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Custom Financial Management Software Development

  • 13-14 min read
  • October 07, 2021
  • 👍 Rating — 4.8 (6 votes)

Keeping your business afloat may quickly turn into a challenging and tricky task without reliable financial management software. Since financial matters are an essential part of every business, even companies that are built on the most promising of business ideas will fail without a properly run finance and accounting system oversight.

According to the Chamber of Commerce, about 80% of small businesses get through being a first-year startup company, while that number falls to 70% of survivors at the end of their second year of existence. After five years of existence, only half of the small businesses are still going strong. 

The article comprises valuable insights describing the uncovered potential of financial management tool and the contribution it makes to business resilience and growth. Explore the main challenges of financial management, the benefits of custom-built solutions to overcome them, and uncover the advantages which integration of advanced technology.

Finance management challenges to be aware and ready for

According to the Small Business Administration, about 67% of small businesses fail within the first decade, since entrepreneurs focus mostly on selling their services to clients, often overlooking the importance of financial intricacies. Thus, they fail to track finances, overlooking things like cash flows, reporting, accounting for various overhead expenses such as sales and marketing while the business is in growth mode. It is necessary to reign in and get a handle on your business before it expands and becomes out-of-hand. 

Sooner or later, startups are faced with an urgent need to fix the situation with financial matters. Notably, the breaking point often happens when management or investors opt to assume close control on the finances when their patience runs out with regard to the profitability of the business. Where owners or shareholders become fed up with constantly having to add money to the business as a result of cost overruns, revenues not hitting targets, or both, resulting in the business being consistently loss-making.

Here is the table reflecting the main financial challenges, consequences and finance management solutions helping to avoid and overcome those challenges.

Challenges Consequences Solutions
Lack of wise budget management
  • Short business lifecycle
  • Intuitive use of money will only lead to strife and financial difficulties
  • Flexible yet rigorous budgeting and utilization of financial management tools for measuring expenditures and income.
Lack of liquidity
  • Limits your financial capabilities in case unforeseen expenditures crop up
  • Liquidity also provides freedom allowing to seize opportunities. 
  • investment into business growth when the right opportunity arises.
Lack of reporting
  • Serious financial losses and can be hard to handle and time-consuming
  • Real-time financial analysis option in financial management programs is a key to accurate tracking of business performance
Lack of tax compliance
  • Undesirable accumulation of expenses, bad relations with suppliers, and reputation, which results in a crash of promising projects due to lack of funds 
  • Finance management software allows avoiding manual regulation of accounts payable processes ensuring consistency of committed funds

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Financial management programs – a powerful weapon in your arsenal

Quick, handy control over the financial management system is possible only with the use of corporate finance software. The following procedures can now be performed automatically and regularly due to the existence of finance management software:

One of the key targets for SMBs is to reach the global market and stay competitive. Moreover, to stay afloat, you have to be flexible enough to cope with unpredictable challenges. Investing in the digitalization of your business means entering the market with a solid and functional finance software solution in your arsenal, putting your company on track, and giving it the infrastructure basis for growth and expansion. 

How will your business benefit  from finance management software

Dealing with establishing a working finance management system demands accuracy, regularity, and the absence of any money delays. Are there any instruments that are more necessary than financial management tools? Automation of internal and external financial processes greatly reduces, if not eliminates, the possibility for errors. 

Benefits of finance management software: 

  • Financial custom software assists in consistently tracking transactions, payments, and other records, which is helpful in effectively controlling the cash flows, contribute to better planning, forecasting, as well as categorizing and following through on expenses.
  • Enables entrepreneurs to conduct more accurate audits, helps bring better visibility into finances, thereby giving the people in charge the ability to optimize business liabilities and positively impact profit margins.
  • Transparency – you see and control all financial processes. 
  • Security – protects from cyberattacks, data leaks, fraud, and theft.
  • The finance management software allows saving human resources through the automation of, time-consuming, employee-intensive, large-volume data processing tasks, especially when the projects already need full employee involvement.
  • Financial accounting software enables the entrepreneur to objectively evaluate the company’s position in the industry. It contributes to the company’s long-term sustainability and growth.

Indicators to implement financial software applications

Financial custom software can be a magic pill for your business and assist in streamlining all your key financial processes. How will you know that your business needs to implement a financial management tool? Here is the checklist:
indicators to implement finance automation softwareA financial management system is a tool providing accurate, timely information to enhance the company’s control over finances, allowing allocation and investment of company resources.

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Ready-made or custom-built – that’s the question

Among the finance management software solutions, business entrepreneurs may either choose the ready-made apps or hire an experienced team of developers and to get custom-built finance software. What is the main difference, and what is better for your business? 

At a first glance, Apps belonging to ready-made software present an attractive universal variant for SMBs. However, every business has its specific needs and demands the availability of a specific set of features. User interface design is not intuitive and user-friendly enough, and the system may not refresh automatically. It also takes time for tech support to fix the errors. Even after spending money, you might still have to struggle with certain aspects of business automation, as some features might not be available in your ready-made financial accounting software, while others may take considerable time and effort to set up.

Wrike is a cloud-based platform designed for teams with more than 20 members, suitable both for large businesses and SMBs. Wrike integrates with a variety of tools including Salesforce, Dropbox, Slack, and Adobe Creative Cloud and offers an open API. The app has a standard set of features, such as payroll, expense tracking, reporting, is suitable for remote teams, and the pricing entails recurring subscription fees per user.

Pros: Configurable features, intuitive design, detailed task management

Cons: Ability to integrate a limited number of employees, poor customer service

AccountIQ is another type of cloud-based application, enabling a user to deliver financial reports, offering a rich set of intuitive tools for audit, digital VAT returns, cash flow control, and budget management. AccountIQ is particularly suitable for businesses where multiple entities need access to a common platform.

Pros: Cloud-based, accessible at any time and location, support team works smoothly

Cons: Some processes need to be done manually, generating reports is time-consuming

Thus, ready-made finance management software is a good option for those who are willing to tolerate inconveniences, some of which were mentioned above. However, for those who always keep up with the times and want to drive one’s business to the next level, we offer the custom-built software option. Such a solution will for sure tackle the specific needs of your company and will doubtless become a powerful instrument to reach your business goals. 

Benefits of the Custom-Built Apps


Discovery stage and consultation
You get the software that enforces your business goals, since business analytics predict and evaluate all the available risks, offering the best possible solutions for YOUR particular business [needs]. Discovery stage with GBKSOFT.
Data-Driven Decision Making
Custom-build technology supports data-driven decision-making, and you get the best solutions to remain competitive on the market. Following this approach, the team of specialists creates an optimal tool for your business decisions, since they will be based on data, and not on intuition or experience.
Security first
We believe that security should be a priority and mustn’t be overlooked. Custom financial management tools guarantee the highest level of security. You may have peace of mind in being 100% sure that your team is the only one that has access to your private data pertaining to your project at hand. Choosing custom-built software, you minimize the risks of data leaks, fraud, and theft.
Perfect for YOUR business
When you choose custom-built technology, it perfectly aligns with and suits your business goals. It is designed specifically for your needs, and you may be sure that all significant features will be included.
CRM Integration
Gives an opportunity to expand the functionality of the financial software without the need to move back and forth between the systems, since you integrate the CRM software with other apps. Thus, you save time on administrative tasks, easily record the revenue sources and eliminate the chances for human error.
Transparency
You can easily control, manage and access workflow at any time. Moreover, you can track the financial processes at any stage, accessing this information in real-time.
Specific set of features
Every company has its individual business model and specific internal processes. Thus, custom-built financial management tools best assist in optimizing internal processes, instead of creating a need for adapting to ready-made apps.
Intuitive UXUI designs
Accessible and interactive interfaces will save you time and make the financial management more pleasant.
Design thinking methodology
Enables the team of experts to deliver out of the box solutions and instantly react and address rapid changes in user environment and behavior. This approach enables to generate ground breaking solutions.
Cost-effectiveness
While utilizing ready-made solutions, you have to pay for the subscription. While when choosing customized solutions, you spend money once, but you receive a personalized app and an option for ongoing tech support.
Quick Data management
It enables you to control an enormous amount of data with one click.

Main features of finance management software

Here is the set of the main features of financial management software:

features of financial management software

Develop custom finance management software with GBKSOFT

GBKSOFT has expertise in supplying financial software for Small and Medium-sized Businesses alike. Through the discovery stage, we make sure to have a deep and thorough understanding of the considerations that need to be taken into account for each project individually. 

By choosing us as your tech partner you definitely benefit since:

  • We build detailed specifications to refresh your financial management system integrating new beneficial features.
  • Agile approach allows to cut the time of the development cycle and frequently introduce updates.
  • We can build a solution for you from scratch, as well as upgrade the available software with the new features
  • Our team can build MVP which fully illustrates the customer’s idea and enables us to test it in real-life situations before making the considerable investment.
  • We utilize the design thinking methodology to create friendly interfaces that predict users’ behavior for your target user 
  • You are involved in every stage of the project delivery. We constantly keep you informed concerning the ongoing processes and the progress of the project delivery.
  • We are always open to new ideas, being very flexible, aiming to put your idea into a reality with our expertise
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Good to know
GBKSOFT is an experienced team that develops various kinds of fintech solutions. Among them you can find trading platforms, investment solutions, banking apps. Read our blog post to find out what kind of fintech software you can build with us.

Tech aspect of the question 

Having practical experience in the industry domain, GBKSOFT offers unique tech expertise while integrating new features for finance management solutions:

  • ERP solutions able to capture big sets of data with integration of advanced reporting features for in-depth data a analysis and enhanced operational visibility – EPM(enterprise performance management)
  • Cloud based solutions that allow to shift the responsibility of diagnosis, management and bug fixing to a vendor
  • Custom code management
  • Our solutions support all the security regulations and protection of PII (personally identifiable information) – GDPR, CCPA, HIPAA, enabling us to guarantee the complete safety of private data 
  • Successful integration of API’s for providing better customer and business partners experience
  • AI powered systems for better analytical analysis

Developing a custom financial management app will take approximately up to 2500 hours. The ballpark budget for developing the finance management software application is USD 150 k, however, it may vary depending on the set of features, platform, app complexity, and integration. Check out the table below to see an estimation of what specialists you will need, how many hours of work are required, and what the cost of those hours is.

In one of the latest projects – LTApp, we have built the software for easily evaluating and underwriting deals. This mobile-based platform features eCALC – a free financial engineering software tool – designed for on-the-go use or while working remotely. It allows buyers, lenders, and brokers to fully underwrite transactions.

Eastern Union Mortgage calculator – an App enabling users to log in and get instant access to all private contacts, leads, and notes so that the user can work using a mobile phone. It is a one-stop app for calculating deal/loan metrics, having a better understanding of where interest rates are, and learning more about real estate.

The App interface is comprehensive, free, and easy to navigate. It is characterized by a rich number of features: 

  • Calculate Cap Rates
  • Determine Blended-Mortgage Payments
  • Calculate First Year Cash On Cash
  • Compute Internal Rate Of Return (IRR) & Equity Multipliers
  • Analyze Equity Waterfall On Deals
  • Show Equity Splits Between Partners

Conclusion

Long-term business success hinges on a lot of factors, but chief among them is mindful management of company finances since the reality is that the long-lasting existence of businesses is impossible without first ensuring organization and structure. There is then an obvious need for an up-to-date streamlined solution that will enable the handling of financial matters and guarantee that all financial aspects are under strict supervision and control.

Utilizing the latest technologies allows reducing records redundancies and improving budgeting. You can make the forecasting more precise and make better planning. You will manage the expenses thoroughly and precisely. Accurate audits, detailed and efficient tracking of debits, credits, as well as recordings of assets and liabilities with custom finance management apps is an investment that will definitely boost your company’s efficiency and tune all the internal processes to run smoothly.

Rapid growth of business digitalization proves that technology is a chance to boost your business and stay competitive on the market no matter the circumstances. Thus, Finance Management Software is a perfect tool for optimizing all the time-consuming financial matters and keeping all the internal processes under a watchful eye.
With finance management programmes you optimize profitability, get more accurate reports, improve budgeting, manage your accounting documents and keep track of employee expenses without data leaks and security breaches.
To build such an application, you need a team of technology experts including a Business Analyst, Admin, Designer, CSS/HTML, PHP backend, JS frontend, QA and a Scrum master.
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I am a content creator with 7+ years of writing experience. My expertise lies in Business, Education, Science, Software, and Industry. Technology-focused and software-reliant. Focused on research developments, technological breakthroughs, and the latest scientific innovations. Lover of context and nuance. I believe that the devil is in the details, and if you can combine and control all the details in a text, it will become a powerful marketing weapon.
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