What are the Key Features of Modern Financial Software?

Are you considering building custom financial software for your company? This may be a good idea. Ready-to-use SaaS solutions are often unsuitable for all companies – they lack certain features, or providers ask you to pay for ones you don’t need at all. Having your own financial software created could be the best option, but what are the key features of such a system? Learn more.

Cloud-based technology

There are two great benefits from having custom, cloud-based financial software:

• capability to collaborate easily across departments thanks to access to files in the cloud for everyone in an organization,
• reliable, automated backups in the cloud are often less expensive than keeping in-house backup solutions.

Financial companies often cooperate with third parties, so storing data and applications in the cloud makes sense.

Access to data in real time

In order to make informed decisions on short notice, financial experts require constant access to the newest data. You can get ahead of your competition by gathering and analyzing data in real time. Ask your financial software development services provider for a solution that will collect and display fresh and relevant information.

Workflow automation

Hundreds of processes have to be completed in the world of finances. Some contracts have to be prepared, invoices need to be generated and simulations need to be run. It seems like a lot of manual and repetitive tasks, right? And let’s not forget that financial organizations carry them out every day. If only there was a way to lift this burden off your employees’ shoulder. But there is. Business process automation allows you to automate various tasks. Make sure that proper workflows are implemented in your financial software.

Compliance audit

Financial services depend on numerous regulations, which are most often complicated and tend to change from time to time. Keeping up with these changes is the main job of your financial experts and lawyers, but they are only human. If you are building custom financial software for your business, you have to remember that you are responsible for making sure that all the procedures are up-to-date. Simple functionalities in your software, like setting deadlines for updating your procedures or creating automated notifications will help you nail it.

Preventing errors

Human error can cost a company greatly. Wrong input can result not only in organizational chaos, but also in making terrible business decisions. This is a serious matter – you make your choices based on reports generated from the data used by your system. Every company must ensure that this information is accurate and reliable. How can you prevent errors? Fortunately, this is quite simple. Formulate rules for input in your system’s forms and your financial software will stop a user from sending the wrong data to a database.

Advanced reporting

The best business intelligence tools can provide you with a thorough analysis. They can generate nice and easy-to-understand visualizations, graphs and charts that you could present to stakeholders, customers or co-workers.

Your own custom financial software will serve you better than any SaaS solution. Consider the key features for such a system carefully.