# Top 4 Workflow Management Software for Financial Services | Capterra > Looking for workflow management software for your finance team? Check out the top four workflow management software for financial services. Source: https://www.capterra.com/resources/top-workflow-management-software-for-financial-services --- Accounting BasicsFinance & Accounting # Top 4 Workflow Management Software for Financial Services By Ashish Upadhyay Ashish Upadhyay Ashish Upadhyay is a writer at Capterra. He provides insights to help small businesses identify the right software for their needs by analyzing over 550,000 ... [See bio & all articles](https://www.capterra.com/resources/author/aupadhyay/) Published December 5, 2022 7 min read ## Simplify operations for your finance business using workflow management software. Financial services companies such as banks, investment management firms, and payment processing agencies have to manage several process-heavy tasks such as capturing data from documents, verifying loan-approval documents, managing paperwork for client accounts, and consolidating ledgers. Delegating and tracking all these tasks can be time-consuming and complicated. However, a [workflow management solution](https://www.capterra.com/workflow-management-software/) can significantly increase efficiency through automated workflows to help ensure your financial services business doesn't lose sight of any deliverables. This article highlights, in alphabetical order, the four best workflow management software for financial services companies. For each product, we cover overall user ratings along with the highest-rated parameter, review excerpts from industry professionals, and product pricing. [Read more](#methodology). ## 1\. Asana #### Trial/Free Version - Free Trial - Free Version #### Highest-rated parameter Functionality - 4.5/5 #### Commonly used by Small businesses #### Starting price $10.99 per user per month (billed annually) #### Device Compatibilty #### Screenshots _List of business objectives in_ [_Asana_](https://www.capterra.com/p/184581/Asana-PM/) \* Analysis Accurate as of November 2022 **Here are some review excerpts from financial services professionals who have used Asana for workflow management:** > “_Our overall experience with Asana has been very positive and would surely recommend it to other people looking for a project and task management solution.Mobile apps can be an area of improvement for Asana, but other than that the product is really well built and is really easy to setup and use._” > > “_I like that Asana can be used to share the material and asset that my team needed for our project planning timeline.Everyone on the team can access to it fast and easy, and don't need to deploy other third party storage for that purpose.Asana also has a very good calendar management that let us to track and monitor the timeline easily._” > > “_The feature we like the most about Asana is the automated workflow, which allows us to automate repetitive tasks and workflows.Also, there's support for Agile project management which helps us a lot.Also, we like the support for numerous integrations that Asana provides allowing us to integrate other products into our workflow._” [Read all Asana reviews here](https://www.capterra.com/p/184581/Asana-PM/#reviews). ## 2\. ClickUp #### Trial/Free Version - Free Trial - Free Version #### Highest-rated parameter Customer support - 4.9/5 #### Commonly used by Small businesses #### Starting price $5 per user per month (billed annually) #### Device Compatibilty #### Screenshots _Workflow status in_ [_ClickUp_](https://www.capterra.com/p/158833/ClickUp/) \* Analysis Accurate as of November 2022 **Here are some review excerpts from financial services professionals who have used ClickUp for workflow management:** > “_This product is fantastic!I love that I can have multiple projects and tasks going on at once and I can view it all however I would like (sort).I can have automation where at a certain point in the future my to do pops up on my to do list and I can tackle it but I don't have to see it until the "start date" appears._” > > “_This software is pretty easy to use.It took some time figuring out the exact templates I wanted and deciding what the workflow would look like, but once we set it all up it has been really easy to use and helpful in not only managing business projects, but personal projects as well._” > > “_It also helps in having all the documents and collaterals in one single space.WFH has made it difficult to keep track of progress but with Clickup, it's super easy to make tasks, change progress of the tasks and collaborate with other teams.Another thing I love is the integration with Slack which makes it very easy to create tasks right from a thread._” [Read all ClickUp reviews here](https://www.capterra.com/p/158833/ClickUp/#reviews). ## 3\. monday.com #### Trial/Free Version \* Analysis Accurate as of November 2022 **Here are some review excerpts from financial services professionals who have used monday.com for workflow management:** > “_For those projects that had a lot of collaboration as a team and required tasks to be delegated and split down to a granular level, the amount of features and details Monday offers helps to keep things documented and clear.There are a decent amount of features you can add per task, and the customisation on boards is also very good to suit a number of different purposes.”_ > > “_Creating, managing and tracking projects is possible thanks to the many features included in Monday.com.Intense workflow is something we commonly deal with, as with multiple dashboards and groups, it is easy to lose your head, fortunately Monday.com has Panels, a feature that highlights with reports and summaries the priorities and what is most important, this way the process is more manageable and you still have control over the course of the tasks.”_ > > “_I like Monday because it's easy to use and has customizable organization tools, colors, and other assignments.Also, they can be attached to other people, helping in the project organizations with different teams in my company.Moreover, even non-technical users can understand how to use this platform, cause the UX is amazing.”_ [Read all monday.com reviews here](https://www.capterra.com/p/147657/monday-com/#reviews). ## 4\. Smartsheet #### Trial/Free Version \* Analysis Accurate as of November 2022 **Here are some review excerpts from financial services professionals who have used Smartsheet for workflow management:** > _“The features that I like most about using Smartsheet, as a daily user, and a key advocate of Smartsheet within my organisation is the ease of use and accessibility.Often, when adding a new user it is not necessary to give more than a 10 minute overview of how our plans are setup and then they are able to update and view it with ease.Dashboards are also such a key, visual tool, accessible within the same application which is often not the case with other PM solutions.Smartsheet is our go to tool for project management within our HR Team.”_ > > “_Smartsheet is a great program platform that we can project manage tasks for external clients.They love having access to documents, seeing timelines and knowing project statuses allows them to feel impowered.”_ > > _“My over all experience with using the Smartsheet software is awesome with project tracking and workflow management._” [Read all Smartsheet reviews here](https://www.capterra.com/p/79104/Smartsheet/#reviews). ## What features do workflow management tools offer? The core features of workflow management software are: - **Business process automation**: Automates processes, tasks, and procedures by establishing predefined workflow automation patterns to follow. - **Task management:** Provides a running list of action items and their respective status. - **Workflow configuration**: Configures workflows for individuals and teams, and helps define deadlines for tasks and teammates. All products listed in this report include the features mentioned above. **Besides these core features, workflow management tools also commonly tend to offer:** - Access control/permissions - Approval automation and process control - Calendar management - Collaboration tools - Compliance tracking - Document management - Forms management - Graphical workflow editor - Reporting/analytics ## How to choose the right workflow management software for your financial services business Getting your hands on the right accounting workflow management solution will become easier with these considerations in mind: - **Look for built-in automation functionality.** The software you shortlist should provide built-in automation for financial workflows such as filling and submitting nondisclosure agreement (NDA) forms, setting up bank reconciliations, and managing requests from employees and contractors to access financial documents. Make sure to ask vendors whether this functionality is available with their workflow management software. - **Check whether the software lets you create dependencies.** Financial processes often involve multiple stakeholders for tasks such as approving loans and routing compliance affirmation requests to users. Therefore, select a software tool that lets you create task dependencies and set up workflow automation to ensure every stakeholder is accountable for their part of the process. - **Opt for the reporting and analytics feature.** An ideal workflow management solution should let you generate reports showcasing financial metrics such as the revenue generated and overall payroll costs. When evaluating options, ask vendors whether their software provides such a feature. ## Common questions to ask software vendors before purchase These are some questions you can ask vendors when assessing workflow management software options for your financial services firm: Can I digitize paperwork with your software? An ideal software solution should let you digitize financial paperwork through optical character recognition (OCR) and save it in a centralized repository for easy access. Ask vendors whether their product supports OCR technology to digitize paper-based documents. Does your software offer a mobile app? A mobile app will allow you and your team to access documents, pull up financial reports, and respond to customer queries, among others, on the go. It will also help ensure real-time team and customer collaboration. Therefore, select a workflow management tool that offers a mobile app for your financial services firm. Can I restrict document access for security purposes? Financial teams work with a lot of sensitive data, and an ideal solution should let you restrict access to documents or provide role-based access for data security purposes. When evaluating options, ask vendors whether their software provides such a feature. ## Capterra's 2026 Software Buying Trends Report ### Download our 2026 Software Buying Trends Report to see how successful software adopters avoid disappointment and how your business can, too. * * * **Methodology** To be considered for this list, products had to: 1. Have at least 20 unique product reviews from users in the financial services industry, published on Capterra between November 2020-22. We selected the four products with the highest ratings to feature in this article. 2. Meet our workflow management software by offering the following core features: business process automation, task management, and workflow configuration. To determine which size businesses each product is “commonly used by,” we check if at least 20% of reviewers come from a particular business size, and only then classify the product as having customers from that business size. Review excerpts are passages extracted from longer reviews written by verified reviewers. We obtain these excerpts by applying an algorithm that considers factors including, but not limited to, length, topic coverage, and thematic relevance. Excerpts are evaluated for positive or negative sentiment and receive a sentiment score. Excerpts represent user opinion and do not represent the views of, nor constitute an endorsement by Capterra or its affiliates. Excerpts are not edited for clarity or grammar. Read more about our editorial independence. * * * Looking for IT Management software?Check out Capterra's list of the [best IT Management software](https://www.capterra.com/it-management-software/) solutions. ### Was this article helpful? * * * ## About the Author [### Ashish Upadhyay](https://www.capterra.com/resources/author/aupadhyay/) Ashish Upadhyay is a writer at Capterra. He provides insights to help small businesses identify the right software for their needs by analyzing over 550,000 Capterra user reviews and nearly 48,000 interactions between Capterra software advisors and buyers. 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