Tools Of Financial Management

Tools Of Financial Management – The landscape of financial tools and accounting software is changing. The explosion of new SaaS providers and the rise of remote work have forced companies to rethink how employees collaborate, and that includes finance teams.

But many teams are stuck with Excel, old templates, or a financial management solution that’s been around for decades. Fortunately, there is a new wave of financial software designed to help you streamline and automate mundane tasks so you can focus on profitability and other strategic priorities that help your business grow and win faster. But with hundreds of vendors to choose from, how do you choose the tools that are best for your team and most beneficial for your daily expense tracking and cash management?

Tools Of Financial Management

In this guide, we focus on 6 different categories of financial tools that every business needs and recommend the winners that help your finance team work smarter, including the all-in-one corporate card and expense management platform.

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As with any solution, choosing the best accounting and general ledger software depends on your unique business. Small businesses often start using QuickBooks, but Xero is making waves in the accounting community with a better user experience, many integrations, diverse functionality and fast feature delivery.

As your business grows, so does the complexity of your organizational structure and accounting activities. Accounting teams in midsize companies often require more advanced controls and customization. Here, NetSuite is a great choice for businesses that require multi-entity support and custom reporting requirements.

Extra credit: Still, most of the work that goes into closing the books each month is reconciling data between systems, such as expenses and journal entries. New wave expense management platforms like, along with e-commerce and payment players like Shopify and Stripe aim to fully automate the mundane accounting tasks.

In today’s fast-paced business environment, it’s impossible to compete if you rely on decades-old accounting systems and month-old reports. Savvy finance leaders know that a well-maintained data warehouse and modern BI solution are essential for real-time decision-making. In fact, many financial organizations have dedicated analysts and data engineers who are solely responsible for cleaning, analyzing and reporting key financial metrics such as CAC and revenue forecasts.

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For startups looking for a simple reporting tool that can handle any SQL query, Redash is the winner. Redash is inexpensive, real-time and easily connects to the most common SaaS applications and databases, allowing you to create custom dashboards that pull together all the financial data you need for deep financial reporting.

As businesses scale and financial and revenue activities become more complex, Looker is a great choice. Their software offers enterprise-grade security and management and allows you to combine data from multiple data sources. Not to mention dozens of visualization types and a powerful data modeling language that your data team will love.

Modern finance teams have moved from end-of-period manual reporting on budget versus actuals to zero-based budgeting. Zero-based budgeting (ZBB) refers to flexible financial planning and analysis, allowing organizations to allocate funds more fluidly based on business strategy and needs rather than trying to predict the future.

Traditionally, Anaplan has been the software of choice for planning finance and sales teams, but Planful modernizes planning by producing cash flow forecasts and what-if scenario analysis. Expect many of the analytics companies entering the space to increase their added value for strategic finance.

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Spreadsheets aren’t going away anytime soon. Analysts still rely on spreadsheets for critical analysis on a daily basis, but the software category has remained relatively unchanged for decades.

Enter Airtable – a smarter, more modern spreadsheet with the power of a database. Airtable gives you cloud collaboration, version and access control, and integrations with your data warehouse to update analytics in real time. And if you’re embedded in the Google Suite ecosystem, Google Sheets also offers a number of integrations that enable instant data syncing from other sources (for example, Salesforce).

Sending and receiving money – the lifeblood of any business. Payments is a broad term and complex space. For our purposes, let’s focus on two financial processes: making payments and receiving payments.

Businesses need a way to easily make payments. For example, every business should be able to easily make payments for goods and services, from SaaS software to travel expenses. But the old way of working comes with a lot of overhead, from manually uploading invoices to paying suppliers and employees, and navigating complicated credit card rewards programs. Virtual cards are becoming an increasingly popular solution for payments, with benefits such as automated spending policies and easy reconciliation. With modern business card solutions like , finance teams can issue business virtual cards and pay suppliers instantly with one click.

Financial Management Software: Tools For Finance Teams

Accepting payments is now easier than ever. Stripe has built an elegant payment processing API that integrates easily with any application and can handle dozens of alternative payment methods internationally. Stripe is also expanding into other areas such as finance, including financing (Stripe Capital) and card issuance (Stripe Issuing).

For all payments that are on specific terms or require invoices, an AP/AR for payments that are on specific terms or require invoices, accounts receivable and accounts payable software is a must. These systems handle invoices, approval workflows, payments (check, ACH, wire transfer) and reconciliation with accounting systems. While Bill.com is the popular choice for AR/AP software, startups like Routable, which offer payment automation and accounting integration, are the choice for finance teams looking to save time.

In start-up companies, expenses are often made haphazardly to accelerate the growth of the company. But at a certain scale, it’s important to centralize purchasing to regulate workforce spending and get the best deal from your suppliers. Here, Procurify is an industry standard with a complete set of integrations and customizable workflows, but some notable startups like Vendr for reducing software spend and Intello for optimizing usage are making waves.

For enterprises, Coupa is considered the more robust choice with features such as supplier and contact management.

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Expense reimbursements are painful, inaccurate and expensive for your organization. Modern finance teams are migrating from out-of-pocket reimbursement solutions like Expensify to advanced expense management platforms like. These financial management platforms are tightly integrated with physical and virtual cards to eliminate expense reports for good.

With granular control over spending limits and automatic reconciliation, finance teams can reduce time spent approving expenses and chasing receipts and close their books 5x faster.

One of the biggest operational costs for businesses is paying and supporting employees. Modern payroll solutions provide not only payroll processing, but also a range of other benefits that support employees, including retirement, insurance, onboarding and time tracking. The space (ERP, HRIS, HRMS) is heating up and incumbents such as ADP and Trinet, which typically serve larger enterprises, are being disrupted by new players such as Gusto and Rippling. Ripple is the winner here with an all-in-one approach to HR and IT and an easy onboarding experience. Our advice is to choose a solution that is scalable because the software is sticky.

If you thought it was hard to understand your stock options, try managing them! Ensuring that a company is well capitalized and well structured is an important part of acquiring talent and gaining investor confidence in your company. Sauce table software solutions like Carta help make it easy to structure and issue shares. Startups are increasingly entering the space to try to create liquidity in the private equity space (eg customer allowing employees to sell their shares) or help consumers become investors (eg Angellist Access Fund).

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With interest rates lower than ever, it is important to think about whether to finance a business with debt or equity. Fintech providers have focused on making small business lending easier and cheaper than ever by leveraging alternative data sources, such as cash flow from bank transactions through Plaid, accounting information from QuickBooks, or payment data from Stripe. The data owners are also trying to access lending — Amazon, Intuit, Stripe, Shopify and Square all have an arm for small businesses that use proprietary data to underwrite. This gave companies more financing options outside of traditional financial institutions. Our winner here is BlueVine with its flexible credit lines and less than 5 minute onboarding process.

If your business has a financing need, chances are there is a solution on the market that meets your needs. In addition, outsourcing finance and accounting tasks using these tools is a great way to reduce the workload of your finance department while achieving major cost savings.

1. Easy Integration: Does the solution integrate with your existing tools? Does it replace a tool you currently use? → Our recommendation is to choose a solution with direct integrations with your most critical systems.

2. Ease of use: Does your finance team enjoy using the software? Is it intuitive or does it need a user manual? → Choose a solution that your employees are happy with.

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3. Speed ​​of feature delivery: Is the company still investing in the product? Does it respond to comments? → Prioritize innovative solutions over completeness.

4. Flexible Pricing Terms: Does the company offer low-cost trials?