Commercial finance software helps you manage everything from basic accounting to more advanced tasks like online bill pay, credit card processing and payroll. The capabilities of commercial financial software extend far beyond simple record keeping; software for commercial finance can also help you formulate strategies for customer retention, create an annual budget, and improve profitability.
Selecting a commercial finance software program requires considering not only how much you can afford to spend, but also how advanced you need it to be.
Functions performed by commercial finance software include:
- Cash and bank account reconciliation.
- Cash flow monitoring and projection.
- Financial asset management.
- Integration of financial and other business tasks, through commercial finance programs designed for whole-office management.
Decide between on-site and web-based softwareYou may first need to decide between on-site software, which is installed on your company's own computers, or web-based software, which is located on the vendor's computer network and accessed via the Internet. On-site software offers more control, because it's located on your own system. However, installing on-site software can be expensive and time-consuming. You're also responsible for backing up your data in the event of a system crash. A web-based system eliminates these hindrances because it's maintained by the providers of commercial finance software, who have teams of dedicated IT professionals. However, if your Internet goes down, you could temporarily lose access to your system.
Find a commercial finance software program tailored to your industryFor simpler financial tasks, such as keeping track of expenses, any commercial finance program may suffice. But software designed for a specific industry may provide more in-depth analysis and reporting. Industry-specific software takes into account any challenges your industry faces, and can help automate or streamline any tasks common to certain industries.
Compare software for commercial finance to find the best fit for your companyLooking at websites for providers of commercial finance software is a valuable way to narrow down your choices. Through their sites, you can learn what features they offer, what kind of support they provide, and if their prices fit in your budget. And, many suppliers of commercial finance software offer free trials or demos. But you may also want to supplement this research with third-party opinions about commercial finance software. Several websites include user reviews of software, and let you compare commercial finance software features and prices.
- Check the system requirements for any commercial finance software system you're considering. Some programs may only be compatible with newer operating systems, and usually need a certain amount of computer memory to function properly. Ensure that your system can run the program you choose.