Financial Analysis Software refers to such a solution that is solely designed for business to perform the tasks of data analysis as well as to provide the analytics of data with ease. This type of software ranges from handling simple work to complex solutions.
Earlier, it was financial consultants who were responsible for determining the financial health of the organization. Now, it has got much simpler and better with Financial planning and analysis software. It has led to cutting costs and improving the efficiency of the projects.
Financial software offers automated formats, tailor-made workflows, spreadsheets, clear and presentable data permission. Along with that, it also ensures to reduce the likelihood of getting caught up with problems or errors unintentionally. It takes care of almost everything!
Get Your Company’s Financial Health in Minutes with Financial Analysis Software
The main reason why we consider financial reporting and analysis software as the best alternative is that manual budgeting has a high risk for human error. Also, Manual accounting is a pretty time-consuming process, it involves a lot of time to spend brainstorming plus can be risky too if the results are wrong. This is one major reason why many companies tend to reduce their cost and switch their attention to budgeting with these tools.
How Automation Makes the Life Easier
Let’s not overlook the ultimate advantages of implementing automation through financial software. Nobody wants to return to their outdated, very clumsy, irrational spreadsheet, inflexible database, and complex manual reporting. With Human error being an inevitable factor, software and financial analysis couldn’t get any better. Proving to deliver accuracy and to help businesses see the brighter side with this financial statement software.
While using this software, you have your accounting data at a single space. This software doesn’t require the time to think and solve a mathematical function. It speeds up, solve it in no time and you have the reports generated rightly. The advanced backup system makes it easier for you to keep it safe & secure.
What Must a Financial Analysis Software Have?
To qualify for being the best software for businesses to handle their financial health and other accountancy work. There are certain important things that you must consider, which has to be inclusive in the software.
This type of software help compares the financial transaction and accounts through the entries made. This way, a company can have a clear insight into how they are performing their business. What needs to be improved? What needs not to be worked upon and so on. The financial analysis software for small businesses as well as large businesses is easily scalable.
1. Consolidate the financial data from the varied system
2. It must include standard accounting metric and KPIs too
3. It should provide features that define the management report in the hierarchy
4. Deliver reports to not just the Internal but external users too and manage the access rights appropriately.
5. Allow users to look through into the details of the financial entries.
6. Generate suitable and reliable reports that comply well with GAAP Standard and IFRS as well
Best financial analysis software can help one with:
The Financial Analysis Software helps in the creation of income statements, reports, and cash flow statements. Along with that, one can make use of the balance sheet and equity reports to take an insight into the profit and loss business is facing.
Seamless integration with QuickBooks online
With the help of online financial software, you can easily make use of the integration facility that connects with QuickBooks Online. A user has access to converting its data into Online QuickBooks reports in no time. Thus, allowing insight into business intelligence.
Opportunities to improve your businesses
With this software, you have better chances to improve your KPIs. Not just that, users also have the Account that Accesses to your clients or employees. You will see your business escaping its performance because of proper workflow management and financial reporting.
Proper control over money is very important for a business to succeed and not spend more. With budgeting features, you can control your financial activity, limit spending, and improve income. It can help create budgets properly.
Business constantly needs to update and keep a track on their debtors and the payments. Some debts result in paying fine as well and keeping the correspondence to the debtors can thoroughly be done if the tracks are maintained appropriately.
Account Payable & Receivable
This financial software can help you track and keep up with the money which is owned by clients. Monitoring your account and checking the billing of the customer to maintain safe payment can also be done in no time.
How to choose the Best financial analysis software for banks and businesses?
There are vast differences in each financial analytics software and this depends upon the end-users that will be getting benefit from it. Advisers who core activities to get core client base needs such software that works primarily on client and employees. Likewise, high net worth companies have high needs and expectations from the software.
They would expect multiple types of responsibilities from the financial software, thus a complex one that multi-tasks business process is needed. Planning tools also vary in the software, some are more sophisticated, while some provide deeper insight, some can be broken down into simpler terms while some are rigid. All this software must align with the business goals and expectations only then they can be considered as useful.
What are the Key Functions of Financial Statement Analysis Software?
1. To handle the finances
Nowadays, with the advanced workflow systems, the manager has a big-time difficulty in managing and handling the huge amount of data. This can pretty much create an overwhelming environment and thus resulting in errors and challenges. Business financial analysis software brings tighter control over the business operation and financial difficulties. Permanent software for financial review and budgeting helps businesses keep the funds in check.
This is how everything runs smoothly and seamlessly. Talk with the most advanced and professional business owner, even they can’t predict the revenue through forecasting. Budgeting software allows the budget statement to align properly and thus create more reliance.
2. For Planning
It is no hidden that the organization compare their existing performance with that of the previous performance. This is to track the current performance, growth, and refine activities based on the performance. The organization can get help with this Financial Analysis Software to compare existing and previous budgets based on financial activities connecting the equity, expenses, and assets too.
The financial performances simplify work in the most presentable format and automate the entire budgeting process with ease. This way, marketers do not have to worry about anything and simply see the comparing results to work better. It allows making a quicker decision and planned input involving appropriate output, sales, revenue, and expenses.
3. To assess the Performance
A budget helps business to see their achieved results as well as evaluate the performances too. Usually, the best feature for a businessman to use from this software is evaluating the expenses and matching the same with the expenditure. For business checking the performance is very important, this helps them to understand where the business is currently lacking behind.
This financial analysis software for accountants can help monitor and solve problems that a business is facing. It also saves the overall cost and excludes the need to hire a dedicated team for financial planning for the firm. This way, the performance not only grow but also helps save money big time.
4. To figure out the Net Worth
There are varied functions in the financial statement analysis software free to use it and see how it helps businesses figure out their net worth. This is the number of assets that a business holds without the debts being attached to it. This is the whole and sole asset that stays in the business. The net worth of the firm is the most valuable asset of all, this defines the actual position of the firm or company’s profit.
If you want your company to exceed and expand, you must give importance to knowing the net profit and net worth. Thus, through the software, anything and everything is possible, that too with 100% accuracy. You won’t have to hesitate to rely on the results generated, because of it being automated.
5. Limiting Expenditure
For companies, the thing they need to give priority to is not to overspend the money if they can’t afford it. If a business is unable to spend its un-useful expenses, how are they going to control their expenses? Knowing where they are overspending their money will only help them be cautious and limit their money. Manual accounting proves to bring many mistakes and errors thus not giving a clear insight to the companies.
The free financial analysis software is of great help. As it does the accounting work with complete accuracy. Firms can keep a check on their expenses and income, and accordingly work on the things that derive profit. Rational decision making seems to become easier with this software. It may quickly compose the record of the previous transaction to control the expenses.
6. To handle Cash flow
Companies rely on budgeting and financial statements software to handle the cash flow and to identify whether the firm has the funds to keep it running. This is ideally good for small scale businesses to identify whether they can make a smart investment. Or whether they can start boosting more deals while the previous ones are still running in progress. The cash flow system can give a clear hint to businesses to think about dealing ahead and making more investment or not.
The Best Financial Data Analysis Software
1ViewAnalytics is proven to be the best and free financial analysis tools and cloud-based financial analysis software which gets easily integrated with QuickBooks online. Converting your complex data into online QuickBooks reports as well as getting a clear insight into business intelligence seems to be no big hassle. For some time, you will be provided this software for free, this can help you understand its working, its results, and how you can get reports in real-time.
This particular software allows one to create custom reports that are based on individual needs. So, if a business needs to deliver reporting to a specific person, they can edit and create customized reporting. This way sharing and transmitting data with concise details doesn’t seem to be a challenge anymore.
The best part is, this software is the best free financial analysis software. Which means you can make use of it for free, try to use and understand the software that too without paying anything.
Reporting becomes easier:
With the best multiple reporting systems, businesses can use this financial reporting without facing any challenges. It is easy to understand and prepare even if a person doesn’t have any accounting background. This report can be for a specific purpose, for a specific individual and to get a more detailed and deeper insight in no time. This will be free for users, to understand whether it meets the firm’s need or no.
With 1ViewAnalytics, the software empowers companies to provide access to not just one but multiple users at the same time. The admin restricts access to fewer people and they can go through it from anywhere. This makes financial reporting work more precise!
With ready to go presentation, data visualization, financial analytics report, and custom dashboard, almost everything that involves complex work gets easier and better. This is indeed the best free software used in finance.
If you are looking forward to using a software that generate quicker report and allow your business to run smoothly. There is no better way than choosing 1ViewAnalytics.
This Financial Analysis Software takes your business one step ahead and forward, you get to make smart decisions and choices. You do not have to rely on any professional person to do manual tasks that might not be relevant. Creating a presentation is like a cakewalk, so simple, so preventable, and yet informative.