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Custom Corporate Finance Applications 

Main Types, Features and Benefits

Having 15-year experience in building financial solutions, ScienceSoft offers custom software development services to help businesses implement effective corporate finance applications.

Corporate Financial Software - ScienceSoft
Corporate Financial Software - ScienceSoft

The Essence and Pros of Custom Corporate Finance Software

Custom corporate finance software helps companies digitally transform their financial processes while taking into account their unique business requirements and driving tangible benefits across corporate finance. Such solutions automate and optimize financial accounting and bookkeeping, treasury, billing and invoicing, financial modeling and forecasting, revenue recognition, pricing, cost control, and more.

When corporate finance software development is your best choice

Corporate finance software development helps introduce an effective solution with unique and easily upgradeable functional and non-functional capabilities tailored to the company’s financial management needs.

ScienceSoft recommends opting for financial software development and getting a custom corporate finance application if you want to:

Automate complex, non-standard financial processes based on specific financial management policies.

Solve case-specific corporate finance challenges with advanced technologies, for example, AI or blockchain.

Stay compliant with industry- and country-specific financial regulations.

Ensure advanced protection of your sensitive financial and business data.

Quickly and cost-effectively integrate the solution with the existing corporate systems, including legacy software.

Avoid high subscription costs for platform-based financial software, which scales as your finance team grows.

Avoid dependency from the off-the-shelf software updates and have the flexibility to evolve your financial solution with new functionality when required.

Main Types of Corporate Financial Applications

The listing below introduces core solutions to automate and streamline corporate finance processes.

ScienceSoft offers consulting and development services to help organizations implement one or several of these targeted financial apps, as well as build a full-featured enterprise financial system.

Automated accounting software

  • Automated calculation of revenue, expense, payroll, employee reimbursement amounts, depreciation, and other essential financial metrics.
  • Automated creation, updating and approval of journal entries in the general ledger and subledgers on external and intercompany financial transactions, including multi-currency transactions.
  • Automated financial data reconciliation.
  • Template-based creation of financial reports: income statement, balance sheet, cash flow statement, and more.
  • Automated invoicing.
  • Automated tax filing under region-specific regulations.

Value: minimized manual tasks of accountants, increased accuracy in bookkeeping and financial reporting, ensured compliance with region- and industry-specific financial regulations.

Enterprise accounting software

  • Consolidation of financial transactions across the enterprise, its branches and subsidiaries and recording them in the general ledger and subledgers.
  • Automated entries to the predefined books or multiple books simultaneously.
  • Multi-currency bookkeeping.
  • Multi-location inventory accounting.
  • Payroll and employee reimbursement management.
  • Tax management.
  • Scheduled and ad hoc payments to vendors, suppliers, employees, governmental entities, etc., via a predefined payment method or by direct deposit.
  • Consolidated and country-specific financial reporting.

Value: time savings across multi-book financial close, full visibility into enterprise-wide accounting transactions, streamlined multi-entity accounting.

General ledger software

  • Maintaining GL books for multiple company branches and subsidiaries, including those with different functional currencies, account structures, or accounting calendars.
  • Real-time import of external and intercompany financial transactions from relevant sources.
  • Configurable chart of accounts (COA), GL account segments, control accounts for subledgers, entity hierarchies, and more.
  • Rule-based transaction classification and GL coding by account (asset, liability, revenue, expenses, etc.).
  • Calculating and tracking total debit and credit amounts, GL balances (by period, account, COA dimension, etc.).
  • Automated generation of closing entries (monthly, yearly).
  • Customizable financial report templates.

Value: more accurate recording and reporting of financial transactions across multiple business entities, faster financial data consolidation and financial close.

Accounts receivable automation software

  • Automated invoice generation and submission to customers.
  • Automated recording of customer invoice data in the A/R ledger.
  • Calculation and real-time tracking of received, due and overdue amounts, DSO, total revenue by period, etc.
  • Automated payment collection.
  • Automated allocation of received payments to the relevant customer invoices.
  • Prioritization rules for A/R collection.
  • Scheduled customer reminders on due payments.
  • Deduction validation and approval, applying relevant changes to invoices.

Value: cut in DSO and past-due receivables, faster and more accurate invoicing, eliminated manual errors across the order-to-cash cycle.

Automated billing system

  • Support for order-based, subscription, retainer, and other billing models.
  • Automated calculation of due amounts.
  • Automated invoice generation.
  • Multi-department invoice approval.
  • E-signing invoices.
  • Automated invoice and submission to customers.
  • Real-time invoice status tracking.
  • Automated payment processing.
  • Support of multiple payment methods, including bank transfers, wire transfers, ACH, credit cards.
  • User-defined rules for payment retry in case of payment failure.
  • Automated customer notifications on due and overdue payments, payment failure, upcoming payment card expiries, and more.
  • A customer self-service portal.

Value: streamlined general-purpose and industry-specific billing, quick and accurate invoicing, faster receiving of payments, reduced revenue leakage.

Invoice processing automation software

  • OCR-enabled conversion of paper invoices into a predefined digital format.
  • ML-powered data extraction from digital invoices.
  • Rule-based validation of invoice data at the line-item level (quantity, price, date, etc.).
  • Automated invoice matching against purchase orders, supplier contracts, goods/service receipts.
  • Invoice verification against the pre-set tax rules.
  • Automated routing of approved invoices for payment.
  • Real-time multi-department invoice tracking by validation and approval status, supplier, period, and more.
  • Centralized invoice storage.
  • Trend analysis to forecast non-PO invoice amounts.

Value: fast and accurate invoice processing, reduced cost of invoice processing and storage, shorter invoice-to-pay cycle.

Cost control software

  • Analytics-based estimation of direct and indirect costs (by cost objects and company-wide), including depreciation and amortization costs and property taxes.
  • Template-based budget creation at the enterprise, department, project level.
  • Tracking actual costs, committed costs, and variances.
  • Automated allocation of estimated and actual costs by cost objects based on the predefined costing method (e.g., direct costing, ABC, multi-dimensional costing).
  • AI-powered forecasting of cost performance.
  • Cost and budget modeling and what-if analysis.

Value: streamlined cost estimation, allocation and forecasting, faster budgeting, decreased budget variance.

Revenue management software

  • Real-time revenue calculation and tracking by product, region, business entity, customer, etc.
  • Rule-based contract revenue allocation.
  • Automated revenue recognition according to the required accounting standards (ASC 606, IFRS 15, non-GAAP, etc.).
  • Support of diverse revenue recognition methods, such as sales basis method, completed contract method, percentage-of-completion method, and more.
  • Recurring/non-recurring, point in time/ over time revenue recognition.
  • Comprehensive revenue analysis and forecasting.

Value: faster revenue close, simplified revenue recognition compliance, more precise revenue forecasting.

Pricing software

  • Analytics-based pricing strategy planning.
  • Automated price calculation for new products based on a user-defined pricing strategy.
  • User-defined price segmentation rules.
  • Template-based price list creation.
  • Calculating optimal discount offerings for promo campaigns.
  • Calculating optimal customer-specific prices under individual agreements.
  • AI-powered price analysis and optimization.
  • Real-time monitoring of competitors’ prices and stock availability across relevant public sources.
  • AI-enabled dynamic pricing.
  • Automated price updating across selling channels.

Value: faster price calculation and updating across selling channels, enhanced price performance visibility, more competitive pricing, increased profit margin.

Cash management system

  • Real-time cash flow monitoring.
  • Tracking cash balances across multiple bank and/or intercompany accounts (in case of an in-house bank), currencies, regions, entities, and more.
  • Cash positioning based on the consolidated bank statement data.
  • Automated reconciliation of cash transactions.
  • Multi-currency cash pooling, POBO and COBO services, and multilateral netting via in-house banking.
  • Scheduled/on-demand cash transfer between bank and/or intercompany accounts based on liquidity needs.
  • Cash flow analysis and forecasting.

Value: streamlined cash management processes, improved planning and control of liquidity, decreased fees on the FX transactions and cross-bank cash transfers.

Treasury software

  • Real-time monitoring of cash flow, liquidity, working capital, transactions on investment, financing, hedging activities across various asset classes.
  • Automated cash positioning.
  • Creating custom investment portfolio structures with multiple asset types.
  • Automated calculation of capital gains and losses, accrued interest, duration, average daily balance, weighted yields, total return, etc.
  • Managing scheduled and ad hoc payments to vendors, principal and interest payments on the existing liabilities.
  • Calculating and monitoring liquidity and credit risks, exposures for FX and commodities.
  • AI-powered analysis and forecasting of cash flow, gains and losses on investing and financing activities.
  • Scenario modeling and what-if analysis for hedging strategies.

Value: streamlined management and enhanced visibility of investment and financing activities, cut in idle cash, reduced liquidity and credit risks.

Financial modeling software

  • Aggregating historical financial data from relevant sources.
  • Generating financial models from templates or building financial models with user-defined parameters and variables.
  • AI recommendations on relevant financial data and parameters to include in a financial model.
  • Automated calculation of user-defined parameters under various models.
  • Real-time monitoring of financial model variance and notification of the areas of poor/superior model performance.
  • AI-powered financial model data analysis, financial planning and forecasting.
  • Scenario modeling and what-if analysis for financial models.
  • Configurable financial model visualizations for various departments, customers, investors.
  • Multi-entity financial modeling.
  • Collaborative modeling.

Value: fast and accurate financial model creation and updating, streamlined financial planning and analysis, improved decision-making on strategic activities.

Need a Finance Solution Not Described in the List?

ScienceSoft’s team is ready to build any corporate finance solution to meet your business-specific needs, power your unique financial processes, and drive high ROI.

About ScienceSoft

ScienceSoft is an international IT consulting and software development company headquartered in McKinney, Texas. We provide consultancy and development services to help businesses build effective financial management software. Being ISO 9001 and ISO 27001 certified, we apply a mature quality management system and guarantee that cooperation with us does not pose any risks to our customers’ data security. If you are interested in getting a reliable corporate finance solution, feel free to turn to ScienceSoft’s team.