Type of content: Product

A skilled developer can speed up development timelines, deftly handle challenges, and provide ongoing maintenance, giving you the ability to stimulate innovation, preserve competitiveness, and deliver excellent user experiences while maintaining complete control over the development process. With their technical expertise, your software will be built with cutting-edge technology and accepted industry standards in addition to being customized to your specific specifications.

Partner with one of the best software developers in the market today, partner with Yalantis! Yalantis stands out as a reputable software engineering and IT consulting firm, having amassed more than 13 years of expertise and proudly holding ISO 9001 and ISO/IEC 27001 certifications. Our extensive presence across Europe through various development centers and a skilled team exceeding 500 professionals which enables us to deliver great solutions.

As a matter of fact, we’ve been recently named as one of the most-reviewed software developers in Warsaw by The Manifest. This award means a lot to us and we are extremely proud to be featured on this list.

The Manifest is a business blog platform that aims to gather and verify the hard data, expert insights, and actionable advice that you need to build your brand and grow your business – to provide the practical business wisdom that manifests in your success.

We would like to thank our clients for being a significant part of this award. We couldn’t have done it without you! Thank you for your support and for trusting us with your business.

We are delighted to announce that we’ve been recently recognized by The Manifest as one of the most reviewed app developers in Lviv, Ukraine. Getting on this list of winners underscores our achievements obtained as the result of our incredible efforts in the software development industry.

This award is a testament to the high quality of our development services and reflects our fruitful client relationships. We would like to extend our gratitude to our wonderful clients and partners for their overwhelming support. To The Manifest and their team, thank you for choosing us for this special award.

The Manifest is a business blog and reviews website that gathers and verifies the hard data, expert insights, and actionable advice that you need to build your brand and grow your business. Consequently, The Manifest strives to provide practical business wisdom that manifests in your success.

Established in 2008, Yalantis has achieved a stable and long-lasting market position. We are an ISO 9001 and ISO/IEC 27001 certified software engineering and IT consulting company with over 500 experts on board. Among our clients are globally recognized brands such as Toyota Tsusho, Bosch, Zillow, KPMG, and LifeWorks.

If you are looking for a development partner with exceptional and polished software development services that is capable of satisfying your business needs, you’re in the right place! Tell us about your project today.

We are delighted to announce that we’ve been ranked second in a list of the top 10 IoT app development companies for July 2023. This list was compiled by FindBestWebDevelopment, which helps businesses find expert software development providers. In ranking providers, FindBestWebDevelopment examines their ability to deliver innovative and consumer-centered IoT solutions.

Yalantis develops smart home, building automation, industrial, automotive, healthcare, and other IoT solutions. Examples of our complex IoT-related projects include:

• WisDM, a SaaS solution that provides automated management of IoT networks
• a telehealth solution with medical IoT device integration
• ConnectHome, an IoT solution for automated smart home management
• team augmentation for a producer of IoT devices and software for their management

Yalantis clients benefit from our:

• vast expertise gained through multiple successful IoT projects across various domains
• time-saving, cost-efficient, and secure development approach
• innovative product mindset ensured by engaging top talent and modern technology
• commitment to creating software considering clients’ long-term goals
• dedication to delivering scalable and flexible solutions to meet ever-changing business needs

On June 13, 2023, Yalantis hosted a knowledge-sharing event in Warsaw, Poland, to discuss the latest AI and ML technologies. More than 70 attendees listened to four top-notch speakers from Yalantis. Let’s look at a quick overview of each presentation.

Denys Doronin, our Chief Technology Officer, covered a brief history of AI and ML evolution and how each type of business can benefit from implementing AI and ML. Given a limited number of resources, small businesses can benefit from launching a niche AI solution to win the market. Midsize businesses may already have many interconnected systems and lots of data sets, and they can use AI/ML for scaling. Large enterprises, in turn, can use AI/ML to improve their operations at the departmental level.

In his interactive presentation, Serhii Zhuravel, our Director of Engineering, explained that ML comprises algorithms fed with structured data to perform tasks that aren’t rule-based with much higher accuracy than humans. Serhii also pointed out that when working on ML projects, we first need to clearly define the problem to solve. Only then can we integrate a suitable ML model, refine it if the initial solution was incorrect, and monitor the model for consistently correct results.

The next speaker was Maksym Moskvychev, our Head of Architecture Design Office. Maksym’s speech focused on a Yalantis ML project. With the help of ChatGPT, Yalantis built a website chatbot for prospective clients and a Slack chatbot to help the sales team quickly find relevant case studies and articles. Maksym’s team needed to define which components to develop from scratch and which existing solutions could be used. To deliver optimal products, the team used The Open Group Architecture Framework (TOGAF) approach and architectural tradeoff analysis.

Denys Hukov, our Program and Delivery Manager, discussed the benefits and opportunities of adopting AI and ML in the IoT domain. Key benefits range from processing large data sets that numerous IoT devices generate in real time to efficiently detecting operational anomalies and enhancing predictive maintenance. Denys also covered a few success stories of IoT companies implementing AI, such as the Polish company Bin-e, which offers smart AI-based waste bins; and Google’s Waymo Via project, which provides self-driving trucks.

Stay tuned for more upcoming online and offline events from the Yalantis team on technology and business topics. You can learn about new events on our company’s social media pages, including on LinkedIn.

We are excited and honored to announce our collaboration with X, a US R&D factory founded by Google in 2010. This innovation lab is at the forefront of technological breakthroughs. Calling themselves Moonshot Factory, X aims to pursue moonshots — fixing global problems by inventing disruptive new technologies. 

Google Glass, Google Brain, Google Watch, and Google Camera are only a few projects successfully implemented by X. Technologies being developed by X range from industrial robotics and smart wearable devices to driverless cars and renewable energy storage systems.  

As an experienced and reliable technical vendor, we provided X with software engineering services.

According to the US Federal Trade Commission, American consumers lost nearly $8.8 billion in 2022 due to fraud. By comparison, in 2021, losses from fraud amounted to $5.8 billion. Fraudulent activity is becoming a growing concern for businesses, with more cases of fraud happening every day. FinTech businesses, in particular, are highly vulnerable to fraud due to the nature of their operations. As a result, it has become critically important for them to implement anti-fraud solutions to protect themselves and their customers from potential financial losses and to avoid reputational damage.

In this article, we explore recent fraud trends and what businesses should consider when implementing anti-fraud solutions.

Fraud detection refers to measures taken to identify and prevent fraudulent activities before they can cause harm. These measures typically involve either implementing software for detecting fraud or educating employees and users about emerging fraud trends. Educating employees and users is a popular supplementary measure among traditional banks and neobanks, which commonly use social media or email campaigns to increase awareness of fraudulent schemes.

Anti-fraud software contains sophisticated tools to detect and prevent fraud without human intervention. It offers a range of functionality such as for identifying duplicates, signaling potentially fraudulent transactions based on preset rules and scenarios, and calculating behavioral risk scores. By adopting anti-fraud software, financial technology companies can enhance their customers’ financial security and protect customers’ assets.

Providers of anti-fraud software constantly monitor the market, closely examining emerging fraud trends and updating their software accordingly. This ensures that the software is able to identify and prevent new types of fraudulent activities.

Fraud threats can arise from anywhere and may come from external perpetrators or even your own employees. Types of fraudulent activities vary based on the type of perpetrator and on the ultimate target — a business or an individual.

Let’s take a look at the most common types of FinTech fraud and segment them by target audience.

Business-oriented fraud

FinTech businesses are increasingly becoming targets for fraudulent attacks. These attacks can cause significant financial losses, not to mention the potential loss of customers and reputational damage, making it crucial for businesses to be proactive about detecting and preventing fraud. The types of fraud FinTech businesses usually face include:

• Bank insider fraud: This type of fraud is committed by an employee or insider within a bank or other financial institution. It can involve embezzlement, theft, or other illegal activities that result in financial losses for the bank and/or its customers.
• Invoice fraud: This occurs when a fraudster sends a fake invoice to a company or individual, usually for goods or services that were never provided. The recipient pays the invoice only to later discover that they have been scammed.
• Digital asset scams: Such scams can take many forms, including Ponzi schemes (an investment scam where returns are paid from new investors’ money), fake initial coin offerings (ICOs), and fraudulent cryptocurrency exchanges. Fraudsters may promise high returns or exclusive access to digital assets in exchange for money or personal information.
• Business email compromise: This type of fraud involves a cybercriminal impersonating a high-level executive or vendor and sending fraudulent emails to employees or customers. Through these emails, cybercriminals may request sensitive information or authorize fraudulent transactions, leading to financial losses for the business.
• Money mules: These are individuals who are recruited by fraudsters to transfer money or goods between different accounts. The mules are often unaware that they are participating in illegal activities and may be tricked into transferring money to overseas accounts or buying goods with stolen credit cards.

Individual-oriented fraud

A significant proportion of fraud attacks target individuals’ accounts, transactions, and identities.

• Phishing is a type of fraud that involves tricking individuals into providing sensitive information such as login credentials or credit card numbers through fraudulent emails or websites.
• Synthetic identity fraud involves creating a new identity by combining real and fake personal information. This information is then used to open new credit card accounts or take out loans.
• Account takeover occurs when a fraudster gains access to a victim’s account via stolen credentials and uses it to make fraudulent transactions or steal personal information.
• Transaction fraud involves unauthorized transactions on a victim’s account with the help of stolen payment information.
• A technical support scam is when fraudsters contact individuals and pretend to be from a reputable technical support company, offering to fix a non-existent problem in exchange for money or access to personal information.

To protect businesses and individuals from such attacks, anti-fraud software providers implement advanced technologies capable of identifying fraudulent activities.

In this section, we outline which technologies a fraud prevention solution must have to effectively fight fraud and discuss how companies themselves should contribute to lowering the chance of fraud attacks being successful.

Technologies to use in advanced anti-fraud solutions

As fraudsters become more skilled in carrying out fraudulent activities, fraud prevention software should keep pace by using advanced technologies capable of identifying modernized or new fraudulent schemes:

Artificial intelligence (AI) in combination with machine learning (ML) are increasingly used in fraud detection software due to their ability to process vast amounts of data quickly and accurately. AI and ML algorithms can analyze behavioral patterns and identify anomalies that could indicate fraudulent activity. They can also help with predictive modeling, natural language processing (NLP), and image (document) analysis.

Predictive analytics is used in fraud detection software to identify and signal potential fraud in real time by analyzing patterns and anomalies in transaction data.

Business intelligence (BI) can be used to analyze historical and real-time financial data and identify areas that are most vulnerable to fraudulent activity. Relying on such research, businesses can achieve cost optimizations by eliminating vulnerabilities and protecting their systems against fraud attacks.

Rule-based transaction monitoring involves setting up predefined rules to detect and prevent fraud by identifying suspicious activity and instantly blocking transactions that don’t meet predefined criteria.

High-risk alerts. Automated high-risk alerts can be generated based on criteria such as unusually large transaction amounts or suspicious transaction patterns. This allows the risk management team to take immediate action to prevent fraudulent activities.

Data interchange security. Anti-fraud software must guarantee security when integrating with FinTech solutions by implementing various security measures such as encryption, secure data transmission protocols, and access controls.

KYC (know your customer) and KYB (know your business). Integrating KYC/KYB services can help to identify and prevent fraudulent activities, including money laundering and identity theft. By verifying the identities of and information about customers and businesses, organizations can ensure that their operations comply with relevant requirements and minimize the risks associated with fraudulent transactions.

Company-based anti-fraud strategies and approaches

Not only anti-fraud software vendors participate in protecting FinTech organizations. There are also a bunch of responsibilities on the shoulders of the fraud prevention department at these organizations:

• Risk assessment and mitigation. Conducting risk assessments can help identify potential fraud risks and determine proper mitigation strategies to prevent or reduce the impact of fraudulent activity.
• Fraud investigation. In the event that fraud occurs, companies must conduct a thorough investigation to identify the root cause and any possible vulnerabilities revealed by the attack that must be addressed.
• Awareness of fraud trends. As new fraud techniques emerge, companies must adapt their fraud prevention strategies to stay ahead of the threats. This may involve implementing new technologies, updating policies and procedures, or investing in additional employee and user training.
• Customer and employee education. Educating customers and employees on fraud prevention best practices can help reduce the risk of fraud by raising awareness and promoting good security practices.

When it comes to implementing anti-fraud software, companies face a challenging decision: choose a ready-made solution or invest in custom software development. Let’s talk about each option in detail.

While both options offer benefits and drawbacks, the choice ultimately depends on the business’s specific needs and resources. First, it’s important to examine what ready-made solutions may provide you with.

Top 3 anti-fraud products in 2023

ClearSale is cloud-based fraud protection software that uses advanced algorithms and artificial intelligence to identify and prevent fraudulent activities across multiple channels. Its key functionalities are:

• Multi-layered fraud detection using artificial intelligence, machine learning, and expert human analysis
• Global fraud protection with a focus on cross-border transactions
• Customizable fraud rules and thresholds based on business requirements
• Real-time decision-making and order review
• Chargeback guarantees and fraud insurance to protect against losses

2. Seon

Seon is fraud prevention software that combines data enrichment, behavioral analytics, and machine learning to identify and prevent fraudulent activities in real time. The Seon fraud prevention solution is flexible and customizable, and its feature set includes:

• Real-time fraud detection using data enrichment and behavioral analytics
• Customizable fraud rules and thresholds based on business requirements
• Advanced device fingerprinting to detect and prevent device-related fraud
• Transaction monitoring to identify patterns and anomalies in transaction data
• Chargeback protection and fraud management tools to streamline the dispute process

3. Tookitaki

Tookitaki is an anti-money laundering (AML) tool that utilizes machine learning and artificial intelligence to detect, investigate, and report suspicious activities while reducing false positives and streamlining compliance processes. Tookitaki provides the following functionality:

• Risk-based real-time alert generation for detecting suspicious activity
• Automated transaction monitoring for AML compliance
• Advanced analytics and reporting for enhanced risk assessment
• Machine learning algorithms for accurate identification of suspicious patterns
• Continuous monitoring and screening for ongoing AML risk management

Yalantis has experience working with Tookitaki to build a reliable anti-fraud protection system for a large US-based neobank. The results of our work were a 40% decrease in fraud-related financial losses within a quarter.

Despite its efficiency, an average anti-fraud solution has the following limitations:

• False positives. It’s not possible to guarantee that financial fraud detection software is capable of identifying all fraudulent activity, as user behavior varies and deviates from patterns. This creates the risk of suspecting the wrong users or damaging a company’s reputation.
• False negatives. Fraud detection software relies on historical data and predefined rules to identify fraudulent activities, and it may not always identify new or emerging fraud patterns. In addition, fraudsters may be able to avoid detection by using sophisticated tactics that the software isn’t designed to detect. This can result in fraudulent activities going undetected, leading to financial losses for the business.
• Incompatibility with legacy systems. Legacy systems often use outdated technology and may not be compatible with modern fraud detection software. This can make it difficult and time-consuming to integrate anti-fraud software with existing systems, requiring additional resources and expertise.
• Limited detection capabilities. Some fraud detection software may not be able to detect all types of fraud, such as identity theft or social engineering scams, which require human intelligence and intervention. In addition, fraudsters may be able to bypass fraud detection systems by using new or emerging techniques that the software isn’t designed to detect.
• Maintenance and updates. Fraud detection software requires regular maintenance, updates, and even staff retraining to stay effective, which can be time-consuming, costly, and process-disruptive.

Obviously, such limitations may put obstacles in the way of error-free and stable integration with anti-fraud software. Besides these limitations, there are also technical challenges to integrating with fraud detection solutions.

Common challenges FinTech companies face when implementing fraud prevention software

There are three challenges FinTech companies commonly face when implementing fraud prevention software:

• High costs. Сompanies have to spend a lot of time and money on research to find the right anti-fraud software that will be technologically compatible with their platform and have all necessary functionality. It’s especially important if your solution has legacy code. Then after the right solution is found, the company has to spend resources implementing it and ensuring its stable performance.
• Scalability. The fraud prevention solution you’ve chosen has to keep up with your platform. Your business will likely grow, and you will process more transactions, serve more end users, and become a target for more fraudsters. As such, your fraud detection software should be capable of detecting fraudulent activities on a greater scale. If you initially choose a weak solution, you will have to switch to a scalable one (which also will cost quite a penny); otherwise, you’ll lose a lot of money.
• Third-party services. Implementing anti-fraud software requires integrations with third-party services, which presumes exchanging data. In this case, a business should ensure that software providers have proper security measures in place and aren’t vulnerable to data breaches. This means additional monitoring and the implementation of supplementary security measures.

Custom fraud detection software as a solution to the imperfections of ready-made tools

Unlike ready-made solutions, custom software can break through limitations that may be present in off-the-shelf products, allowing for a more efficient and effective fraud prevention system. Among the business benefits that custom anti-fraud solutions offer are:

• Adaptable to specific business needs: Custom anti-fraud software will be developed to meet the specific needs of a business. This means that software engineers take into account factors such as the industry, the size of the business, and unique risks and vulnerabilities that are specific to the business, making the software more effective in detecting and preventing fraud.
• Greater flexibility and scalability: Custom fraud prevention software will be more technologically flexible and scalable than off-the-shelf solutions. This allows for easier integration with existing systems and the ability to adapt to changing business needs. With a custom fraud detection solution, you will have the software needed to grow and evolve as your business expands or changes.
• Improved accuracy and efficiency: Anti-fraud systems developed from the ground up are usually optimized for specific types of fraud that a business typically faces. This specialization increases the accuracy and efficiency of detection and prevention efforts. The software can be designed to detect subtle changes in patterns, identify unusual behaviors or transactions, and identify other suspicious activities, resulting in quicker and more accurate fraud detection.
• Enhanced security: Custom anti-fraud software is built with security in mind, exploiting advanced encryption and other security features to protect sensitive data and prevent unauthorized access. Such software should meet specific security standards and compliance requirements.
• Cost-effectiveness in the long run: Although developing custom anti-fraud software may require higher upfront investment, it can be more cost-effective in the long run. Since the software is tailored to the specific needs of the business, it can reduce the risk of financial losses due to fraudulent activity. This also eliminates the need for ongoing licensing fees for off-the-shelf solutions. Custom software can also provide a higher return on investment (ROI) due to improved fraud detection and prevention, leading to greater customer trust.

Fraud detection software is of the utmost importance in today’s business environment, where fraudsters are constantly developing new tactics to deceive and steal from companies and their customers. With the increasing demand for this type of software, businesses must be considerate in selecting the right solution that suits their unique needs.

While off-the-shelf solutions may seem attractive in the short term, custom software development offers greater flexibility and customizability, allowing businesses to tailor the solution to their specific requirements. By investing in custom fraud detection software, businesses can better protect themselves from financial losses and reputational damage caused by fraudulent activities, giving them confidence to focus on their specific operations and growth.

Financial management software helps businesses manage all of their regular financial operations, which include managing, planning, analyzing, and predicting revenue, expenses, and assets. It’s no wonder that the global financial management software market is expected to reach $24.4 billion by 2026.

In this article, we explain the necessity of implementing financial management software and the benefits a business may get from doing so, including process automation, cost optimization, and risk predictions.

There are three main types of software for financial management: accounting software, financial management software, and enterprise resource planning (ERP) software. They can be considered stepping stones as your company’s financial intelligence needs and market size grow. All of them help your business achieve new goals in the course of the company’s development. And as you move from one type of financial management software to a more sophisticated type, they help your company’s departments or divisions work together more cohesively.

Let’s consider these types of software as a financial solution pyramid:

Stage 1: Accounting software 

Accounting software assists finance departments in keeping track of billing, invoicing, record-keeping, expense tracking, accounts payable and receivable, and other financial operations. It is mostly used by small businesses whose financial operations are relatively simple.

Stage 2: Financial management software 

Financial management solutions help midsize and large companies with all accounting operations and more advanced financial affairs such as asset management. This includes forecasting and planning future expenses, analyzing expenditures with data visualization, ensuring compliance with regulatory requirements, automating operations, and monitoring the business’s overall financial stability.

Stage 3: Enterprise resource planning

Enterprise resource planning, or ERP, systems are more complex all-in-one solutions that, in addition to helping with financial operations, assist users with managing human resources, finances, projects, customer support, and other aspects of the business. All insights about operation of these departments are considered and integrated to enable business owners to effectively manage the business.

ERP systems can be too costly and complex at the earliest stages of a company’s growth. That’s why we recommend you gradually move from accounting software to financial management software and to ERP systems as your business grows to build successful financial processes in accordance with your business capabilities and potential.

Finance management software actively assists businesses in building effective financial operations and switching to a paperless office. Among the benefits of financial management solutions are:

• Full financial transparency. With a financial management system, all financial operations in your company will become transparent, as all documentation will be synchronized and visualized, and possible errors or inconsistencies will be highlighted. Also, financial management software offers smart reporting with insights on all financial operations.
• Greater operational, time, and cost efficiency. Financial management software for businesses provides vast opportunities for process automation. With smart automation, your staff won’t spend a huge amount of time on basic but resource-intensive operations that can easily be completed by the system itself. For example, the system can generate financial reports or carry out recurring transactions.
• Elimination of human errors. With a financial management system, your specialists will only need to create the right automations scenarios for completing specific tasks. This way, you will avoid human errors in calculations and data inconsistencies that can critically damage financial statements.
• Data-driven decision-making. Thanks to the advanced analytics and data visualization available in financial management solutions, your financial specialists can see the company’s current financial performance and suggest ways to improve performance. Moreover, financial digitalization and historical data analysis will allow the director of the finance department to plan and forecast future expenses more accurately, help identify poor decisions or ineffective strategies, and avoid them in the future.

There are a few aspects you have to consider when purchasing or subscribing to a financial management solution:

• Functionality
• Convenience of the interface
• Maintenance and support

In this section, we discuss must-have functionality for financial management systems and discuss the financial management solutions with the most user-friendly interfaces, constant support, and regular product updates.

Criteria for successful finance management software

To maximize business efficiency, you will have to choose a solution with a feature set that supports:

• Basic accounting operations. A financial management solution should provide you with convenient record-keeping functionality for expenses, revenue, assets, liabilities, and so on. Additionally, you should be able to monitor all transactions, generate reports, and work with financial statements.
• Process automation. To achieve efficient financial management, you should be able to automate fundamental operations such as payments and report generation.
• International financial operations. If your business is international, your financial management solution should support multiple languages, international transactions, operations with multiple currencies and conversions, and compliance with location-specific financial requirements.
• Financial planning. Make sure the solution you want to implement will support accurate financial planning and allow for comprehensive planning with historical data and complex analysis of trends, patterns, and fluctuations.
• Cash flow monitoring and management. Double-check if your finance management software will help to simplify and unify cash flow management tasks and activities such as consolidations, budgeting, and allocations and provide a  real-time view of the organization’s cash flow.
• Analytics and reporting. Software should allow for financial reporting including balance sheets, profit and loss statements, budget allocations, and ad-hoc reports. More advanced systems may offer AI-based insights and optimization suggestions based on your company’s historical financial data.

Besides having a great feature set, your financial management solution should enable your business to scale. It’s impossible to manage the finances of an enterprise-level company with a solution that’s only capable of serving small businesses. Also, you won’t be able to achieve maximum business efficiency if your finance department doesn’t have a convenient enough working environment. There are a few aspects we recommend paying close attention to when choosing software for financial management:

Seamless integration and scalability. Your financial management solution has to be flexible enough for seamless and quick implementation, provide all necessary documentation, and easily integrate with other systems. Also, it has to manage rapid scaling and keep pace with your business expansion.

Product updates. To be sure that you’ve chosen a solution capable of serving you well in the long run, check its history of updates. A software provider should regularly deliver new functionality or product updates to support your business workflows and any new financial operations.

Customer support. You have to be sure bugs and feature requests conveyed to the support team will be considered and resolved as soon as possible so that your business can operate smoothly. Read product reviews and forums to learn whether people are satisfied with the system you’re interested in.

User experience. The system’s user interface (UI) and user experience (UX) should be convenient enough for daily operations, intuitive to reduce the time for onboarding, and streamlined to complete tasks with a minimum number of screens and clicks.

Top 5 financial management solutions on the market

Before getting into the list of solutions we’ve prepared, it’s important to note that just purchasing or subscribing to a financial management solution isn’t enough. The IT department needs to migrate all available data, set proper data backup procedures, and prepare onboarding for the whole finance department.

If you don’t have an IT department or if they need some assistance from an experienced team, you can rely on outsourcing software development companies like Yalantis to make sure you are all set for handling complex financial operations.

Having analyzed a variety of options, we are ready to present the top five financial management solutions for businesses:

1. QuickBooks

QuickBooks is financial management software for small and medium-sized businesses. It provides an easy-to-use interface and allows businesses to streamline their accounting processes, increase accuracy, and save time and money. Its key functionalities include:

• Invoicing and billing
• Expense tracking and management
• Payroll processing
• Bank account and credit card integration
• Inventory tracking
• Sales and tax calculation
• Financial reporting and analysis
• Time tracking
• Mobile access and integration with other apps
• Multi-user access and permissions

2. SAP Financial Management Software

SAP Financial Management is enterprise-level financial management software that helps businesses streamline their financial processes, optimize their cash flows, and reduce financial risk. It offers advanced automation and analytics capabilities and can be customized to meet specific business needs. Key functionalities of SAP Financial Management:

• General ledger and accounting
• Accounts payable and receivable
• Cash management and forecasting
• Treasury management and risk analysis
• Financial planning and budgeting
• Asset accounting and management
• Tax management and compliance
• Real-time financial reporting and analysis
• Multi-currency and multi-language support
• Integration with other SAP modules

3. Oracle NetSuite Cloud Accounting Software 

Oracle NetSuite Cloud Accounting is cloud-based accounting software that helps businesses manage their finances, accounting, and compliance requirements in a secure and scalable environment. It offers advanced security and disaster recovery capabilities. Key functionalities include:

• General ledger and financial management
• Accounts payable and receivable
• Bank and credit card integration
• Expense management and tracking
• Multi-currency and multi-language support
• Tax management and compliance
• Real-time financial reporting and analysis
• Customization and scalability
• Integration with other NetSuite modules
• Mobile access and collaboration tools

4. Workday Financial Management 

Workday Financial Management is cloud-based financial management software that helps businesses manage their accounting, procurement, and expenses in a single system. It offers advanced automation and analytics capabilities and can be customized to meet specific business needs. Its functionalities include:

• General ledger, accounts payable, and accounts receivable
• Procurement and inventory management
• Asset management and depreciation
• Expense management and tracking
• Revenue management and billing
• Financial reporting and analysis
• Audit and compliance management
• Multi-currency and multi-entity support
• Integration with other Workday modules

5. Sage Accounting 

Sage Accounting is cloud-based accounting software that helps small businesses manage their accounting and financial needs. It offers personalized dashboards, insights, and notifications to support decision-making, and it can be accessed from any device. Its key functionalities include:

• Invoicing and payment processing
• Expense tracking and bank reconciliation
• Financial reporting and analysis
• Inventory and project management
• Multi-currency and multi-language support
• Tax management and compliance
• Customization and scalability
• Integration with other Sage products and third-party apps

Imperfections users face when implementing ready-made financial management solutions

There are a few reasons why ready-made solutions aren’t always the best option:

• Legacy code. This is a common problem with financial management solutions for businesses, as most of them have been developed since the 2000s and contain outdated technologies. In the future, such systems may not be capable of providing your company with the performance, stability, and functionality you need.
• Legacy UX. One consequence of legacy code is non-optimized processes that can affect the finance team’s user experience and efficiency. This may result in multiple steps to complete a single task, time-consuming processing of database requests, or simply the necessity to manually monitor data consistency in various software modules.
• Lack of flexibility. Some financial management software isn’t flexible enough in terms of integrations with third-party providers or the ability to make changes to its codebase quickly without affecting the whole platform’s operation.

What other options do you have besides ready-to-use financial management solutions?

Building a custom financial management solution can be an alternative to choosing from ready-made solutions. By opting for custom solution development, companies can address two main concerns: proper data security and long-term technological stability. With custom solutions, companies can:

• Customize and strengthen their data protection ecosystem
• Avoid switching to another solution provider or integrating with third-party services if the initial solution isn’t capable of covering all their needs

You might say these aren’t sufficient reasons to go for custom solution development and that everything can be solved by choosing a technologically suitable solution. However, there are crucial business benefits to building custom financial management software:

• No dependence on an external solution provider. When you build a custom solution, you own the software and are its main stakeholder. With full rights to change anything within your solution, you won’t have to depend on the off-the-shelf solution provider and wait until the desired functionality is implemented. For that matter, functionality you want might never be implemented if it’s only required by your business.
• Long-run cost efficiency. B2B financial management software is costly, as pricing is based on the number of users. The bigger your finance department and the faster your business grows, the more money you will have to pay each year. It may turn out that your overall expenses on ready-made software will be enough to cover custom end-to-end solution development.
• Ability to perfectly cover all of your current and future needs. With custom solution development, you won’t have any gaps in your solution’s functionality. Your software will be perfectly tailored to your business’s needs and requirements. And if you need new functionality, the development team can deliver it to you on demand, customized to your new needs.
• Easy and affordable support by a small IT department. You won’t need a big development team once your custom system is completed. It will be enough to work with a small support team that can monitor and maintain your system.
• Improved data security. When developing a cloud-based solution or integrating with third-party services, software engineers can ensure maximum security of data in transit and in storage based on your business’s specific requirements.

Outsourcing accounting services: building a data automation bridge between companies with hybrid software development

It’s common to leave financial matters to accounting outsourcing companies that carry out all bookkeeping operations. This helps to reduce labor costs and avoid the necessity of maintaining a huge finance department. The only challenge accounting companies have to overcome to ensure smooth collaboration is setting up proper data interchange between their clients’ systems and the software they use themselves.

Most of the time, accounting companies have to manually upload data about the accounts they work with, which is highly inefficient and time-consuming. Needless to say, this also affects their clients. In this case, the best option will be to integrate both solutions through a custom unified interface.

This way, both sides will achieve maximum efficiency in managing information. All financial data about the company will be automatically uploaded to the accounting software, and, in the event of sudden changes, the information will be synchronized across both systems to maintain its integrity. Such hybrid software development is less costly than custom developing a solution from scratch and can be of great help when it comes to outsourcing financial services.

The financial management software market contains more than just IT financial management software. Ordinary people also want to keep their finances in order.

As younger generations become more interested in financial knowledge and control over their finances, investments, and wealth management in general, they are also becoming a lucrative target audience for businesses delivering personal financial management solutions. It’s predicted that the size of the global personal finance software market will reach $1.57 billion by 2027.

Applications for personal finance are usually not that complex, as their focus is far from business accounting operations and enterprise-level financial planning. If you want to become a financial management software vendor but aren’t sure about building a B2B solution, consider developing a personal financial management solution. This way, your business may spend fewer resources on development.

Yalantis has experience building products for young audiences. Learn about how we delivered a high-quality neobanking product for one of the top American neobanks.

Financial management is complex and resource-intensive. Financial management solutions should be directed towards making this process smoother and less complicated. If you want to get an efficient and long-lasting solution that’s able to meet future needs, consult with an experienced team if you don’t have subject matter experts in your company.

Over years of actively developing solutions for various industries, including FinTech, Yalantis has come up with a unique software development strategy that helps our clients save resources. We can provide you with functionality for each process in your financial department. With our help, you can build a solution for rapidly scaling and quickly implementing new functionality.

We are proud and delighted to announce our successful 18-month collaboration with the Toyota Tsusho Corporation. This is a trading company and a member of the Toyota Group. With 150+ offices and 900 subsidiaries and affiliates, Toyota Tsusho has a global presence. The corporation is involved in marketing chemical products, performing integration functions, exporting passenger cars and commercial vehicles, supplying energy solutions, enhancing initiatives to create a stable food supply, and more.

Our collaboration with the Toyota Tsusho Corporation started in the summer of 2020, and for over 18 months we’ve been serving as a reliable technology vendor.

“It is a great honor to announce our partnership with the Toyota Tsusho Corporation. Toyota Tsusho is a powerful and technologically advanced business, and we are proud to be a trustful vendor for them,” says Oleksandr Kholodov, CEO and co-founder of Yalantis.

While collecting healthcare data in Excel spreadsheets may never go out of style, implementing business intelligence, or BI, in healthcare can be a breath of fresh air for your business and lead to more time- and cost-efficient data analysis. With business intelligence, you can reduce reporting times, generate business-critical insights at lightning speed, save on operating costs, and spare more time for core business functions like patient care and clinical trials. Plus, business intelligence solutions help you ensure business visibility by tracking relevant key performance indicators (KPIs) such as hospital profit by region or city, patient visits by practice, or total visits by hospital.

In this blog post, you’ll find out how your medical practice can benefit from business intelligence and which BI data platform you can integrate to satisfy all of your needs.

Business intelligence tools have gradually grown in popularity in the healthcare industry. One company’s success convinces others to adopt the same solution. According to Statista, in 2016, the global market for clinical big data analytics was only worth $1.65 billion, while by 2025, it is forecasted to reach $11.35 billion, proving that the value of big data analytics is being increasingly recognized by healthcare practices worldwide. And there are no signs of this trend slowing in the near future.

Unlike complex medical software solutions such as electronic health record (EHR) systems, BI software often can be used by all company employees, even without specialized training.

The biggest value of business intelligence for healthcare is the ability to visualize data on interactive dashboards that can come in different forms such as pie charts, bar charts, line charts, histograms, tables, and maps. Data visualization is primarily the process of transforming raw clinical or patient data into insights showing how a particular metric (e.g. company revenue) has changed over a certain time period. Now that you know the main concept behind BI, let’s discuss what value BI solutions can offer your business.

Business intelligence for healthcare organizations can be beneficial in multiple ways. Below, we discuss some of them in detail.

Increase the visibility of the healthcare workflow

With the possibility to collect and analyze large amounts of cross-functional healthcare data, you can make data-driven decisions based on the latest status of your key operations. For instance, you may find that you underestimated your most revenue-generating services and have not invested enough in their marketing. Advanced analytics can also allow you to forecast how your business performance can change with time by drawing on historical data. Thus, you can form the big picture of your healthcare organization’s operations from current and future perspectives.

BI in healthcare practices can also help define the most crucial and not-so-obvious bottlenecks. This gives you a chance to optimize your daily operations and answer the following questions:

• How can we improve efficiency and decrease patient treatment times? 
• How much revenue do we generate and how can we generate more? 
• What’s the average cost of providing care to patients and how can we reduce costs without compromising quality?

These and many more questions you can easily answer with the help of healthcare data analytics.

Improve the quality of healthcare services 

Healthcare business intelligence also allows you to analyze global healthcare trends or apply global healthcare statistics on patient care or medication use to keep your clinical practices up to date.

You can also analyze feedback to meet patients’ or customers’ needs and be proactive when it matters most. For instance, you can track patient wait times at your hospitals and immediately investigate if this metric exceeds a certain threshold.

Healthcare business intelligence can also help you provide more personalized and coordinated patient care, as you’ll be able to track your patients’ treatment progress, treatment time, satisfaction rate, and many other practice-specific metrics. With these valuable insights, you can see how each of your patient groups is feeling and what you can do to improve their experience.

Connect disparate data across departments and facilities

Modern healthcare business intelligence tools can collect lots of data siloed in different healthcare departments into a single platform to give you a helicopter view of your business. A single healthcare practice can have more than 100 digital healthcare systems, each generating unique data used mostly for meeting the needs of a certain department. Imagine what could happen if you stopped this data from being trapped within a single clinical facility and used it for generating valuable healthcare insights.

For starters, you could immediately get deeper insights into your workflow and determine practical data-driven actions to increase your overall business productivity and efficiency. Plus, you would be able to use your digital systems to their maximum potential by turning the raw data they produce into insights.

To achieve all of these results, you need to integrate a robust data analytics solution that meets your industry standards. Let’s move on to a detailed investigation of the top healthcare BI tools, starting with Tableau.

Tableau

Tableau is one of the most popular healthcare BI tools on the market. Users from the healthcare industry that have implemented it claim Tableau is a feature-rich BI solution with a clear interface that allows them to create a wide variety of healthcare dashboards and provide all stakeholders with constant access to business-critical KPIs. Below are some of the distinctive characteristics of Tableau that make this solution so popular.

• Rich product selection. You can make use of an extensive set of products that complement each other to deliver a full-service data analytics experience.
• Regulatory compliance. In December 2022, Tableau Cloud acquired HIPAA compliance. Here is a list of all security certifications and standards obtained by Tableau Cloud.
• Data preparation tool. The platform provides automated data preparation and extraction services with the help of the Tableau Prep tool.
• Customization capabilities. You can use a variety of Tableau Developer Tools to customize the platform for each organization’s specific needs.
• On-the-go analytics. Explore the benefits of dynamic business intelligence with the Tableau Mobile product.
• Data integration. You can collect data from many databases and files (e.g. PDFs, spreadsheets, and on-premises or cloud-based databases).
• Free trial. You can test the solution by signing up for a free trial version.
• Intuitive interface. Even non-technical users find it rather easy to use Tableau thanks to its clear navigation and user-friendly interface.
• Healthcare templates. You’ll find clinical and business data dashboards with detailed filters and the possibility to duplicate charts and graphs to save time on creating dashboard templates.
• Regular software updates. The company ensures quarterly software updates to troubleshoot issues and enhance platform capabilities. For instance, in Q4 2022, Tableau released a new feature called Image Role, allowing users to drag images into Tableau.

Prominent clients: Lenovo, Salesforce, Lufthansa, Providence St. Joseph Health, Duke University Health Systems

Microsoft Power BI

Power BI has the same level of popularity as Tableau and also is a serious contender in the healthcare industry. This enterprise-level BI platform with advanced analytics capabilities can handle large data sets and has versatile functionality. However, it may require additional training and can at times be overwhelming to use. However, there is no doubt that Power BI is an extremely powerful BI platform capable of truly transforming the healthcare industry.

• Regulatory compliance. The Power BI platform ensures compliance with a wide range of laws and regulations globally, both healthcare-specific and otherwise, to ensure ultimate data security.
• Data integration. Power BI connects with the majority of databases and supports the majority of file formats on the market, offering more than 500 data connectors. Yet Power BI has limited integration capabilities with third-party tools and services.
• High compatibility with Microsoft tools. You can ensure smooth integration with other Microsoft tools and technologies such as Microsoft 365 (e.g. Excel) and Microsoft Azure to generate faster and more data-intensive insights.
• Free desktop tool. The Power BI desktop tool is completely free and easy to install.
• Data preparation. Power Query ETL cleanses and processes raw data and prepares it for further analysis.
• Template visuals. You can choose from a variety of template charts, graphs, and maps to quickly create dashboards that fit your company’s needs.
• Advanced analytics. Power BI is an extremely useful solution for big data analytics and predictive modeling.

Prominent clients: Cerner, INTEGRIS Health, Humana, KPMG, Bayer, PwC

Qlik Sense

The main peculiarity of the Qlik Sense BI tool is that it’s equipped with an associative engine, allowing you to analyze all of your healthcare data and track patterns that would otherwise go unnoticed during the analysis of partial data sets. Here are a few of Qlik Sense’s typical traits that can enhance healthcare decision-making.

• Integration with healthcare software. The Qlik Sense platform provides direct integration of embedded analytics into healthcare software such as EHR systems to generate insights while working with patient data.
• Advanced analytics. You can make use of real-time integrations with machine learning algorithms and AI models for even more enhanced healthcare decision-making.
• Edited dashboards. You can visualize healthcare data using dynamic and interactive dashboards that can be easily updated.
• Alerts and notifications. Qlik Sense is also equipped with a data-driven alerting system to keep users updated on recent changes to healthcare data.
• Customization capabilities. A set of open APIs is available to customize the solution to different needs.
• Difficulty of use. Qlik Sense has a steep learning curve and may require consultations from IT staff to fully set up the system.
• High compatibility. The system is compatible with the majority of desktops, tablets, and smartphones.

Prominent clients: NHS, Novartis, Deloitte, DocuSign, PayPal, Ford

Domo

Domo is a BI platform that’s becoming widely sought-after among healthcare practitioners. Feature-wise it may not be much different from its competitors, but it provides a centralized low-code data analytics platform that makes healthcare data analysis easy for non-technical users. Let’s have a look at the common features that make Domo stand out from other BI tools.

• Unified solution. Domo is an all-in-one BI platform with simple user onboarding that doesn’t require installing many separate tools for data integration and analytics.
• Data integration. The platform offers a built-in drag-and-drop ETL tool with over 1,000 data connectors to integrate with practically any database.
• Real-time analytics. You can use real-time data dashboards to define trends and make quick business decisions.
• Scaling capabilities. The Domo platform can automatically scale in the back end to increase the number of data records and users.
• Embedded analytics. It’s possible to embed the Domo analytics tool into any existing healthcare application or system to make analytics even easier.

Prominent clients: DHL, Zillow, eBay, Unilever, Cisco, Regional One Health, American Medical ID

Amazon QuickSight

This cloud-based BI solution from Amazon has a pay-per-session pricing model, which allows clients to pay only when using the platform. Like the previously discussed BI options, Amazon QuickSight can be embedded into any existing product or system and can collect data from numerous file types (CSV, Excel) and databases (MySQL, PostgreSQL, Amazon S3, Amazon Redshift). Below are a few other distinctive features of Amazon QuickSight.

• ML-enabled engine. Amazon QuickSight is empowered with the SPICE in-memory calculation engine that ensures super-fast generation of analytics results.
• Natural language query tool. You can use the QuickSight Q tool and type any questions about your healthcare data in the search bar to quickly get visualized answers.
• High compatibility with AWS services. QuickSight seamlessly integrates with other AWS cloud services.
• Built-in ML and AI solutions. Built-in machine learning and artificial intelligence algorithms allow for quick and effortless predictive analytics.
• Template visuals and dashboards. Healthcare professionals can choose from a wide variety of ready-made dashboards to speed up data analytics.
• Community support. You can join the QuickSight community to share insights and discuss common business issues.

Prominent clients: Panasonic, Vyaire Medical, LucernaHealth, NFL

All of the business intelligence service providers we’ve mentioned have expertise in the healthcare industry. No matter which of these solutions you choose, it should be able to satisfy most of your healthcare data analysis needs. However, if none of the solutions seem suitable for you, our team of IT professionals can help you find, integrate, test, and build a unified source of truth for your specific business and transform obtained data into customized actionable insights. We can conduct thorough market research, compare pricing models, go through a few free trials with you, and eventually help you make the final decision that will bring the desired insights for your business to increase revenue, deliver coordinated and personalized patient care, and stay competitive in the market.

The past year required us to accumulate efforts, and despite lots of challenges, it was rewarding for the Yalantis team and for our loyal clients.

Let’s dive into a brief retrospective of 2022 to learn how much we’ve changed and grown over the past 12 months.

First of all, we provided for the safety of all Yalantis teams. Everyone is alive, healthy, and safe — this was our main achievement of 2022, which turned out to be tough for Ukraine.

Next, we equipped our offices so teams can work without interruption. As a result, we delivered great results for our clients, gaining new achievements and victories despite all of the year’s challenges.

Thanks to quality service delivery, dedicated professional teams, and deep cross-functional expertise, in 2022 we:

• achieved a 90+ percent customer satisfaction rate
• launched 20 new projects (higher than in previous years)
• signed two new contracts with Fortune top 10 companies

By enhancing our expertise in different technologies such as the Rust programming language, visual language programming, and IoT solutions, we provided lots of businesses with first-rate software solutions.

During the year, Yalantis became ISO 9001- and ISO 27001-certified, verifying that we deliver high-quality software. Other certifications our specialists acquired include CLF-C01 (AWS Certified Cloud Practitioner), ISTQB CTFL (Certified Tester Foundation Level certification), and PMI-PMP (Project Management Professional).

With our professional help, in 2022 many of our clients achieved long-awaited goals. For example, the US-based startup Meroxa received funding from the US Department of Defense to foster the development of their real-time sensor data transformation project.

Yalantis also started working on the new Bosch Home Connect project to help more people live more sustainable and comfortable lives.

We’re proud of our clients’ achievements over the past year and can’t wait for more in 2023.

Getting global recognition and making an impact on the local IT community

We made it into these yearly Clutch ratings:

• Top 10 custom software development companies
• Top 10 FinTech development companies
• Top 5 technology partners in healthcare
• Top B2B companies in Ukraine

In 2022, we also made it on the list of the top 10 IoT app development companies in Singapore and Australia. DesignRush included Yalantis in their rating of the top 10 offshore software development companies. And according to C2CReview, we entered the ranks of the top AI development companies. These achievements prove that Yalantis has been globally recognized and gained the trust of many businesses worldwide.

Throughout the year, Yalantis actively contributed to the local IT community. We went on a tour of 10 Ukrainian technical universities to give lectures and establish partnerships.

To facilitate the growth of the IT sector in Ukraine, we also organized:

• 21 external knowledge-sharing meetups for senior-level specialists
• 23 external educational events for junior specialists

As we did in 2021, we continued our expansion to new cities and countries. In June 2022, we opened a new office in Lviv, Ukraine, and in September, we opened an office in Warsaw, Poland.

As of now, we already have two offices abroad (the second is in Larnaca, Cyprus) where we can safely meet with clients. Opening international offices and offices in safer regions of Ukraine allows us to guarantee our clients stable and uninterrupted service delivery.

Throughout the year, we’ve also been actively helping our country and people to withstand the war and have donated more than $442,400 to volunteering and charity initiatives.

We’ve already started setting new goals for 2023 and expect this new year to be full of challenging projects, satisfied customers and employees, as well as lots of prospering businesses worldwide as a result of cooperation with Yalantis.