As a business grows and evolves, its financial management needs increase in complexity. The demands on the financial and accounting leaders within the company heighten as they become responsible for keeping up with ever-changing business finances. To handle these increasing challenges, you need dependable financial management tools that can scale with your business.
Best Finance Management Tools for Large Business
That is why your chosen tools need to be reliable, efficient, and easy to use. But with so many options available, it can be difficult to know what to look for or how to orient your search. To that end, here are four must-have financial management tools for large businesses:
- Accounting platforms – SAP Business One Professional
- Enterprise resource planning (ERP) system – Oracle Netsuite OneWorld
- Reporting and business intelligence – Microsoft Power BI
- Payroll and HR management – Paychex Flex
Accounting Platforms: SAP Business One
To succeed at scale, businesses must have complete control and visibility over their finances.
In the past, financial and accounting teams were limited to physical record-keeping or manual data entry, with rudimentary programs like excel. Simply closing the books at the end of the month could be a multiple-day slog, riddled with costly errors and mounting employee frustration.
Being that the tiniest errors can cost you millions of dollars, it pays to be prepared.
Now there are software platforms that automate and streamline these accounting processes, eliminating human error and inefficiency while speeding up the month’s end close. With the right application, you can control cash flow, build invoices, manage accounts receivable, and perform real-time analytics.
In short, it is a powerful tool you can leverage to increase employee bandwidth, monitor your company’s financial health, and decrease the risk of error.
SAP Business One Professional automates all your key accounting processes and automatically detects irregularities and inefficiencies in your record keeping. It is made specifically for developing companies, so it has the capabilities to handle all your accounting needs as your business scales.
- Extensive customization
- Budget management
- Accounts payable and receivable
- Detailed transaction and expense reporting
There are many reasons SAP is one of the most popular accounting tools on the market. As PC Mag puts it:
“SAP Business One provides a comprehensive and sophisticated financial system that also easily extends to add the functions of a true ERP system, including modules for production, HR, CRM, and MRP.”
SAP provides everything your large company needs to streamline all of its accounting duties. With it, you can have better control and visibility over your cash flow and empower your organization to scale above supportive pillars.
Enterprise Resource Planning (ERP) Systems
An ERP system is a single software used to seamlessly integrate all of the processes a business needs to run a company—from planning to sales to financial management (and more). The idea of ERP software is to create one fluid system and collaborate all the different business processes in one centralized place. The most robust solutions will also increase visibility and collaboration across each department, ensuring that everyone is on the same page.
Oracle Netsuite OneWorld is known as one of the top ERP systems on the market.
The cloud-based software is capable of functioning as an accounting platform, eCommerce platform, and customer relationship manager. It can help your organization effectively manage your books, customers, and supply chain.
Oracle Netsuite offers:
- Expansive scalability and flexibility
- Real-time visibility and control
- Large-scale resource and financial planning
- Global business management capabilities to be compliant across the world
- Ability to run multiple languages, currencies, and subsidiaries at one time
If you want to make the most out of your ERP system, Oracle is an excellent choice that can scale with your business needs. It is the gold standard as far as ERPs go, and the comprehensive finance and project management capabilities render it the ideal ERP for large businesses.
Reporting and Business Intelligence
To make the best financial decision for your growing business, you will need to take a deep dive into the numbers. Financial modeling is the core of financial data and analytics.
You need to be able to create an accurate P&L, balance sheet, and cash flow statements in order to gauge your company’s health and consider the best plan of action going forward.
Reporting and business intelligence empowers your teams, making it easier to analyze and track your business. With these capable tools, you can identify inefficiencies and highlight potential improvements. To that end, the best reporting and intelligence software will compile all your data in one place, in real-time.
Microsoft Power BI is a leading cloud-based business intelligence service with unique features like:
- Organizational and public data searching
- The ability to import, merge, shape, and cleanse data
- Data model, hierarchy, and KPI creation
- Analysis and visualization of data
- 3D, story, and data mapping
Power BI is recognized as a top reporting and business intelligence software because of its user-friendliness, exceptional data visualization, and robust source-connection capabilities.
It paints a detailed picture of your company’s financial integrity.
Payroll Management and HR Platforms
As your company scales, managing payroll becomes a greater undertaking, especially since payroll, personnel costs, and benefits likely represent a majority of your overall expenses. Fortunately, there are tools that can help you ensure that payments and corresponding taxes are executed with accuracy and promptness.
A premier payroll management service should include tools that help drive your workforce while providing full-scale reporting and insight to administrators. From recruiting, logging time, to benefits, your payroll platform should be a one-stop-shop for all things HR.
As the name suggests, Paychex Flex is a flexible payroll solution that offers your company’s administrators versatile functionality and easy customization.
Features include but are not limited to:
- Scalability for growing enterprises
- Simplified tax filing
- Easy reporting
- 24/7 customer support
- Integrated compliance standards
- Full customizability for individual department needs
- Finance and revenue management
Paychex handles payroll management especially well for growing companies, providing your HR and administration team all the functionality of a user-friendly interface. This vigorous system helps streamline payroll and HR duties across your enterprise.
Your CFO and Accounting Solutions, All in One Place
The tools you use to manage your business finances should be reliable, holistic, and user-friendly. There are tons of financial management solutions to choose from, and fortunately, the ones we’ve highlighted offer demos, instructional videos, and live consultations.
In other words, you have resources to help inform your decision.
But these software solutions are rendered obsolete when the right controllers aren’t managing them. And for that, you may need to enlist outside expertise and guidance.
Enter CFO Hub. Here, we provide contracted CFOs, controllers, and accounting teams that are tailored to your business’ needs. Pairing the right tools with unparalleled support from our team will empower you to enhance your business flow and bottom line.
Better yet, choosing the right financial management tool is twofold; you need to understand your business and the platform intuitively.
We do both. Welcome to CFO Hub.