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How to Build A Custom Financial Planning Software for Your Business?

Good financial planning is a fine line that companies need to walk carefully. If you wander even a little bit, your business might fail. It’s a complicated thing to do but nowadays technology has a solution for almost everything. And when you combine finances with technology, you know you have got yourself a tool that has been valuable for many industries by enabling them to manage their finances smartly and become future-ready.

That’s the reason why top financial software development firms are now leveraging fintech to offer better custom financial software development solutions to their global clientele. And with the trend of digital transformation, every business is yearning for personal financial planning software. A financial software development company would help financial advisors to move from providing industry-specific solutions to the creation of more personalized solutions for their clients.

And it is not just about managing finances, companies also need to stay updated on the latest market trends and how their investments are performing in the market. So, financial advisors are in dire need of a tool that can wrap up all the services that can fulfill the financial needs of their clients in a software package and deliver it to them.

These software packages are nowadays known as financial planning software solutions. If you too need one to help out your clients but don’t know how to build one then you have come to the right place.

In this article, we will discuss the stages of financial software development. But first, let’s see what you should include in your software.

What Should Be Included in an Effective Financial Planning Software?

Managing the cash flow and the demands of both market and customers can be met only if you have reliable financial planning software. And that software will be considered as state of the art only if it can perform the crucial function as mentioned below:

1. Connect to a Database of Investment Returns

Any financial plan you come up with will be influenced by the changes occurring in the investment market. Success in market investments is an essential quality for financial advisors and their financial planning software. If you can compare the growth rate of your market investments with the market as a whole then it would guide you on how to easily achieve your investing goals.

2. Effective Processes

A financial planning software won’t just help the users with portfolio management or investment strategies, it is built to help users with the finances of their business too.

Moreover, the working of the financial planning software must be very simple so that the users can easily use it. This will make the processes of portfolio management, suggestion-making, data collection, and much more as painless as possible.

3. Personalized Interaction

Sometimes the software products are built industry-specific. It means if you are working in an eCommerce sector then your financial software will be made as per the common needs of an eCommerce business. But as the two industries are not similar, the two businesses are similar either. Many software businesses have moved on from providing industry-specific solutions to individualized or customized business solutions.

You can say financial software is personalized if it has the capability of providing financial reports that have the client’s detailed financial history and valuable insights and suggestions based on the financial data. Using AI can be more effective in rendering editable reports and automatic suggestions.

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How Do You Create Software For Definitive Financial Planning?

To plan out the intricate details of your finances, you will need robust financial planning software. And to build that software, you will need to hire expert finance, software developers. Finance software is just a set of algorithms tied together to work as a single engine to compute costs and plan cash flows for you.

For designing customized financial planning software, developers might guide you through the following steps:

1. Determine the Software Type

Financial advisors must keep an eye out for what kind of financial planning assistance their customers are yearning for. The financial planning guidance process is divided into mainly two categories – cash flow-based and goal based.

In a cash flow-based software, every financial detail will be tracked consistently including your spending, savings, revenues, and more. Whereas in the goals-based software, only your income and expenses will be monitored.

Financial advisors would also check out your current financial plan and whether it would help you achieve your financial goals. And if not, then what improvements need to be made?

After all, the very first step in the financial software development process is to figure out the complexity of the software.

2. Client-Centered Enhancements

At every stage of software development, it is extremely important to keep in mind what are the needs of the client. And to build a custom finance tool for them you have to understand their requirements by investigating them about it from every possible aspect.

Personal finance software would allow financial advisors to easily land new customers and engage with them meaningfully. Some might be novices whereas others might be of high net worth. So, you have to cater to them as per their requirements.

Moreover, the software must be able to yield intended results for the advisors along with the enhanced end-client experience.

3. Module for Financial Plan Delivery

This is the age of digitalization. Every business wants to go paperless so it is highly likely that the advisers will push for digitalized services. If the finance software can provide personalized financial plans to the customers via client-facing mobile applications then the number of downloads as well as the use of such financial planning software would skyrocket.

If the customers can examine their plans with the help of scalable graphics and interactive dashboards then it would be simple for them to understand and use the personalized finance plans.

4. Platform Ignorance and Plugin Options

You can significantly boost the number of views and downloads by incorporating skepticism in your personal finance app development project. Financial advisors can connect with customers through various channels. Depending on the technical proficiency of the customers, the software can be used on either PC, mobile, or any other device.

The technical complexities of a device and its platform would also play a definitive role in how the finance software analyzes the financial data of the client and comes up with a solution for it.

To improve the final solution’s platform skepticism, you can use several open-source dependencies. They are extremely advantageous and yield better results.

5. Services to Assist

Giving financial guidance is well and good but to walk an extra mile, you have to provide enhanced service experience too. You can improve your services by offering a powerful yet easy-to-use tool to the clients. The comfort of the clients matters the most in such cases. The more comfort or ease your services can offer clients in doing their work, the better.

Allowing the clients to use account aggregation and client portals increases the usability of the finance software. This would help financial advisors shake off some manual workload off of their shoulders.

The suite of services can be provided to them based on their software packages. That might also dictate how much data can customers exchange for free in each software package. The advisors can later retrieve the information from the libraries for better financial planning.

Other features that can offer better assistance to customers include simulation analysis and thorough reporting. Both of these features can be obtained using software plug-ins. They would help you plan out different possible scenarios because the market doesn’t stay stable every day.

6. Security Features

Security is the most important aspect of a software solution especially if you are dealing with customer’s financial data. And if you are using the cloud to store the data of your clients like most finance companies do, then you have to ensure that it’s safe. You can do that by implementing some strict security standards and multi-level protection.


The factor that plays the most important role in the success or failure of your business is how you manage your finances. What you need is a reliable solution that can help you streamline all your financial operations and manage every aspect of your finances with strict security and control.

You can use the latest technologies to reduce redundancy and improve budgeting. That will help you optimize every aspect of your financial planning software including but not limited to tracking debit and credit cards, precise forecasting, accurate audits, recording assets and liabilities, and many more.

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