Financial Planning Software

Written by Nicholas Kamuda
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Modern financial planning software lies at the heart of many people's business dealings, whether they are small, personal business owners or employees of a globally successful company. Such software can ease not only record keeping and long-term planning, but can simplify day-to-day transactions and exchanges. In addition, financial planning software can help give you peace of mind by organizing all of your records into a single place and connecting related business functions into a customizable database.

For many kinds of businesses, financial planning software was out of reach until the mid-1970s, when the invention of the PC gave small businesses the potential for powerful record keeping. Though computers had been used for business since the 1950s, most of the programs that were available for use were customized programs built by the computer manufacturer. In 1969, however, IBM stopped bundling software with hardware, which effectively opened the door for software manufacturers to begin developing general-use software.

For small businesses such as municipal governments, however, extensive computer systems and software automation remained out of reach until the last decade. Even with the development and widespread use of personal financial planning software in early 1990s, software programs that could handle all of the complex and specialized needs of municipal governments and other similar businesses remained an area that was severely underdeveloped. In many places where software was in use, different vendors were developing the programs for different departments, meaning that there was little or no communication or compatibility between departments.

Municipal Financial Planning Software

There are a number of companies that have emerged to fill the gap. Many offer a suite of software products that are designed to be used as a comprehensive financial planning package, with general ledgers, check reconciliation, and payroll services in the same suite as fixed-asset tracking programs, utility payment programs, and even voter registration programs. The companies that design such software often offer training seminars for installation and use, allowing a business or municipal government a seamless translation into digital fund accounting.

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