Best financial management software for businesses in South Africa

One of the defining characteristics of a company is how it handles money, which includes cash flow, accounting, financial planning, and compliance, and numerous firms offer all-encompassing financial management software.

SAP, Oracle, and Workday are some of the greatest financial management software suppliers, and their solutions may assist South African firms simplify their financial management.

These suppliers all provide some level of accounting automation, allowing organisations to minimise the time spent on these operations and reallocate resources to other areas of the business.

They may also assist South African firms with tax management, financial forecasting, and risk management, all while keeping their data secure with powerful cybersecurity.

Three of the top financial management software vendors for South African firms have been featured and briefly discussed.

 SAP Financial Management 

SAP’s Financial Management solution provides several advantages for South African firms looking to automate and optimise their finances.

Some of its notable features include:

• Financial planning and analysis;
• Accounting and financial close;
• Tax management;
• Accounts receivable, billing, and revenue management; and,
• Governance, risk, and compliance.

It also has strong cybersecurity.

SAP claims that their Financial Management software assists South African firms in delivering innovative models, optimising working capital, increasing productivity, and minimising risk.

The organisation has been producing financial management solutions for over 40 years.

Oracle Fusion Cloud Financials

Oracle’s Financials Cloud offering provides several benefits to South African organisations, including as accounting automation, machine learning and AI-driven analytics, and the flexibility to deal with different currencies, languages, and accounting standards.

The software, according to Oracle, can automate up to 80% of a company’s accounting procedures, with built-in artificial intelligence automating up to 96% of conventional transactions while enhancing transaction accuracy.

According to the company, the software may also assist organisations optimise cash liquidity by providing real-time, consolidated financial data, allowing them to continually anticipate their financials.

The cloud software includes the following corporate finance aspects: 

• Accounting and control;
• Payables and expenses;
• Receivables and cash; and,
• Asset and lease management.

“Oracle Fusion Cloud Financials is a global financial platform that connects and automates your financial management processes, including payables, receivables, fixed assets, expenses, and reporting,” the company says.

Workday Financial Management

Workday claims that its Financial Management software may assist South African firms in managing financial operations from recording to reporting, driving corporate strategy and development, and risk management.

The cloud software addresses the following financial aspects:

• Accounting and closing;
• Revenue management;
• Expenses;
• Analytics and reporting;
• Financial planning; and,
• Audits and internal controls.

The programme use machine learning to spot irregularities in real time and provide financial suggestions to businesses. It also converts business event data into accounting automatically.

Workday claims that their auditing feature is constantly on and provides a high degree of control.

“Workday provides undefeatable electronic evidence. We document every transaction and change continuously to help you proactively manage risk and monitor compliance,”  according to the Financial Management product website.