Technology

What Software Solutions Do Financial Organizations Use?

Financial organisations are just like any other business across the many sector, in that they have certain software and systems that are crucial to their line of work. These digital tools can vary from highly specialised solutions, to suites of software that enable various different everyday requirements. We spoke to a managed service provider based in London about this. The company, TechQuarters, has been providing managed IT services London companies across many sectors have been using for years – and they discussed what types of software solutions are financial services companies using in 2022.

Productivity Software for Finance Companies

Financial organisations need the basic tools for productivity just like every other business nowadays. Productivity software is what we call these types of tools. We asked TechQuarters about them who, as one of the top IT support companies London based organisations partner with, know a lot about productivity software.

Microsoft 365

According to TechQuarters – and in fact, many businesses around the world – Microsoft 365 is the best suite of productivity apps and services available on the market. It includes all of the most well-known businesses software, including:

  • Windows 10/11
  • Microsoft Office – i.e. Word, Excel, PowerPoint, OneNote
  • Microsoft Outlook
  • Microsoft OneDrive
  • Microsoft SharePoint
  • Microsoft Teams

Microsoft 365 is meant to equip a business with all the functions and capabilities they need to execute their daily workflows in an efficient, flexible, and secure way.

Financial Software: What Features Are Important?

As we mentioned above, sectors usually have software that fulfil needs specific to their sector, in addition to more general software. When we asked TechQuarters about the IT support financial services companies get from them, they confirmed that their clients always have financial technology that needs supporting.

If you’re wondering what this type of software is used for, we have broken down some of the primary features:

  • Financial Tracking

A good financial management software should include robust tracking, so as to ensure transparency. The more transparent financial data is to the company, the easier it is to perform analysis on the data, and coordinate finance workflows. To achieve good financial tracking, the software needs to have solid reporting with lots of customisation available.

  • Financial Planning

Planning is very important, because it enables a financial organisation to align finances with their client’s goals and strategies. Good financial planning is able to link people, tasks, and data.

  • Finance Automation

Automation is revolutionising work in many different sectors, by enabling organisations to eliminate the need for manual completion of repetitive and / or predictable tasks. This is the same with Finance automation – there are a lot of tasks that can be completed more efficiently and accurately by machines – the benefit of this is that it frees up employee time and improves work consistency.

  • Finance Approval

When it comes to financial decisions, approvals are very common – and very important. Any decision being make about a client’s finances needs to checked over and approved first. As important as this is, it is also beneficial for approvals to be performed quickly and efficiently, which is another way in which financial software is useful to organisations.

Examples of Financial Software

QuickBooks – This software is a comprehensive finance management software that is suitable for accountants, as well as SMB organisations. It has a range of plans – which start at $10 a month – and has a lot of powerful features that make it a good investment, even for SMBs on the larger end of the spectrum.

Xero – This software is primarily suited to accounting work. It has the ability to create recurring invoices, streamline purchase and sales orders, payroll, and inventory. It also makes reconciling bank statements very straightforward.

Sage Intacct – This service is geared towards enterprises – which is reflected in its base annual price. For the price, however, one gets all the capabilities they need for managing finances. From general ledger management, accounts payable and receivable, cash management, and more, Sage is very popular among financial services organisations.

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