What is Financial Management SystemThe financialnbspmanagement system is a software solution that every organization needs to oversee its expenses and income in order to maximize profits and maintain a sustainable income. It can also handle all the financial assets of an organization and personal. It further helps in coordinating income and expense statements along with maintaining accurate balance sheets.Modules Of Financial Management System SoftwareFixed Asset Management SolutionnbspThe fixed asset management module is used to manage all the asset management life cycles. The product life cycle includes maintenance, procurement, disposal and retirement.Investment Management SolutionnbspInvestment management software module helps investors and law firms and all other financial institutions to manage shares. They can also analyze the data using what-if analysis technique.Loan Management SolutionnbspWith the loan management software module, one can lend loans to micro, P2P (peer to peer lending) and retail businesses. Serving, underwriting and collection can be done with the loan management module as well.Stock Market SolutionnbspThis module of a stock market solution is used for simulation of the stock market and the analysis of market fluctuation. One can also design an investment plan and stock trading based on market fluctuations.Banking SolutionnbspThe banking software module is used in the banking industry to manage various financial products. It helps with functions ranging from general ledger to accounts receivable and accounts payable functions.Insurance Management SolutionnbspThis Insurance management solution of the financial management system modules helps health insurance companies grow their businesses by automating operations using specialized processes for CRM and marketing.There are three main types of financial management solutionsPersonal Financial accountingManagerial accountingBusinessCorporate finance1. Personal Financial AccountingThis personal financial management software provides balance sheets, income statements and cash flow statements. These statements can be given to investors, creditors and tax authorities. These reports enable decision-makers to make the right business-related decisions.2. Managerial AccountingThis system provides all kinds of information related to businesses and individuals. This information can be used for internal use and one can get data according to their own needs.3. Corporate FinanceCorporate finance is a type of financial management system which includes analysis, budgeting, and forecasting, create all kinds of reports,nbspThis businesscorporate financial management software basically provides a road map or plans for a companys future activities.Common Features ofnbsp Financial Management Softwares1. Automation of End-to-End Accounting ProcessesFinancial management solution applications can streamline all administrative processes like accounting (accounts receivable and account payable), payroll, cash flow systems and general ledgers.2. Supporting Financial ProcessesWith a financial management software package, the companies can have the technology they need. Technologies like multiple currency support, conversions, and guidelines can be taken care with the help of this software. This application is used to coordinate with multiple departments in a better way. You can improve process execution and manage every financial task with the help of financial management software.3. Forecasting and PlanningUsing financial management software can increase the ability to predict the patterns and trends that would occur in the future. Patterns can be predicted in the field of revenue, income and expenses.nbsp Moneynbspmanagement system software can help analyze market conditions, which in turn helps in making strategic plans more accurately.4. Cash Flow ManagementTracking cash flow is a necessary step as it helps monitor the way funds are actually spent. Financial management software can allocate budgets and consolidate other cash-flow related tasks. It provides real-time reports related to cash flow status and transactions5. Advanced Reporting and AnalysisCreate easy and accurate balance sheets with enterprise financial management software. Statements for profit and loss and budget allocations can also be generated with the help of this software. Now one can create custom reports according to their own needs to get an in-depth analysis of the financial status of a business.