There are as many types of financial analysis software as there are types of financial analysis. Good software should clearly focus on a specific type of analysis and present it in a clear, customizable manner. Investors can use tools such as BizBench's Customized Financial Analysis or the Finviz Stock Screener. Business bookkeepers rely on reporting software and cloud management tools. Many managers and analysts use software that can perform SWOT analysis.
Well-Performing Financial Analysis Software
The important factor isn't the software itself, but the conclusions you draw from the data and analysis. Good software supports good decision making but does not guarantee it.
The right tool for an individual investor or a small company owner isn't likely to be the same as the right tool for a large corporate project analyst. In many ways, the better type of tool is the right one for the job; you wouldn't use a screwdriver when a saw is necessary.
Some Popular Financial Analysis Software
Balanced Scorecard is a good tool for assessing a company's current position and historical performance. The Scorecard analyzes overall return, operating income, how capital is financed and other special firm-specific processes.
PrevisionEPM Financial Reporting is a highly rated enterprise management tool for building report books and combining real-time IT and accounting information.
For customizable financial analysis software, the most sophisticated statistical analytical tools include MATLAB, SAS and QlikView. These can be utilized by business analysts and traders alike, although they should be developed by someone with experience in programming. For less-complicated functions, Microsoft Excel is the backbone for a huge number of analysis tools, particularly the VBA macro tool.