A financial application is a software program that facilitates the management of business processes that deal with money. It allows a business to stay on top of outstanding payments and make sure all payments are made correctly and on time. It allows a business to efficiently manage customer activity and automate invoice processing to ensure timely revenue collection. It simplifies the monthly reconciliation process for a business by integrating bank accounts, automatically identifying unrecorded transactions and locating differences between the bank statement and the general ledger. It gives businesses the ability to track production costs and accurately compare it to expected costs.