Financial management is frequently the deciding factor between a successful and a failing business. Efficient financial management is the foundation to managing your business operations like a well-oiled machine, regardless of the size of your organization or industry.
Fortunately, there are numerous financial planning and budgeting tools for financial planning available that any organization can leverage.
We’ve developed a list of financial management and CFO tools that businesses should think about.
Best Financial Management Tools
Finances in business can be hard and daunting, but the correct financial management tool can make it a lot easier to understand. These integrated systems can assist you in transforming key areas of your business and focusing on what needs to be optimized.
TM1
The IBM Planning Analytics powered by TM1 (aka TM1) technology is ideal for scaling spreadsheet budgeting, forecasting, financial reporting, and virtually any spreadsheet-based analytical application to the enterprise. TM1 combines the power and control of an enterprise database with the freedom, flexibility, and familiarity of spreadsheets.
Pros:
- Ability to handle large amounts of data
- Offers AI and ML capabilities
- Offers web-based planning and web-based reporting
- Uses an intuitive user interface and easy data uploads
- Supports both web and Excel
Cons:
- In terms of consolidation, it may require another product controller for support
- User management can be complex
- Requires technical knowledge for users
- Implementation is consulting-heavy
SAP BPC
With SAP Business Planning and Consolidation (SAP BPC), you can simply alter plans and forecasts, speed up budget and closure processes, and assure compliance with financial reporting standards.
Pros:
- On-premise or cloud deployment
- It can integrate with SAP and non-SAP data
- Easy User Management
- Offers Excel-based planning
Cons:
- Poor web-based reporting
- Known issues when dealing with large volumes of data
- Requires technical knowledge for users
- No AI and ML Capabilities
ORACLE HFM
Oracle Hyperion Financial Management offers financial aggregation and reporting to help businesses satisfy worldwide regulatory standards, save compliance costs, and provide credibility in your numbers.
Pros:
- Offers standard consolidation
- Save days or weeks on consolidation, closing, and reporting.
- Delivers Internal and external results on time
Cons:
- Poor web-based reporting
- Requires Hyperion Planning license for support
- Poor performance when it comes to multiple users and large cube sizes
- Requires technical knowledge for users
- Implementation is consulting-heavy
- No AI and ML Capabilities
Performance Canvas Financials
While developing and adhering to a reasonable budget is critical for an organization’s financial health, it can be challenging for growing businesses. Many FP&A software solutions enable you to manage cash flow and forecast months in advance.
It may be time to consider implementing financial planning and analysis FP&A that can assure data quality and accuracy in your reports, security to safeguard your statistics, and additional functionalities that can empower your financial team to perform more than what is required of them.
Pros
- It provides self-service and combined budgeting, planning, forecasting, reporting, and consolidation on a straightforward and easy-to-use platform.
- robust integration with SAP B1, Epicor ERP, MS Dynamics 365 systems
- easy-to-use and maintain
- Supports AI and ML capabilities
- reasonable pricing
Cons
- Only Basic Consolidation is included, Advanced Consolidation is an add-on
What to Look for When Looking for Financial Management Tools
Your choice of powerful business tools is influenced by various linked factors, which are outlined below. Consider them thoroughly before choosing a set of tools.
Budget: How much money are you willing to set aside for these financial systems? Depending on the size of your activities, you may need to implement more integrated platforms and tools, and the expenses may vary.
Access: Companies must regulate access to sensitive financial information on digital records as financial matters migrate from paper to online platforms. Businesses of all sizes require a financial management application with granular access control roles.
Providing for future scalability: To avoid the costly hassle of converting to a new system when your current software becomes obsolete, a financial management tool must evolve with your business needs.
Accessibility: While some firms utilize on-premise financial management to have full control over their processes, others choose a cloud-based strategy so that all records and workflows are available anytime. This exceptional flexibility could increase your company’s success rates in the digital age.
Cloud-based financial solutions will save you time and money. Choosing an FP&A tool like PCF can help modernize your finance operations and enhance the efficiency of approval hierarchies as your organization evolves. With cloud-based, fast deployment and highly secure management and collaboration tools, you can quickly expedite your financial reporting and analysis workflow to always give accurate reports and vital insights no matter where you are.
If your company is battling with all of these fundamental issues in financial planning and budgeting, Performance Canvas Financials is a single platform that can present you with all of the tools you need to handle your financial data with simplicity.
