Digital Financial Management Consulting Services
Revamp financial management
Since 2007, ScienceSoft provides companies in 30+ industries with advisory and practical assistance on the design and implementation of reliable financial management software to improve their corporate finance processes.
Digital financial management consulting services aim to help companies drive improvements across corporate financial management processes and target ambitious business goals with the help of robust finance software and advanced technologies, such as cloud, AI and ML, big data, blockchain.
ScienceSoft’s Service Scope
Our digital financial management consulting services are customized to clients’ business needs and may cover:
Financial management system landscape analysis
Auditing a client's existing financial management tools and their integration points, evaluating technical and economic pains of existing financial software, planning financial software ecosystem improvements with software-only changes. ScienceSoft's services aim to ensure:
- Increased efficiency of the financial software landscape.
- Optimized costs of currently used financial solutions.
- Improved security of sensitive financial and business data financial systems store, and more.
Advanced technologies consulting
Consulting on the use of cloud, AI and ML, big data, blockchain for:
- Ensuring high availability, scalability and security of a financial solution.
- Automated aggregation and comprehensive analysis of multi-dimensional finance data to predict particular aspects of the company’s financial performance.
- Getting intelligent recommendations on optimal decisions across financial processes.
- Facilitated traceability of financial transactions, and more.
Financial software development consulting
- Designing a financial management solution based on the customer's unique business needs.
- Choosing an optimal tech stack for solution development.
- Introducing an integration plan with relevant enterprise software and third-party systems (e.g., financial data marketplaces, trading platforms).
Financial software modernization consulting
- Planning gradual transition of a customer's financial software to modern techs without disrupting critical financial management operations.
- Increasing the value of financial software investment through legacy transformation.
Financial software implementation
ScienceSoft provides the following implementation options:
- Financial software implementation in collaboration with a client's in-house IT team.
- Covering up to 100% financial software implementation tasks and knowledge transfer to a client's in-house IT team.
Key Steps of Digital Financial Management Consulting by ScienceSoft
We at ScienceSoft help companies bridge the gap between a high-level digital transformation strategy and its actual fulfilment. Our typical digital financial management consulting process flow looks as follows:
- Analyzing financial management needs and eliciting requirements to a corporate finance solution.
- Auditing the existing financial software landscape, analyzing its weaknesses and opportunities.
- Preparing a business case for financial software development / modernization.
- Elaborating a technical requirements specification for the financial management solution.
- Introducing a project plan for corporate finance digitization / evolution of legacy financial tools.
Additionally, we are ready to cover end-to-end financial software development / modernization, including its integration with relevant business-critical systems, and provide continuous maintenance and support of the delivered solution.
- Improving financial data accuracy.
- Eliminating manual efforts across tasks involved in bookkeeping, invoicing, payroll accounting, financial planning and analysis, revenue management, tax management, investment and financial risk management, and more.
- Eliminating accountants’ manual tasks
- Increasing accuracy across multi-entity bookkeeping, invoicing, AP and AR, expense management, multi-location inventory accounting, financial data reconciliation, country-specific financial reporting, and more.
- Streamlining accounting processes in large organizations with complex operations and accounting needs.
- General ledger capabilities, the management of payables, receivables, taxes and payroll, asset and inventory accounting, automated invoicing and reconciliation, and more.
- Aggregating financial transactions across multiple business entities in real time, structuring and reconciling them.
- Accurate recording and reporting of multi-entity financial transactions and faster financial close.
- Automated customer invoicing and real-time receivables tracking.
- Management of collection procedures to cut DSO and past-due receivables and eliminate manual errors across the order-to-cash cycle.
- Automated invoicing workflow, payment tracking and processing.
- Streamlined general-purpose and industry-specific (e.g., medical, telecom, transportation) billing.
- Increased invoicing speed and accuracy and reducing revenue leakage.
- Automated e-invoice generation, processing, exchange, and tracking.
- Compliance with global, region- and industry-specific regulations, such as ZATCA regulations for Saudi Arabia, Directive 2014/55/EU for the EU, and more.
- End-to-end invoice processing – from invoice data capture and validation to invoice routing for payment and posting to the general ledger.
- Reduced cost of invoice processing and storage and shorter invoice-to-pay cycle.
- Real-time revenue tracking, advanced revenue analysis, automated revenue recognition according to the up-to-date accounting standards.
- Ensuring faster revenue close, simplified revenue recognition compliance, precise revenue forecasting.
- Automated price calculation and updating across selling channels.
- Ensuring price performance visibility, streamlining price segmentation and discount management.
- Analytics-based price optimization for maximized profitability.
- Forecasting, tracking, and reporting corporate cash flows (including in various currencies).
- Streamlining cash management across multiple, including international, company branches and across complex bank account structures.
- Providing automation across corporate treasury activities, including cash, investment, debt, trade finance, and financial risk management.
- Streamlining management and enhancing visibility of investment and financing activities.
- Reducing idle cash, liquidity and credit risks.
- Streamlining financial planning and analysis, improving decision-making on strategic activities.
- Creating and managing financial models (including multi-dimensional models).
- Automated calculations for various financial models.
- Simulating, analyzing and forecasting financial scenarios of any complexity.
- Automated cost estimation, budgeting, cost allocation, real-time cost tracking, and variance analysis at the company, department, and project level.
- Streamlining cost control and decreasing budget variance.
- Since 2007 in corporate finance software development.
- IT consultants and project managers having experience with 30+ industries, including manufacturing, retail, healthcare, telecoms, financial services.
- Since 1989 in data science to introduce AI and ML-powered financial analytics.
- Since 2003 in cybersecurity to ensure world-class security of financial software and sensitive financial data it stores.
- In-house compliance experts with 5–20 years of experience to ensure financial management software compliance with industry- and region-specific regulations.
- High quality of digital financial management consulting services and customers' data security proven by ISO 9001 and ISO 27001 certificates.
- For the second straight year, ScienceSoft USA Corporation is listed among The Americas’ Fastest-Growing Companies by the Financial Times.
Technologies & Tools We Use
Back-end programming languages
Practice
19 years
Projects
200+
Workforce
60+
Our .NET developers can build sustainable and high-performing apps up to 2x faster due to outstanding .NET proficiency and high productivity.
Practice
25 years
Projects
110+
Workforce
40+
ScienceSoft's Java developers build secure, resilient and efficient cloud-native and cloud-only software of any complexity and successfully modernize legacy software solutions.
Practice
10 years
Projects
50+
Workforce
30
ScienceSoft's Python developers and data scientists excel at building general-purpose Python apps, big data and IoT platforms, AI and ML-based apps, and BI solutions.
Practice
10 years
Workforce
100
ScienceSoft delivers cloud-native, real-time web and mobile apps, web servers, and custom APIs ~1.5–2x faster than other software developers.
Practice
16 years
Projects
170
Workforce
55
ScienceSoft's PHP developers helped to build Viber. Their recent projects: an IoT fleet management solution used by 2,000+ corporate clients and an award-winning remote patient monitoring solution.
Practice
4 years
ScienceSoft's developers use Go to build robust cloud-native, microservices-based applications that leverage advanced techs — IoT, big data, AI, ML, blockchain.
Front-end programming languages
Languages
Practice
21 years
Projects
2,200+
Workforce
50+
ScienceSoft uses JavaScript’s versatile ecosystem of frameworks to create dynamic and interactive user experience in web and mobile apps.
JavaScript frameworks
Practice
13 years
Workforce
100+
ScienceSoft leverages code reusability Angular is notable for to create large-scale apps. We chose Angular for a banking app with 3M+ users.
Workforce
80+
ScienceSoft achieves 20–50% faster React development and 50–90% fewer front-end performance issues due to smart implementation of reusable components and strict adherence to coding best practices.
By using a lightweight Vue framework, ScienceSoft creates high-performant apps with real-time rendering.
Mobile
Practice
16 years
Projects
150+
Workforce
50+
ScienceSoft’s achieves 20–50% cost reduction for iOS projects due to excellent self-management and Agile skills of the team. The quality is never compromised — our iOS apps are highly rated.
Practice
14 years
Projects
200+
Workforce
50+
There are award-winning Android apps in ScienceSoft’s portfolio. Among the most prominent projects is the 5-year-long development of Viber, a messaging and VoIP app for 1.8B users.
Practice
11 years
Projects
85+
Workforce
10+
ScienceSoft cuts the cost of mobile projects twice by building functional and user-friendly cross-platform apps with Xamarin.
ScienceSoft uses Cordova to create cross-platform apps and avoid high project costs that may come with native mobile development.
ScienceSoft takes the best from native mobile and web apps and creates the ultimate user experience in PWA.
Practice
8 years
Projects
300+
ScienceSoft reduces up to 50% of project costs and time by creating cross-platform apps that run smoothly on web, Android and iOS.
Desktop
Practice
34 years
Workforce
40
ScienceSoft's C++ developers created the desktop version of Viber and an award-winning imaging application for a global leader in image processing.
Practice
4 years
Workforce
40
We used Qt to deliver a cross-platform desktop app for a global leader in image processing, a desktop version of Viber, VoIP messenger with over 1 billion users, and an anti-procrastination app acknowledged by The Daily Telegraph and BBC.
Practice
19 years
Projects
200+
Workforce
60
Our C# developers created the world’s largest PLM software. Their recent projects: development of SaaS for vCIO services management and underwriting software for a global aviation insurer.
Practice
15 years
Workforce
~40
We have delivered WPF-based solutions for a leading market research company and a global leader in image processing.
Practice
10 years
Workforce
30
We use Python for rapid development of cross-platform desktop apps.
Databases / data storages
SQL
Our Microsoft SQL Server-based projects include a BI solution for 200 healthcare centers, the world’s largest PLM software, and an automated underwriting system for the global commercial insurance carrier.
We’ve implemented MySQL for Viber, an instant messenger with 1B+ users, and an award-winning remote patient monitoring software.
Azure SQL Database is great for handling large volumes of data and varying database traffic: it easily scales up and down without any downtime or disruption to the applications. It also offers automatic backups and point-in-time recoveries to protect databases from accidental corruption or deletion.
NoSQL
Our Apache Cassandra consultants helped a leading Internet of Vehicles company enhance their big data solution that analyzes IoT data from 600,000 vehicles.
ScienceSoft has helped one of the top market research companies migrate its big data solution for advertising channel analysis to Apache Hive. Together with other improvements, this led to 100x faster data processing.
We use HBase if your database should scale to billions of rows and millions of columns while maintaining constant write and read performance.
Cloud databases, warehouses and storage
AWS
We use Amazon Redshift to build cost-effective data warehouses that easily handle complex queries and large amounts of data.
We use Amazon DynamoDB as a NoSQL database service for solutions that require low latency, high scalability and always available data.
Azure
We leverage Azure Cosmos DB to implement a multi-model, globally distributed, elastic NoSQL database on the cloud. Our team used Cosmos DB in a connected car solution for one of the world’s technology leaders.
Azure SQL Database is great for handling large volumes of data and varying database traffic: it easily scales up and down without any downtime or disruption to the applications. It also offers automatic backups and point-in-time recoveries to protect databases from accidental corruption or deletion.
Big data
By request of a leading market research company, we have built a Hadoop-based big data solution for monitoring and analyzing advertising channels in 10+ countries.
A large US-based jewelry manufacturer and retailer relies on ETL pipelines built by ScienceSoft’s Spark developers.
Our Apache Cassandra consultants helped a leading Internet of Vehicles company enhance their big data solution that analyzes IoT data from 600,000 vehicles.
We use Kafka for handling big data streams. In our IoT pet tracking solution, Kafka processes 30,000+ events per second from 1 million devices.
ScienceSoft has helped one of the top market research companies migrate its big data solution for advertising channel analysis to Apache Hive. Together with other improvements, this led to 100x faster data processing.
We leverage Apache ZooKeeper to coordinate services in large-scale distributed systems and avoid server crashes, performance and partitioning issues.
We use HBase if your database should scale to billions of rows and millions of columns while maintaining constant write and read performance.
We leverage Azure Cosmos DB to implement a multi-model, globally distributed, elastic NoSQL database on the cloud. Our team used Cosmos DB in a connected car solution for one of the world’s technology leaders.
We use Amazon Redshift to build cost-effective data warehouses that easily handle complex queries and large amounts of data.
We use Amazon DynamoDB as a NoSQL database service for solutions that require low latency, high scalability and always available data.
Platforms
Practice
14 years
Projects
25+
Workforce
10+
A certified Microsoft partner, ScienceSoft creates CRM and ERP solutions powered by Dynamics 365 and optimizes most effectively a range of business operations.
Projects
10+
ScienceSoft achieves at least 20% increase in sales and 30% improvement in case resolution with well-thought-out and business-tailored Salesforce solutions.
Practice
11 years
Projects
20+
Workforce
10+
A certified Adobe Solution Partner, ScienceSoft builds on robust functionality of Adobe Commerce to create highly automated and scalable ecommerce solutions.
Practice
15 years
Projects
100+
Workforce
20+
Solid expertise in SharePoint services has earned ScienceSoft a place in Clutch’s list of Top SharePoint Developers in 2023.
Practice
12 years
A certified ServiceNow partner, ScienceSoft offers a proprietary 4-level implementation model that helps deliver the best value from ServiceNow adoption.
Practice
7 years
ScienceSoft sets up Power BI to process data from any source and report on data findings in a user-friendly format.
Digital financial management consulting
We create a roadmap to financial management digitalization, modernization of your existing digital financial management environment, or adoption of new financial management solutions and advanced techs.
What we do:
- Analyse your financial management needs and elicit requirements for the financial management solution.
- Develop a Proof of Concept.
- Advise on advanced technologies.
- Suggest optimal features and architecture for a financial management solution, and a go-to tech stack for its implementation.
- Prepare an integration plan with ERP, CRM, an inventory management system, a BI solution, etc.
- Estimate cost & time, expected ROI.
Financial software advisory and implementation
We design and develop custom financial management software tailored to your business-specific needs, or customize and implement a selected platform-based financial solution.
What we do:
- Analyse your financial management needs.
- Conceptualize a financial management solution.
- Design architecture.
- Develop and test the financial management software.
- Integrate the solution with relevant corporate systems (ERP, CRM, an inventory management system, a BI solution, etc.).
- Help your employees adopt the solution.
- Continuously support and evolve the solution (if required).
All about Financial Management
Services
Accounting Solutions
Financial Management Solutions
Invoicing Solutions