8 best financial management software for SMB in 2022

The main purpose of any business financial software is to count the money in circulation within the organization, affiliated vendors and customers. It helps treasurers and financial managers to manage the back and forth movement of resources. Therefore, businesses of all sizes need a basic accounting solution to report credit and debit transactions.

Why do you need financial management software?

For many years, businesses thought a comprehensive financial management solution was only for corporations and multinationals. However, the thought process has changed, with many software as a service (SaaS) providers offering robust on-premise or cloud-based FMS subscriptions at an affordable price to attract businesses.

#1 An online or offline FMS tool can help you eliminate financial errors such as overpayment or underpayment of taxes, payroll errors, overpayment to vendors, etc. This way, your company can stop leaking money as waste and invest it in operations instead.

#2 Standard FMS solutions come with an advanced reporting and analytics system. With a few clicks, the leadership team can generate meaningful reports on business revenue to show investors past, present and future growth trends across products and markets.

#3 SMEs need financial management software for improved financial and data visibility across all departments. Otherwise, leadership must rely on guesswork and lose control of the money flowing out of the company.

#4 FMS vendors are constantly updating their tools as accounting standards and tax codes change around the world. Thus, you don't have to hire a team of accountants to manually incorporate the latest tax changes or accounting practices into your book.

Must-have features of financial management software.

You can't just grab any FMS tool online. The tool must offer the standard features and functionality to give you value for your money. Here are the features you should look for in an ideal FMS tool:

# 1. general accounting module to cover Accounts Payable (AP), Payroll, Accounts Receivable (AR), General Ledger, etc.

# 2. An FMS should also include a dedicated tool to manage cash, revenue and finance.

# 3. You also need features like budgeting, planning and forecasting in your FMS platform.

# 4. To ensure that your company complies with all local and international laws, you need governance, risk and compliance tools in an FMS.

Below is the ultimate list of the best financial management tools for small and medium-sized enterprises (SMEs).

1. Workday

Workday is a renowned business application brand. One of the most subscribed tools is the financial management solution. SMBs use this tool to focus more on analyzing and planning financial transactions rather than processing them. Workday also updates its tools and features more frequently to keep your business relevant in the market.

In addition, the Workday FMS tool uses cutting-edge data processing technologies such as machine learning, object data modeling, and in-memory computing to detect anomalies in financial transactions. The tool can also provide intelligent and practical recommendations based on your business processes and finances.

As a result, with Workday Finance, you need to spend less time managing routing transactions and processes. You can invest time savings in business areas such as marketing and sales to improve revenue capture.

2. Causal

Causal is a simple spreadsheet tool, just like Excel, without the complexity of Excel. Your accounting and finance team can use this tool to perform complex business financial calculations such as scenario planning, data forecasting, and data modeling. In addition, the tool enables intuitive and interactive data visualizations in free-form text, tables, and charts.

You can also integrate Causal with business data sources such as accounting software, ERPs, and hosted databases. This way, your teams can pull data from these sources and integrate live or historical data into business reports.

Therefore, the product is suitable for startups, non-profits, cryptocurrency companies, finance teams, and marketing teams.

3. Sage Intacct

Since 1999, Intacct has been the leading service provider offering customized cloud-based FMS tools for small and medium-sized businesses. It also pioneered the merging of finance and accounting with cloud technology and the delivery of FMS tools online, accessible from anywhere.

It is also the preferred source for advanced financial applications for the AICPA or American Institute of Certified Public Accountants.

Sage acquired Intacct in 2017 and branded the FMS tool as Sage Intacct. It has become a key component of the Sage Business Cloud. The new FMS comes with separate program cores such as Core Financials, Advanced Functionality, Dashboards & Reporting and Billing to meet all the needs of global SMBs.

4. Xero

Xero is a sophisticated accounting tool that SMEs use to enter invoices, send quotes to customers, send invoices to customers, digitize receipts with Hubdoc, reconcile transactions en masse, etc.

However, they can also claim their add-ons like expenses, track analytics and projects to turn the accounting tool into a robust FMS. Moreover, it provides you with built-in bonus features like project funding tracking, contact management, secure file storage, inventory management, etc.

Xero brings all the accounting and finance functionality to the table to help SMEs manage their business efficiently and achieve profitability goals. With its 20+ features, the Xero dashboard keeps you in control of your business finances.

The dashboard brings together cash flow statements, account balances, bank reconciliations, outstanding invoices and specific business products in one place so you can keep an eye on the health of your business.

5. Kissflow

Kissflow is not just another financial management solution. It's a unified tool that enables your finance team to do everything an ERP tool can't. For example:

Kissflow workflow for financial management software.

· Approve projects and procurements that meet internal and external financial guidelines. With this rules-based system.

· You will never delay a legitimate procurement, but always stop waste and unnecessary purchases.

· Secure sensitive business data from employees with role-based and knowledge-based tool access.

· Get all financial and operational data in one simplified dashboard to make smarter decisions.

In addition, Kissflow's graphical user interface (GUI) and visual elements allow SMBs to effortlessly customize the app to match the products and services the company offers.

6. FinancialForce

FinancialForce is another popular name in enterprise financial management, planning and analytics. Its FMS ERP was developed on cloud-based Salesforce development platform.

Its intelligent software programming enables FinancialForce ERP to deliver a comprehensive and customer-focused status of the company. In addition, as a unified FMS ERP, it brings front-end and back-end together in one centralized location, without a workflow. Doubt among employees.

Therefore, the leadership team can access merged data for key decisions, while employees can efficiently complete their tasks. In addition, with the FinancialForce tool, you're not just bringing home an FMS, but a whole suite of business tools such as:

· PSA or professional services automation solutions

· Inventory management solutions

· Billing and invoicing systems

· Accounting and financial management systems

As a result, your accounting, finance and leadership team can always access real-time data related to operations and customers.

7. AccountsIQ

AccountsIQ is a cloud-based accounting tool that makes processing, capturing and reporting financial data enjoyable and error-free. It offers simple but sophisticated tools for budgeting, automating consolidation, submitting digital VAT forms, auditing and managing cash flow.

The AccountsIQ development team designed the product with the needs of companies in mind, where many departments work in isolation. Working in silos could prove to be financially unfavorable for small and medium-sized businesses.

Therefore, with this FMS tool, various business units of your company such as HR, payroll, receivables, accounts payable, procurement, service delivery and inventory will be consolidated under one roof.

AccountsIQ includes 250 report templates, dashboards, management reporting packages, Power BI links and Excel add-ins. In addition, the tool has a customizable 6-dimensional BI coding structure and a 3-level general ledger. Ultimately, with all these features, you can use the FMS tool for performance benchmarking and granular reporting for all business areas.

8. NetSuite Financial Management

If you need an FMS tool that effortlessly integrates your company's sales, back office and service processes, you can try NetSuite Financial Management. Its proven and comprehensive financial management capabilities take any business beyond traditional accounting tools.

NetSuite financial software helps you with:

· Accelerated and error-free closing of financial books and general ledgers.

· Robust cost management functionality

· Auditable and optimized revenue management

· Real-time and overall visibility into the financial health of the business

The tool is cloud-based, so employees and business leaders can access the data they need from remote locations. There is no need to install standalone software, and all tasks can be performed through a lightweight web app.

It has all the necessary modules and tools for accounting, billing, budgeting, planning, financial reporting, revenue reporting and so on.


Financial management software is critical to the overall operations of your business also Enterprise Resource Planning (ERP).l. An FMS, along with ERP, integrates financial and operational data into a central software system that business stakeholders and managers can refer to for decision making.

You can start with any of the above tools to manage your business money. In addition, these tools will help you transform your business into a digital enterprise to better handle financial data while complying with global standards.