Simplified Guide to Financial Analysis Software Development
Updated on May 5th, 2021
With the introduction of digitization, every aspect of the global market changed drastically. The same goes for automated tools of the finance industry! Financial analysis software, a robust tool for all organizations and financial institutions, has substantially evolved with time. From demonstrating the effectiveness of the insurance and investment products, to monitoring the cash-flow and goal-based planning, it has completely transformed the way it used to work earlier. And so, it will not be wrong to say that financial analysis software has become a crucial tool for today’s financial advisors.
According to sources, almost 60% of the marketers today leverage financial analysis software to monitor their cash flow and automate business operations to optimize profits. However, despite this significant popularity of financial analysis software in the global market, many firms still find it challenging to determine the best features for their financial analysis software. What may seem perfect for one firm may be of no use for the other one? Hence, in this guide, we have covered almost all the aspects that can help you develop a feature-rich financial analysis software perfect for your business. But, before diving in further, it is vital to know everything about financial analysis software.
So, let’s get started!
What is Financial Analysis Software?
Financial analysis software, a robust tool of the finance sector, helps enterprises and other financial institutions in budgeting and forecasting to plan the financial resources to support their business activities. It is capable of forecasting revenues and expenses across diverse departments and business entities. Not only that, but the financial analysis software even offers you a way to track the necessary components of financial planning.
From allowing accounts to consolidate budgets from multiple departments, the software helps the user with data analysis and provides in-depth results. Furthermore, it also helps to increase the overall sales and performances as well as provide insights on market analytic which include budgeting, saving, investing, paying off debt, and plan similar aspects. Besides all that, cosh-flow management,. Budget forecasting, tax-efficiently planning, and revenue recognition are some other vital features of the financial analysis system that provides robustness to business operations. Let’s give a glance at some fantastic benefits of financial analysis software to know more about its excellence.
How Does a Custom Financial Analysis Software Benefit Your Enterprise?
Although there are several benefits of using an automated custom financial analysis software in your enterprises, we have mentioned a few of them here in this article. These benefits will surely help you to make your mind for the development of a custom financial analysis software.
1. Error-free Financial Position
It is often seen that the modern-day organizations are not very comfortable with the digital bookkeeping versions and spreadsheets to maintain every detail of their business expenses. That’s where custom financial analysis software comes into play. It offers all the reliable tools for the finance department to reduce account errors, shorten invoicing time, and keep all their tax-related documents updated. Not only that, but the financers can also optimize their cash-flow processes as per the daily, weekly, or monthly schedules.
2. Accurate Financial Data
The traditional bookkeeping systems were not as efficient as compared to today’s digital and automated financial analysis software. It not only helps to optimize the cash-flow process of the organization but can also be used to minimize the errors in the accounting process. An efficient financial analysis software not only helps to reduce the repetitiveness of the records, but also helps in better budgeting, and forecasting. Flawless integration with banks, and accurate assets and liabilities data are also the added perks of financial analysis software.
3. Interconnected Operations
Another amazing benefit of a custom financial analysis software is the inter-connected operations of your enterprise. With the help of financial analysis software, all the departments of your organization can remain connected with each other seamlessly, and in an efficient manner. And not to mention, inter-connected departments not only reduces the complexity of operations, but also increases the transparency of data flow. Though, in most cases, especially in large enterprises, it is often seen that financial analysis software becomes a core aspect of the ERP software. Hence, you can also integrate the financial analysis software with your existing ERP solution, or you can develop one for your organization!
4. Growth Measurement
Reliable financial analysis software can be seamlessly used to measure the growth of your business and its various other departments. It accurately analyzes multiple critical data relating to your business operations and then provides you vital reports over the p[erformance of each of your departments. That way, you can easily predict what all areas need improvements and what all are performing well.
5. Increased Productivity
It is no surprise that tasks like generating vital business reports, preparing financial analysis, and creating future economic predictions, is not only tedious but also time-consuming. That’s why most of the businesses today utilize an efficient financial analysis software that not only digitizes the record generation process but also makes accounting error-free. All that results in making your employees more productive and focused on other vital tasks.
6. Enhanced Data Security
Besides analyzing your financial data, custom financial analysis software also helps to keep your data safe and secure. It stores all your critical commercial and business-related data in a centralized platform so that it can be shared when needed. Also, it takes care that no third-person can access your vital data by ensuring that every employee uses a unique password while utilizing your data.
7. Customizable and Scalable
Last but not least, when you invest in a custom financial analysis software, you get more than just a robust business tool. With a custom software solution, you can seamlessly include all those features that are much needed by your organization and can remove those who are not very beneficial for you. That way, you will not only save a lot of money, but also make the solution perfect for satisfying your business needs, and for building success for your organization. Want to know more about custom software development? Click here today!
So, these were some of the advantages of developing a custom financial analysis software for your enterprise. Now that you might be convinced to create one such software application, you firstly need to consider all the critical factors before developing the financial analysis software.
What Factors to Consider Before Developing a Custom Financial Planning Software?
Often it is seen that companies partner with a not-so-trusted software development company and, as a result, fails miserably. That’s why we have listed various critical aspects that you need to consider while developing a custom financial planning software with a software engineering firm.
1. UI/UX Aspects
User-friendly functionalities are the most vital aspect in today’s competitive world. Many companies have failed miserably in the global market despite leveraging robust technologies. That’s because their features were not apt for the modern-generation; they were not user-friendly. Hence, you need to be very sure that the firm which you have selected makes every feature of your software according to your employees or other users. That’s because your employees will eventually use the software, and if they fail to understand some functionalities, then it may hinder your business performance.
2. Development Team
After the UI/UX aspect, another vital thing to consider while developing a custom financial analysis software is a perfect development team. You need to have a proper and certified software development team to build an efficient financial analysis software for your enterprise. Now here, you have two choices, either you can go for an in-house development team, or you can outsource an experienced software engineering firm. While both the options have their specific perks, it is often seen that outsourcing an experienced software engineering firm is always considered a wise decision. That’s because an experienced software engineering firm will have all the ideas about the challenges that might come during the software development and also knows the solutions to all those problems. Moreover, they will also have all the required professionals like project managers, front-end developers, testers, back-end developers, UI/UX experts, etc. readily available with them. Hence you can always outsource a relevant software engineering firm to develop a financial analysis software efficiently. Need more benefits of outsourcing a software engineering firm? Get all the benefits here in our article.
To include the necessary features in your software is always a vital aspect that needs to be addressed before development. Look for all the essential features that you can introduce in your software to make it more valuable for your enterprise. To help you, we have listed some amazing features that you can consider while developing a custom financial analysis software.
You can access all the vital components of your accounting process to determine the latest and most beneficial economic trends.
Manage your company’s assets more efficiently and deliver accurate financial statements related to appreciation/depreciation with the help of operational data.
It deals with filing of return in time, getting accounts audited & calculating tax at source to ensure timely payment.
Track budgets & generate reports that display historical view & comparative view of allocated budget & expenses.
Leverage past financial data and external market factors to forecast potential revenue and future commercial activities.
Identify, analyze, and mitigate uncertain financial data to stimulate efficient forecasting with robust system & audit tools.
Planning and Forecasting
Interpret current financial condition & predict future economic activities while analyzing various scenarios.
Generate accurate and visual-rich financial reports that provide meaningful insights into a company’s operational performance.
Billing and Invoice
Process invoices easily using a system that enables all invoices & billing-related information such as matching, approvals, etc.
You can seamlessly access detailed information on vendors like track compliance, & understand vendor capabilities.
4. Development Cost
The next crucial factor that needs to be considered while planning to develop custom financial analysis software is the development cost. Now, it may be seen that when opting for a software engineering firm, the prices of development may vary according to the company. Meaning, if you hire a development team from developed countries like the USA, then development costs may be a bit high as compared to a development team from India. Also, there may be a time when a not-so-trusted firm quotes very low to increase their chances of selection. Hence, you need to be very careful while opting for your strategic partner. Remember, the cost does not always play a crucial role; you need to look for the most feasible firm that satisfies your requirements very efficiently.
5. Security of Software
Security always remains the topmost priority for every business irrespective of their niche. That’s why the marketers should never compromise on the quality of their financial analysis software solution. Meaning, they should always opt for a trusted and experienced kiosk software development company that assures them fully secure transactions using cloud-based services. Also, developing a PCI, and ADA compliance software is always a wise choice, so go for that.
How to Develop a Custom Financial Analysis Software?
So, we are now at the most awaited section of our article- how to develop a financial analysis software. It is to be noted that the development process may vary according to the organization. However, we have listed down some common steps that every firm, irrespective of its niche, has to pass through to develop financial analysis software. So, let’s dive in!
1. Choose trending technologies
The first and foremost step to develop a financial analysis software is to opt the most appropriate technological platform. Thanks to the digital world, we now have access to all the disruptive technologies that can enhance the functioning of our software and business operations in a more effective way. Hence, you need to select the most appropriate technology that best suits your business needs. For instance, you can leverage AI to seamlessly generate smart reports in your software.
2. Have a development team
Next, you should have a perfect development team to develop financial analysis software efficiently. You should have a project manager, experienced front-end developers, back-end developers, UI/UX experts, and testers to assure that your development process runs smoothly and efficiently. Also, you should always be in touch with your development team to know all the updates of your software.
3. Include the necessary features
Including the essential and relevant features always helps the organization to outgrow its competitor in a much easier way. That’s why you need to be very careful while selecting the appropriate feature for your financial analysis software. That will not only impact your business operations, but will also decide the growth of your business in the coming time. We have already mentioned some critical features that you could include in your software. So, leverage that list and make an efficient software perfect for your business needs.
4. Run quality tests
After the development phase, comes the testing phase, testing is one of the most critical aspects of the software development process. You need to be very sure that each and every functionality of your financial analysis software works efficiently, and your software runs across various platforms smoothly. Hence, you can either run quality tests by your own, or can check, if your strategic software development partner can do it for you.
5. Implement the software
Implementation is the last stage of your development process. After carefully examining all the features and functionalities of your financial analysis software, you can implement it in your organization. But, be careful while implementing the software. Meaning, before implementing the financial analysis software, educate all your relevant employees about the functionalities of the software and teach them how to use that software. That’s because they will be the ones who will be utilizing your software. So, be careful and attentive.
What is the Cost of Developing a Financial Analysis Software?
Like other on-demand software applications, the cost of developing a custom financial analysis software depends on many crucial factors. To name a few, we have:
1. Development Cost
2. Managerial Cost
3. UI/UX Cost
4. SRS Cost
5. Customization Cost
Besides all those mentioned costs, various other expenses are associated with financial analysis software development. To get an estimate of your project development, you can reach us anytime by visiting www.matellio.com
To conclude, we can say that automated finance is the future of industries. Things have changed dramatically in recent times, and it will change more in the coming years. Hence, if you want to match the fast-moving pace of the global world, and want to satisfy every need of your business, investing in a custom financial analysis solution is the best way. It not only helps you optimize your cash flow but also identifies all the bottlenecks of your business operations and provides solutions for that. Got more questions? Whether you are looking for more, or want to develop a custom software solution for your enterprise, you can seamlessly contact us anytime you want. Our experts will be readily available to help you in the best possible way!
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