Written on 14th June 2023 - 3 minutes

Financial modelling made so much easier with data software

Posted by Lizzie Bailey

Software is revolutionising the way financial analysis is conducted, making it more accurate, efficient, and accessible. This software helps businesses narrow in on financial performance and make predicted decisions based on figures seen.

Data management services can benefit all types of departments, from non-technical to technical teams; from making sure that data is accurate, that KPIs are tracked or perhaps that transactions and accounting entries can be compared. Data analytics tools are making a significant impact on financial analysis. These tools can help businesses and individuals to identify trends, patterns, and anomalies in their financial data, enabling them to make better-informed decisions. Data analytics software can also provide predictive analytics, forecasting, and other advanced features that help businesses plan for the future.

Financial analysis is now tracked more on phones, using apps to trace finances. This allows employees to track and manage expenses, conduct a financial analysis on the go and monitor real-time financial data such as stock prices, exchange rates, market trends, and other features that help make smarter financial decisions.

Six ways software can enhance financial analysis:

1. Data management

Software tools help in collecting, organising, and analysing vast amounts of financial data. It allows analysts to work with real-time data, making it easier to detect trends, patterns, and anomalies.

2. Financial modelling

Financial modelling is critical to financial analysis, and software tools like Excel provide powerful modelling capabilities. Analysts can use these tools to create complex financial models and conduct sensitivity analyses to evaluate different scenarios.

3. Interconnectivity

All departments are connected and data can be processed between different units easily.

4. Data visualisation

Visualisation tools like Microsoft Power BI help analysts to create interactive and visually appealing charts, graphs, and dashboards. This allows them to communicate complex financial data in a more accessible and engaging way.

5. Automation

Software tools can automate repetitive tasks like data entry and report generation, freeing up time for analysts to focus on more complex analyses. This also reduces the risk of errors and ensures consistency in reporting. Businesses can use software tools to automate bookkeeping and accounting tasks, track inventory, and manage payroll. These tools can reduce errors, increase efficiency, and provide businesses with a more accurate view of their financial performance.

6. Artificial Intelligence

AI-powered software tools are being increasingly used for financial analysis, including fraud detection, risk assessment, and predictive analytics. Machine learning algorithms can identify patterns and anomalies in financial data that would be challenging for human analysts to detect.

We’re proud to have assisted clients within the finance sector in a variety of ways, including:

Data management and analytics

We have data management and analytics expertise, which can help finance companies manage and analyse large amounts of financial data. We’ve built custom data models and analytics dashboards that help finance professionals identify patterns, trends, and irregularities in their data, enabling them to make informed decisions.

Custom software development

Finance companies may have unique requirements that can’t be met with off-the-shelf software solutions. We can develop custom software applications that are tailored to meet the specific needs of finance companies. This can include accounting software, financial planning tools, portfolio management systems, and more.

Regulatory compliance

Companies must comply with various regulations and reporting requirements with the sector being heavily regulated. We can help finance companies stay compliant by developing software solutions that automate processes, ensuring the data is accurate and up-to-date.

Cybersecurity

Finance companies are at risk of cybersecurity threats, and protecting sensitive financial data is critical. We can help finance companies improve their cybersecurity posture by conducting system health checks and security assessments.

With our 25 years of expertise in software development for data analysis, we can help your business streamline its operations, improve decision-making, and stay compliant with regulations.

Lizzie Bailey

As the Digital Marketing Executive at Software Solved, Lizzie uses her creative flair to lead the social media, content, internal, and external communications. She plays a crucial role in assisting the marketing team to execute the digital marketing strategy.