Financial management software streamlines and automates an organization's financial operations. It typically has functionality, such as general ledger, accounts payable, accounts receivable, cash management, and financial reporting. It enables businesses to efficiently manage their financial data, transactions, and processes, ensuring accurate and timely recording, tracking, and analysis of financial information.

Advanced financial management software often integrates with other business applications, facilitates compliance with regulatory requirements, and provides robust and user-friendly reporting capabilities.

Online financial management software provides businesses with a scalable, accessible solution for managing their finances. As the software and data are in the cloud, accounting staff can access the company’s financial information any time and from any location. This greatly enhances the ability of teams to collaborate and work on the same data—wherever they are.

True cloud solutions offer automatic updates across all their customers, ensuring everyone can access the latest features. Cloud financials also enable real-time visibility into key metrics and consolidated reporting across multiple entities or locations.

While accounting and financial management solutions deal with an organization's financials, they differ in scope and capabilities. An accounting solution records and processes accounting transactions and its core function is to maintain accurate books and generate financial statements. Financial management solutions cover a broader range of functionalities by integrating core accounting processes with advanced financial capabilities like budgeting, forecasting, financial planning, cash management, and business intelligence. 

Financial management solutions provide comprehensive visibility into an organization's performance, enabling strategic decision-making and supporting complex financial operations.