Fintech Advancements: Power of Software

If you are having a business, you need to have a reliable accounting foundation that further helps your brand to expand. Financial software, also called as accounting software offers lots of opportunities and possibilities to the business and brings growth. Financial software development is fundamental for managing funds within the company.

This software not only helps in reducing human errors in the calculations, but also offers valuable insights into the business that are difficult to maintain in the paper format, some of them include generation of sales for the next quarter, finding the least profitable service and determining the overstocked items. They help in managing all aspects of the company like cash outflows-inflows, taxation, budgeting, and profitability.

When Do You Need To Have The Financial Software?

Not always need to have financial management application, but at times, there are situations when you have to install this application to make the process smooth and manage taxations easily. Some of the situations when you need to have the financial management tool-

• You do not have control over the expenses
• You face difficulties in budgeting and planning
• You do not know your financial position and performance
• You cannot keep track of assets and liabilities
• You are not able to forecast business risks
• You are struggling to comply with laws and regulations

What Are The Features Of Financial Management Software?

The financial software empowers an organisation and effectively manages complex and multi-faceted transactions and processes, business expansions, diversions, changing market conditions, and other events. But, have you thought that how financial management software achieves all of these?

These Applications Have a Broad Range of Features and Capabilities Like-

1. Automation and management of end-to-end accounting procedures
2. Supporting worldwide financial processes
3. Planning and forecasting
4. Cash flow management and tracking
5. Advanced reporting and analysis

 

Apart from these above features, some of the modernised software financial applications are built on powerful and effective architecture and they include-

• Advanced security features for preventing unauthorised access
• Seamless integration with other business applications to ensure fast sharing of information
• Web-based access for reducing client/server implementations

Current Fintech Market Growth and Why You Must Invest Now

 The global fintech technologies market size was valued at $112 billion in the year 2020 and it is expected to reach $690 billion by 2030, expanding at a CAGR of 20% from 2021-2030. Several factors are responsible for the ever-increased growth in the financial market and they include online financing among users, the surge in the usage of advanced technologies in business operations of banks and financial institutions, fast growth in innovative technologies, and many more.

If you see geographically, the biggest growth of this sector is witnessed in specific areas like Europe, Asia Pacific, South America, the Middle East, and Africa. There are so many reasons why financial software custom development is a good and profitable business for marketers.

• Cash is turning digital
• The huge app space
• People are visiting banks less
• Has huge scope for innovation

Here the image reflects that 33% of consumers turn to someone other than the banks for transactions and taxations, 68% of consumers consider non-financial service providers for financial services and 45% of the consumers are sharing their bank data with other organisations too. Hence, it is clear that people are becoming more dependent on financial software other than managing finances manually.

The Core Functionality of Finance Software

Finance software delivers accurate information within the organisation. Here are some of the finance functions that are offered by finance management software-

Finance software provides accurate information globally. Some of the finance functions offered by fintech applications include-

1. Ledger Management- General and sub-ledgers are managed with help of finance software, reducing the need for additional hardware. This also reduces installation and implementation costs.
2. Account Payable and Accounts Receivable- this helps to deliver better budgeting and forecasting and planning.
3. Asset Management- value and condition of assets should be known as managing inventories. Fintech apps need operational and capital data that describes asset information.
4. Risk Management– financial software provides internal controls and audit tools for monitoring and protecting companies from internal and external theft and fraud cases.
5. Employee Expense Management– generates and process employee expense reports.

If you are looking for the best finance software for your business, it is better to consult with financial software Development Company that will help you in having the best application for your business.

The Benefits of Custom Finance Software System

Modern financial management systems will help the business to stay on track by fulfilling its goals. Some of the benefits include-

• Having Greater Accuracy- With the use of finance software, you can have better accuracy in taxation process.
• Improving Compliance-The fintech applications help businesses to improve compliance in the industry.
• Better Strategic Planning-When implementing the fintech app, you can have better strategic planning in the business and you can generate more sales.
• Increased Productivity- by installing fintech applications, you can visualise more productivity in your organisation.

How Ivan Infotech Will Help Businesses?

With 6 years of experience in software development, the experts at Ivan provide the best finance management software for businesses that help in further handling finances and budgeting. The clients that look for these applications include lenders, managers, competitors, employees, suppliers and customers, government agencies, The Press and so on.

With the financial data management software from this company, you can easily streamline your businesses’ accounts and taxation needs. The team consults with the clients and then customises result-driven applications. For robust financial software development services, talk with the experts now.