed is raw data, and the rest of the magic is performed by the software so you can pull predictions in real-time. 

3. Approval Workflows

Timing is key when dealing with approval workflows as any delay can cause missed deadlines and costly outcomes. Financial management software can be set up with instant finance approvals, as long as everything is in the right order. 

4. Mobile Accessibility

Mobile capabilities is another great feature to seek in finance automation and finance management software because it allows your team to continue processing their work, even when they are in the field or traveling. 

What is the Future of Financial Management Solutions?

Financial management solutions, like all technologies, continue to evolve and innovate to meet the needs of the times, as well as what’s yet to come. 

Cloud-based software has been instrumental in pushing forward the software’s immense capabilities by providing data that is both accessible and secure. As time goes on, we can expect to see the following from this technology: 

1. Immense Scalability

Data continues to grow with each passing second, and to follow suit, financial management solutions must keep up. The era of extreme scalability is here, with cloud-based solutions that can process a high-volume of data without experiencing delays or downtime. 

2. End-to-End Solutions

Financial management solutions connect existing software together to centralize your business’ data and remove siloes. At the same time, they are becoming more sophisticated with their integration capabilities, making it easier than ever to combine technologies to work together. 

3. Improved Reporting

With both pre-built and customizable report templates, financial management solutions deliver information to each respective party in a manner that is conducive to their needs. There is no more need to rely on outdated spreadsheets and manual reports. 

What to Look for in Financial Management Solutions?

With the list fresh in your head for what kind of functionality and features to seek when selecting from financial management solutions, there’s a few more things to consider before making your choice. These pivotal considerations include: 

1. Security

Given that the software will possess all your company’s most sensitive data, it’s paramount to select a solution that is fully secure. Access controls, encryption, and enterprise-grade security are a must. 

2. Low-Code Automation

The software you choose should be easy to deploy and easy-to-use. Rather than having to rely on a dedicated IT team, you can find a low-code automation software like SolveXia that can be up-and-running in minutes and functional for all employees, regardless of skill level. 

3. Budget

Of course, your company’s budget will play a big part in narrowing down your range of options. How much can you budget for financial management software? Be sure to keep in mind the ROI that comes along with it when considering the initial investment. 

What are the Best Financial Management Solutions?

Here is a look at five of the standout software creating our very own financial software list, listed by need. 

1. SolveXia - Best for Robust Financial Automation 

If you’re looking for a system that can truly do it all, then look no further than SolveXia. As an intuitive finance automation platform, SolveXia removes the dependency on spreadsheet-driven data to connect systems, automate key processes, and deliver real-time insights and analytics. 

The easy-to-implement and easy-to-use interface can automate financial processes, including: reconciliation, rebate management, expense and revenue management, APRA reporting, regulatory reporting, and more. 

SolveXia cuts the time that your team spends dealing with repetitive data manipulation greatly, offers cloud access, combines data from legacy systems, and automates operational processes. All the while, your company benefits from audit trails, reduced mistakes, increased compliance, and saved time (expedite processes by 85x with 90% fewer mistakes). 

2. Sage Intacct- Best for Small Businesses 

Sage Intacct is a cloud-based accounting software for small and midsize businesses that are growing. Its features include: reporting, consolidation, automation, and budgeting so that teams can streamline their accounting processes. 

3. Xero - Best for Accounting 

Xero is another handy accounting platform to pay bills, track projects, claim expenses, and collect payments. It’s an enterprise resource management (ERP) software that provides an overview of your business’ financial health in an easy-to-ready and navigable dashboard. 

4. Expensify - Best for Expense Management 

For any business seeking a dedicated expense management platform, Expensify can deliver the answer. Employees are able to scan their receipts and upload them using their mobile devices so that accounting teams can streamline their approval and reimbursement. 

5. Prophix- Best for Financial Planning and Analysis (FP&A) 

Prophix is an FP&A software for performance management geared towards helping businesses improve efficiency. Users can leverage Prophix to automate budgeting, reporting, planning, workflow automation, and financial consolidation.

Final Thoughts

From the best accounting software to the best all around financial automation software, the various types of financial management solutions out there are seemingly limitless. No matter which you choose, your business will thrive from the advantages delivered, including time savings, cost savings, scalability, improved planning, and enhanced analytics. 

Ready to see how a finance solution like SolveXia can work in your favor? Schedule a demo today!