Accounting and Financial Management Software
Helping finance teams boost their productivity and efficiency, with powerful Cloud technology.
Cloud-based financial management software that has evolved over 30 years
At Advanced we believe finance is the beating heart of any successful business. Advanced Financials enables finance teams to focus on strategy and performance. By consolidating all financial activity in one place, it automates manual tasks and provides real-time business insights.
"Using Advanced Financials our processes have become much quicker and easier to complete from a finance perspective. We have been able to build the system around our own working practices which really helped us enhance financial control in the business."
Pip Abercromby, Finance and Commercial Director, West Midlands Growth Company
Powered by MyWorkplace
Reporting & Dashboards
We understand and solve your key issues
We build products that are designed to solve our customers' key challenges.
- Unable to contribute to strategy
During recent economic uncertainty, finance teams have become increasingly important for helping their business to survive and thrive . Many finance teams want to have a bigger impact on business strategy and key decisions. However, this can be challenging if they don’t have the right tools at their disposal.
- Can’t keep up with changing legislation
With changes around Brexit, the pandemic, GDPR, and Making Tax Digital having such a big impact on the business world, it can be difficult for finance teams to stay on top of legislative changes. Older software solutions will often fail to incorporate ongoing changes, which makes maintaining compliance a very manual task.
- Not using time efficiently
It’s difficult for finance teams to be productive when priorities are unclear and repetitive tasks dominate their schedule. Outdated systems make processes more time-consuming than they should be.
- Manual reporting and data analysis
Many finance teams don’t have full visibility of business performance. On top of this, they can spend the days leading up to board meetings frantically trying to make sense of the data within their many spreadsheets.
How our CloudFinancials can help you
FEATURES & BENEFITS
Powered by MyWorkplace
Supercharge your finance team's productivity by working in smarter ways.
MyWorkplace is a centralised workspace that provides access to multiple systems in one place, allowing the user to do more at any given time. MyWorkplace enables your finance team to focus on strategic initiatives, rather than getting bogged down with remembering passwords and day-to-day admin.
Enhance the way you work with personalised Desks
The system’s Desk functionality allows users to build their own unique digital workspace. They can interact with Advanced Financials, partner applications, and any other standalone applets that they find particularly useful.
You can create unlimited personalised desks, labelling them by time, theme, or priority
Amend your Desks as often as you see fit, adding and removing applets based on how useful you find them
Work in your own way. With Desks, you’re no longer bound to a rigid structure. You can simply drag and drop the functionality you need, ensuring no irrelevant features are getting in the way.
Get the functionality you need with Applets
Applets are essentially snippets of functionality from your most-used systems (all of which can sit in your personalised Desks). Applets enable you to complete quick actions at the click of a button, without having to navigate in and out of multiple systems.
Quickly dive into role-specific functionality within your convenient personalised desk
Find Applets suitable for all roles, from non-finance users, to accounts payable employees, all the way through to the CFO
Save time and increase productivity by having the relevant functionality at your fingertips
Finance applets available within Advanced Financials:
Reports and Dashlets
Accounts Payable and Accounts Receivable Batched Review
Accounts Receivable Cash Allocation
Financials Statement Enquiry
Aged Debt Enquiry
Update Exchange Rates
Use Task Manager to easily plan your day and prioritise obligations
Task Manager is a powerful feature that sits within the MyWorkplace platform. It streamlines the approval process by bringing all your tasks from Advanced Financials (and other partner applications) into one space.
Consolidated list of tasks from all connected applications
Quickly approve or decline POs, invoices, and timesheets directly from your Task Manager. Need more details? The Task Manager can take you directly into the system too
Seamlessly stay on top of your to-do list diving into each individual product
Instantly view dashboards and reports that are important to you
Your most relevant reports and ‘Dashlets’ can be added to your personalised Desk, making it easier than ever to monitor performance.
Reports and ‘Dashlets’
Real-time report Dashlets enable you to track activity from your Desk
For an extra layer of detail, simply click into the Dashlet to dive deeper into that report
Over 1,000 built-in customisable reports within Advanced Financials
Save time by empowering non-finance users within your organisation
Non-finance users often need help using software and getting what they need. This can be a challenge for many finance teams. MyWorkplace offers simple Applets that make it easier for non-finance teams to get the information they need when they need it.
Simplicity for non-finance users
Non-finance users can complete simple financial tasks without needing assistance
They can access the functionality they need without logging into Advanced Financials
Take a further look at the functionality that sits at the heart of Advanced Financials.
The core of Advanced Financials is powered by robust accounting and financial management functionality. Our financial management software enables finance teams to manage all accounting activity effectively, with capabilities around general ledger, accounts payable, credit management, bank reconciliation, and much more.
Work more efficiently across the accounts payable and receivable functions
View payments, approvals, and reports at any time, and from any place
Save time with automated accounts payable processes
Gain a real time view of accounts payable liabilities
Streamline workflows across the accounts receivable cycle
Accelerate your cash retrieval process by shortening invoice and payment cycles
Automate collection notices
Carry out effective end-to-end credit management
Save time through automated invoice management
Painless cash collections
Improve cash flow
Manage all elements of the credit management lifecycle
Easily implement dunning processes
Minimise credit risk
Automate the financial close process with bank reconciliation
Say goodbye to spreadsheets with bank reconciliation functionality
Receive real time balances from the general ledger
Automatically match bank transactions to invoice or bill payments
Advanced Financials is scalable, matching your specific needs
With further robust functionality such as:
Intra company accounting
Direct Debit mandates
Accounts payable service ledger
Receivables contract billing
Reporting & Dashboards
Prioritise strategy and performance with Advanced Financials’ built-in reports / dashboards
Many finance teams want to contribute more to key strategic decisions. However, this can be difficult if they can’t effectively access or analyse their data. Advanced Financials has a plethora of pre-built reports and dashboards at its core. This allows finance teams to easily access accurate and up to date information.
Over 1,000 customisable reports
Find relevant insights, whether you’re in the accounts payable team, a functional lead within the business, or the CFO
Gain an instant overview on a single screen, rather than endlessly searching or exporting to spreadsheets
Drill down into granular detail when you need to, gaining a deeper level of analysis for your personalised report
Gain real time business insight
Centralised reporting ensures insights are always current and consistent
Eradicate multiple versions of the truth. Rather than consolidating many spreadsheets, Advanced Financials holds all the data in a single place
Have the latest data at your fingertips and remove the burden of version control
Increase business agility
Clarity around performance
Gain a complete view of business performance
Drill down into specific areas for a more detailed analysis, and to better understand strengths and weaknesses
Make impactful decisions that are informed by high-quality data
Plan for the future
Financial forecasting made easy
Prepare for future cash flow scenarios with our cash flow reporting tool
Gain a clear picture of emerging trends and patterns so you can future-proof your business
Make strategic decisions that are driven by accurate financial forecasts
Documents and invoices can be managed seamlessly in Advanced Financials and fed back with complete accuracy.
Managing paper and PDF documentation can still be an arduous and manual process for many finance teams. Advanced Financials has integrated document management functionality, ensuring the process is simple and accurate all of the time.
100% accuracy with automated invoice processing
Reduce operating costs by automating invoice processing, with no need for human intervention
Increase data transparency with PDF invoices that are automatically processed into Advanced Financials
Eradicate human error and achieve 100% accuracy with patented AI
Reduce the manual aspect of invoicing
Universal Invoice Capture
Automate all inbound invoices, including images and digital documents
Achieve greater automation adoption through rules that are tailored to each of your suppliers
Information is taken straight from the data-layer of the PDF, guaranteeing complete data accuracy
Protect your business, with data you can trust
Invoice Fraud Protection
Detects suspect invoices before they enter Advanced Financials
Issues alerts to the finance team so they can verify
Full audit trail and archives available for review at any time
Ensure all purchases are recorded accurately and efficiently, with Advanced Financials’ built-in purchasing management functionality.
During the purchasing process, it can be challenging to keep on top of finances. Advanced Financials enables finance teams to stay in control, with complete visibility of vendors, orders, and the purchasing cycle as a whole.
Manage the procurement process with streamlined purchasing
Stay on top of purchasing by connecting purchase orders to accounts payable, cash management, and inventory
Gain an overarching view of the entire purchase management process
Input purchase management workflows to improve financial control
Complete purchase requisitions quickly and efficiently
Track performance of budget and purchase requisitions as they come through
Simplify the purchase requisition process
Unified view of billing and invoicing
Categorise outstanding purchase orders by their general ledger account
Commitment reports frequently updated for a real time view
Snapshots of commitments over different time periods
Effortlessly match goods receipts to purchase orders
Capture and monitor goods receipts in one centralised location
Ensure continued cash flow
Seamlessly plan for projects and track associated costs
The ability to budget (and track costs) for large organisational projects is crucial when understanding their financial impact and overall success. Advanced Financials’ project management feature allows finance teams to monitor the costs over a project’s lifespan (to ensure it stays within budget).
Monitor budget, cash flow, and progress
Keep on top of projects with one clear and current view of progress
Track each project in line with its budget over the given timeframe
Gain a clear view of cash flow generated from a project
Keep track of time spent by employees
One clear view of employee timesheets, which can be assigned to specific projects
Understand the salary costs associated with each project to gain financial clarity
Get a detailed breakdown of the hours logged against a project
Gain clarity around the billing related to each project
Assign invoices against projects to ensure complete transparency around payments and billing
Complete control over billing for projects, ensuring payments are constantly updated
Track billing continuously to ensure the budget is adhered to
A single version of the truth when it comes to stock control
The control of inventory can often be a top priority for finance teams. Advanced Financials’ built-in inventory management functionality ensures all related activity is fulfilled in one system.
Continuously track inventory levels and pre-empt recurring orders
Clear visibility of inventory across the business
Track stock levels at multiple sites
Get ahead by predicting when you’ll need to repeat the same orders
Successfully integrate with warehouse management
Collaborate flawlessly with your warehouse team and their warehouse management software via pick list integration
SKU numbers, quantities, and locations enable a complete view of inventory
Streamline the order fulfilment process
Smoothly move products from inventory to picking
Keep adequate inventory levels by getting notified when it reaches replenishment stage
Easily calculate Economic Order Quantity
Understanding the financial value of your assets has never been easier with our asset management software
A company's assets are often as important as its sales, meaning finance teams must take appropriate measures to monitor both.
Monitor the full cycle of an asset’s life and depreciation
Manage the entire asset management process, across planning, depreciation, tracking, and reporting
Maximise tax savings and reduce operating costs by tracking exactly when they will become fixed assets
Protect your business’s finances by fully understanding the cost of assets
Streamline the expenses management process for your employees through automation
For many finance teams, managing expenses can be a time-consuming and frustrating process. Our fully integrated expenses management tool enables businesses to automate the activity, ensuring the submission, approval, and reporting of expenses is no longer a burden.
Instantly match receipts with corporate cards
Corporate card matching
Intelligent receipt matching ensures receipts and corporate cards are paired correctly
Accurate monitoring of all corporate cards
Increased efficiency for senior employees when submitting expenses
Manage everyday expenses with ease
Petty cash management
Eliminate the need for paper receipts
Complete visibility and control of office floats
Integrated pre-approvals against petty cash helps to speed up the process (and prevent overspend)
Report on all types of expenses
Point-to-point mileage increases the speed of expenses submissions
Enhanced accuracy with more detailed expenses tracking
Policy discrepancies automatically flagged to finance admin
Automated policy compliance
Pre-define your organisation’s policy for effective filtering
Non-compliant claims are immediately rejected by the system
Finance team no longer have to manually check the legitimacy of each claim
Submit, approve, and track expenses dynamically
Manage expenses at any time, and from any place
OCR technology enables users to photograph their receipt and submit a claim in seconds
Any changes sync across all devices, including mobile, tablet, and desktop
The people who succeed with us
From charities to distribution and logistics, our customer base is diverse
”We were really impressed by the reporting capabilities offered by Advanced Financials. Being able to drill down into our financial data easily and efficiently is crucial for us as we continue to scale. ”
— Nick Playford, Finance Manager
We gain a better understanding of your business’s needs to ensure a successful onboarding.
We build a plan of action for your journey, with clear timelines, actions, and accountabilities.
The action plan is executed, with each step taking you closer to full Advanced Financials adoption.
Congratulations, you’re up and running! This is where our Customer Success team take over to ensure you’re getting optimal value from the system and have everything you need to succeed.
- How does financial management software benefit my business?
Our financial management software was designed by finance people, for finance people, ensuring it is built to solve the most pressing issues within the sector. It has evolved over 30 years and remains on the cutting edge of both technology and finance. Accounting experts lead our product development, ensuring it is always up to date with legislative and market changes. With transformative functionality, our financial management software enhances your efficiency and provides a clear view of cash flow and overall performance.
- What are the advantages of using Cloud-based financial management software?
Cloud technology enables remote access, ensuring you can access financial data from any place at any time. This has been a crucial characteristic for businesses since the pandemic, with more people working from home. Cloud-based financial management software also makes sensitive data more secure, as it’s stored on offsite servers. And there’s reduced risk of data loss or misplacement (which can occur with physical documents). Cloud systems are often offered via a Software-as-a-Service (SaaS) subscription model, which reduces hefty upfront costs and eliminates nasty financial surprises (as upgrades and support are included).
- What are the benefits of integrating document management software and financial management software?
The processing of supplier invoices can be extremely time-consuming and expensive. Additionally, delays can result in reduced supplier discounts and late payment penalties. Our software automates and streamlines the supplier invoicing process, ensuring financial documents are stored in a secure, centralised, and accessible repository.
- How secure is my data when using Cloud-based financial management software?
Our Advanced Financials software is based on Amazon Web Services, which is one of the most trusted Cloud platforms globally. Full disaster recovery is provided, with 24/7 system availability and 99% software uptime.
- Why do I need a SaaS-based financial management solution?
Moving to a Software-as-a-Service (SaaS) model means you pay a single monthly fee for your product, support, account management, and services. All upgrades and enhancements are applied to the product in real time (and are included with your monthly subscription). As a result, you won’t be hit with any scary upgrade costs.
- When is the best time to switch to Cloud-based financial management software?
As soon as possible, in order to keep up with competitors. Recent years have shown Cloud technology is now a necessity rather than a luxury for businesses that want to remain agile and adaptable. Cloud adoption provides a strong return on investment and cost-effectiveness in the long run, and reduces the maintenance costs associated with on-premise solutions.
Featured resources for you
End of Life Software - Are you aware of the risks and consequences?
Find out how transitioning early from your EOL software holds the key to staying ahead of the competition and maintaining success over time.
In the world of financial planning, predictive analytics can make it easier for finance teams to make timely and accurate financial decisions to help them achieve their organisational goals.
22 Feb 2022 by Amanda Grant, Product Management Director, Advanced
HOW CAN WE HELP?
The future of finance is bright with Advanced Financials
Experience the transformative capabilities of accounting management software. Book a demo with us today.
Call us at0330 343 8000