Decide between on-site and web-based software

You may first need to decide between on-site software, which is installed on your company's own computers, or web-based software, which is located on the vendor's computer network and accessed via the Internet. On-site software offers more control, because it's located on your own system. However, installing on-site software can be expensive and time-consuming. You're also responsible for backing up your data in the event of a system crash. A web-based system eliminates these hindrances because it's maintained by the providers of commercial finance software, who have teams of dedicated IT professionals. However, if your Internet goes down, you could temporarily lose access to your system.

I recommend: FinanceEdgeCS is web-based software designed specifically for the financial services industry. It integrates financial tasks with customer relationship management and back-office operations. Quicken offers both PC- and web-based finance software, with versions for small and home-based businesses. Its QuickBooks line offers several industry-specific versions, including accounting, retail, professional services, manufacturing, nonprofits, contractors and accountants.

Find a commercial finance software program tailored to your industry

For simpler financial tasks, such as keeping track of expenses, any commercial finance program may suffice. But software designed for a specific industry may provide more in-depth analysis and reporting. Industry-specific software takes into account any challenges your industry faces, and can help automate or streamline any tasks common to certain industries.

I recommend: planEASe is designed for real estate professionals, and analyzes cash flow from everything from investments to leases to loans. Peachtree offers industry-specific versions for accountants, nonprofits, construction, manufacturing and distribution.

Compare software for commercial finance to find the best fit for your company

Looking at websites for providers of commercial finance software is a valuable way to narrow down your choices. Through their sites, you can learn what features they offer, what kind of support they provide, and if their prices fit in your budget. And, many suppliers of commercial finance software offer free trials or demos. But you may also want to supplement this research with third-party opinions about commercial finance software. Several websites include user reviews of software, and let you compare commercial finance software features and prices.

I recommend: Epinions lists providers of commercial financial software, and user opinions of these programs. CNET offers reviews by subcategories within finance, and lists prices, pros and cons, and product rankings.