Financial operations at a company are important for understanding cash position and business profitability, as well as seeing how well the organization is receiving its payments and managing its costs.
The basic premise is that companies need to ensure that they run a profit in order to stay in business: regardless of how well their core business is doing, if it doe not produce profit, the company will not be able to sustain its business model for very long.
This is why a good accounting and finance package is necessary in order to allow management to get a better picture of the company’s financial operations.
We at ITQlick realize that as an SMB, it is especially critical for your company to understand its financial position, as well as gain insights into how best to support business expansion.
Without this information, it is difficult for an SMB to capitalize on its business growth to date, as it needs to know how to optimize its revenue realization and minimize its cost allocation in order to be financially successful. With this in mind, we have reviewed key selection factors such as cost-effectiveness, available functionality, software investment scope, technology requirements, and software scalability.
Based on these, we have reviewed numerous accounting and finance solutions and some of our best recommendations include the following.
1. Multiview Financial Software
Multiview Financial Software includes all basic financial modules such as general ledger, accounts payable and receivables, orders and inventory management, asset management, document management, and automated workflows. An added advantage is that Multiview also provides SMBs with business intelligence tools for financial analytics.
This solution is a considerable option that includes the benefit of scalability for any business size, thus supporting an SMB’s business expansion and the unique 60-day implementation guarantee which ensures that the product is ready to use in a timely manner.
2. NetSuite Financials
Netsuite provides one of the fastest growing cloud-based financial accounting suites in the industry and is also mobile device access ready. Core features include integrated financials and accounting, fixed asset management, and payment processing.
Additional functionality supported is business analytics, and real-time financial reporting with dashboard management makes Netsuite an important tool for business forecasting and executive control besides providing core financial features.
The application is part of the Netsuite ERP portfolio, thus offering to expand SMBs an option to include other ERP applications as they grow, as well as scale the financial package to their requirements.
3. Coda Financials
Coda Financials provides a full suite of financial functionality that includes a general ledger, accounts payables and receivables, fixed assets, and budgeting as well as extra features such as project accounting and expense management.
Coda Financials supports a single ledger, multi-dimensional accounting framework which is more efficient yet flexible and offers easy integration with third-party enterprise applications. This solution supports multiple languages and currencies and is offered as a cloud-based subscription model. Coda Financials is suited for SMBs with an aggressive growth plan as well as those looking to expand to global operations.
4. Zoho Books
Zoho Books is another cloud-based solution that is mobile device access ready and is suited for growing SMBs as it is scalable for any size of business. Its features include an online payment portal and payment processing, invoicing, expense management, sales, and purchase orders, inventory management, as well as a client portal for collaboration on financial information and payments.
An API toolkit is available for easy integration with third-party software and a free trial of the software is offered as well. Another good advantage for SMBs is that Zoho Books is priced per organization so that unlimited users can be added, and access to the full feature product is provided to all users.
5. FinancialForce Accounting
FinancialForce Accounting is built on the Salesforce.com platform and is offered as a cloud-based solution that is also mobile device access ready. It offers easy customization tools, integration to third-party software, and collaboration options. In addition, SMBs can gain access to the AppExchange and numerous free tools that can expand financial tracking and productivity.
Another important point is that along with all the main financial functions, SMBs also gain access to the Salesforce application suite, an important advantage for businesses looking to expand into the Salesforce platform and gain a scalable solution.