8 best financial management software for SMEs in 2023

Financial management software (FMS) connects, creates, reports and stores various cash flow related transactions across the enterprise.

The main purpose of any financial software for businesses 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. Thus, 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, companies thought that a comprehensive financial management solution was only for businesses and multinationals. However, the thought process has changed as many software-as-a-service (SaaS) providers offer robust on-premise or cloud-based FMS subscriptions at an affordable price to attract businesses.

Nowadays, SMEs are also opting for a scalable FMS for the following reasons:

#1. An online or offline FMS tool can help you eliminate financial errors such as tax overpayments or underpayments, payroll errors, supplier overpayments, etc. This way, your company can stop wasting money and invest it in operations instead.

#2. Standard FMS solutions come with advanced reporting and analysis. The management team can generate actionable reports on the company's revenues with a few clicks to show investors past, present and future growth trends on products and markets.

#3. SMBs need financial management software for better financial transparency and data across all departments. Otherwise, management will have to 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 globally. So you don't need to assign a team of accountants to manually include the latest tax changes or accounting practices in your book.

Essential 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 the best 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 treasury.

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

#4. To ensure that your business 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).


Workday is a renowned brand for business applications. One of its most subscribed tools is its financial management solution. SMBs use this tool to focus more on analyzing and planning financial transactions than processing transactions. In addition, Workday updates its tools and features more often so that your business can stay relevant in the market.

In addition, the Workday FMS tool uses advanced data processing technologies such as machine learning, object data modeling and in-memory computing for anomaly detection of financial transactions. The tool can also provide intelligent and actionable recommendations based on your business process and financials.

Therefore, with Workday financial system, you need to invest less time in managing transactions and routing processes. You can invest time in business areas such as marketing and sales to improve revenue collection.


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

You can also integrate Causal with enterprise data sources such as accounting software, ERP systems and hosted databases. This will allow your teams to extract data from these sources and incorporate live or historical data into business reports.

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

Intacct Sage

Since 1999, Intacct has been the leading service provider that offers custom cloud-based FMS tools for small and medium-sized businesses. In addition, it has pioneered the merging of finance and accounting with cloud technology and bringing FMS tools online, accessible from anywhere.

In addition, he has been the preferred source of advanced financial applications for the AICPA or the American Institute of Certified Public Accountants.

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


Xero is an elaborate accounting tool that allows small and medium-sized businesses to enter invoices, send quotes to customers, send invoices to customers, scan receipts with Hubdoc, reconcile bulk transactions, etc.

However, you can also subscribe to their add-ons such as Claim Expenses, Analytics and Track Projects to turn the accounting tool into a robust FMS. Moreover, it offers you additional built-in features such as project funding tracking, contact management, secure file storage, inventory management, etc.

Xero brings all the accounting and financial functionality to the table to enable small and medium sized businesses to effectively manage their business and achieve their profitability goals. With over 20 features, the Xero Dashboard will keep your business finances under control.

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


· Kissflow is not just another financial management solution. It is a unified tool that allows your finance team to do everything that an ERP tool cannot. For example:

· Provide approvals for projects and purchases that follow internal and external financial guidelines. With this rules-based system,

· You'll never delay a legitimate purchase, but you'll always stop waste and unnecessary purchases.

· Secure sensitive employee business data with role-based and needs-based access to tools.

· Get all financial and operational data in a streamlined dashboard for smarter decision making.

In addition, Kissflow's graphical user interface (GUI) and visual elements allow SMBs to effortlessly customize the application based on the company's product and service offerings.


ForceFinancial is another popular name for business financial management, planning and analysis. Its FMS ERP was developed on the cloud-based Salesforce development platform.

The intelligent software programming allows FinancialForce ERP to provide a comprehensive and customer-centric status of the business. Moreover, being a unified FMS ERP, it brings together the front-end and back-end in a centralized space without creating workflow doubts among the employees.

As a result, the executive team can access merged data to make important decisions while the rank-and-file employees can perform their jobs efficiently. In addition, with FinancialForce, you bring home not only an FMS but a whole host of business tools such as :

· PSA or professional services automation solutions

· Inventory management solutions

· Billing and invoicing systems

· Accounting and financial management systems

· So your accounting, finance and management team can always access real-time data related to operations and customers.


AccountsIQ is a cloud-based accounting tool that turns financial data processing, collection, and reporting into an enjoyable and error-free job. It offers simple yet sophisticated tools for budgeting, consolidation automation, digital VAT form filing, auditing, and cash flow management.

The AccountsIQ development team developed the product keeping in mind the needs of business entities that have many departments working in silos. Working in silos could be financially disadvantageous for small and medium-sized businesses.

With this FMS tool, various business entities of your company such as human resources, payroll, accounts receivable, accounts payable, purchasing, service delivery and inventory will be consolidated under one roof.

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

NetSuite Financial Management

If you need an FMS tool that will effortlessly integrate 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 conventional accounting tools.

NetSuite financial software helps you to:

· Accelerated, error-free closing of financial books and records

· Robust expense management capabilities

· Auditable and streamlined revenue management

· Real-time, global view of the company's financial health

The tool is cloud-based so that employees and business owners can access the required data remotely. There is no need to install any standalone software and all tasks can be performed from a lightweight web application.

It includes all the necessary modules and tools for accounting, billing, budgeting, scheduling, financial reporting, revenue reporting, etc.


Financial management software is essential for your company's overall enterprise resource planning (ERP) tool. An FMS, along with ERP, integrates financial and operational data into a central software system that stakeholders and business managers can refer to for decision making.

You can start with any of the tools mentioned above to manage your company's money. Moreover, these tools help you transform your business into a digital enterprise for better financial data management while meeting global standards.