The software also assists with creating invoices to be sent out after services are rendered.įinancial management systems also keep track of the money you owe to your vendors. Automatic payment reminders can be sent for upcoming and overdue payments. Outstanding balances are also tracked within the system. The system records real-time income and sales data. Financial Accountingįinancial software helps businesses manage important financial information.
Income statement forecast example in Vivid Reports. Primarily used by government agencies, nonprofits, and educational institutions. Manage income and distribution of grants, state aid, scholarships, and work-study programs. Report on historical data or perform predictive analysis. Import real-time bank records and check if bank and accounting records match.Ĭreate advanced reports on financials, operations, business performance, personnel, and more. Advanced Features FeatureĬreate financial plans using historical data and estimates of future market conditions. Sample income statement in FlexiFinancials. Track on-hand inventory assets and the costs associated with them. Track the value of depreciating fixed assets. Manage payroll, employee benefits, certification and licensing tracking, and applicant tracking. Track outstanding and paid invoices.Ĭreate financial statements for internal or external use. Modules include general ledger, accounts payable, and accounts receivable.Ĭreate and send invoices and bills for products and services rendered. Features of Financial Management Systems Common Features Feature You won’t have to spend time switching between systems to find the data you need. Larger businesses benefit from an all-in-one ERP solution to handle finances in addition to other business functions all from one system. These systems also have some human resources management, inventory control, and billing and invoicing functionality.įinancial management solutions are often an important part of enterprise resource planning (ERP) systems. Commonly referred to as accounting software, financial management systems are designed to help businesses make better spending decisions, create accurate financial reports, and manage assets. Financial management systems help business track income and expenses and plan for growth.
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