Finance is a relatively wide term from business field. It is a sub branch of economics dealing with money, funds, acquisition as well as management of that money including the assets and liabilities. So as a whole it is a vast field to cover and remember the figures all by oneself. It is the spirit of business, it keeps the business in form and flourishing to keep it in motion. To keep a business in market and keep it growing you need to manage its finances. Financial management is an important part of your ever-growing business. It helps you to set a clear vision in your mind regarding your business. It not only keeps record of your money but also ensures its record availability which results in profit maximization.
Objectives
Its main objectives are:
- To maintain an equilibrium in debt and equity capital.
- To ensure that procured capital is utilized in its optimum profit scenario.
- To ensure supply of the money to respected shareholders.
- To ensure that invested money is returned safely.
How it works?
Financial management functions in following ways:
- Estimation of money: The manager has to take decision regarding the future money matters. This includes estimation of profits, loss and future policies that would affect the economic situation of company in future.
- Capital structure: After the estimation has been made and decision is made, structure is developed. In this version debt is analyzed depending upon the current possessions of the business.
- Investor mind: The manager has to think of those businesses to invest his capital which will maximize his profit.
- Profit divider: Now the manager has to think where to put the newly gained profit whether to pay the debt, or to give the employees a bonus maybe invest it back or start another venture.
After all this now you have observed how much is this management necessary for you venture to which you have given everything and expect it to prosper so as to maximize the profit. Its importance cannot be neglected.
Since its inception, computer is in use for business. Before that it was a long tiring job to keep accounts record and transaction list updated as well management of all other finances including the pays of employees as well. But after that digital renaissance, that tiring job has now been given to softwares which not only allow you to enter just the numbers but also prompt you of an error and they can also show the record of previous transactions from an account in just matter of seconds which if given to human would take at-least an hour. It saves time, effort and fatigue through which human had to go through.
Benefits
Talking about its pros some are enlisted below like:
- Speed: It increases the speed in a way that it cut offs the overhead of manual calculation and it can also be used in a way tomanage account with automation.
- Accurate: It increases accuracy in a way that it reduces the human error of miscalculation. Manually human used to keep record in record books which were then read by human to calculate and while writing or reading there’s a chance of mistake which is minimized by softwares.
- Cost: It reduces cost because it increases the speed and requires a small team so there’s no need of keeping a big team instead keeps a software and stay away easy from that end.
SBSWEB
SBS Financials has replaced Quickbooks, Oracle, Microsoft Dynamics in companies like yours.
- Paperless Office
- Import
- General Ledger
- G/L Integration
- Security
- Export
- Reporting
- Budgeting
- Set Up
- Support
- Consolidations
- Drill Downs
WAVEAPPS
Free invoicing & accounting software with credit card processing & payroll services.
- Invoice in any currency
- Quickly send estimates and turn them into invoices upon approval
- Send statements to follow up on overdue customer accounts
- Accept credit cards and bank payments to get paid automatically
- Set up automatic payments for recurring invoices
- Personalize your invoices with a choice of professional invoice templates
- Customize: add your logo and colors
- Make invoices perfect with customizable columns
- Organize the content of your invoices with drag-and-drop line items
- Automatic and seamless accounting integration
- iOS and Android apps for sending invoices on the go
- Send using Wave, Gmail, Outlook and more
- Know when your invoices are viewed
- Set automatic payment reminders to nudge your customer to pay on time
- Easy-to-understand cash flow insights
- Duplicate invoices to save time when billing
- Automatic sales tax calculations
- Send professional payment receipts
- Automatic backup in the cloud
- Customizable payment terms
- Track payments, partial payments, overdue invoices
NETSUITE
NetSuite is the leading integrated cloud business software suite, including business accounting, ERP, CRM and ecommerce software.
- Finance and Accounting
- Billing
- Revenue Recognition
- Financial Planning
- Financial Reporting
- Global Accounting and Consolidation
- GRC
COMINDWARE
Powerful and easy financial management software for forward-thinking CFOs. Streamline financial planning and tracking.
- Quick workflow setup and change with no IT required
- Flexible web forms for data capture
- Full match of the workflows to the company’s business specifics, significant increase in individual performance
- Easy team adoption thanks to the Outlook-style interface
- Advanced analytics and reporting for effective financial tracking and management
- Equips executives to make key decisions quickly and creates a competitive edge for your company
- Cloud or on-premise deployment, Outlook integration, API for integration with 3rd-party systems
ACUMATICA
Acumatica is the complete Cloud ERP solution for all your business management needs today and in the future.
- Streamline Operations
- Single Version of the Truth
- Work Locally and Internationally
- Manage Multiple Entities
- Migrate Legacy Data
ZOHO
Manage the finances of your business from a single hub. Track cash flow, set tax payment reminders, keep tabs on financial statements, and more. Customize this app for the web, Android, iPhone, and iPad.
- Centralize your finances
- Keep tabs on taxes
- Digitize financial statements
- Monitor income generators
ACCOUNTSIQ
Accounting, Consolidation and Business Intelligence – all in one unique, powerful Cloud Accounting Software solution.
- A unique approach to consolidation
- Collaboration made easy
- Extended business analytics
- Seamless software integration
- Expert support services at your fingertips
- A great fit for you
MYOB
Business software that sets you up for success. Try our online accounting solutions for tax, payroll, super and invoicing.
- Maximise the visibility you have over business performance
- Easily handle complex entities across intricate management structures and multiple geographies
- Inter-company, consolidation, international compliance, and multi-currency capabilities
- All parts of MYOB Greentree are integrated, ensuring real-time live visibility of all parts of your business
- Manual data entry can be minimised through clever automation with eDocs and eReporting
- Rest assured that access to your data is governed as per your security needs
ONEADVANCED
At Advanced, we pride ourselves on supporting millions of people across the UK by delivering exceptional enterprise and market focused software and service solutions.
- General Ledger
- Accounts Payable
- Accounts Receivable
- Sales Invoicing
- Credit Management
- Bank Reconciliation
THEACCESSGROUP
Over 2,000 leading UK organisations use Access financial management software to grow their businesses with confidence. Designed to help support the needs of complex and growing businesses and not-for-profit organisations.
- Latest cloud technology
- Compliant with UK regulations
- Making Tax Digital (MTD)
- Microsoft Office integration
- Excel reporting
- CIS VAT reversal
- Protecting your data
- Innovative apps
- Seamless integration