Chief financial officers (CFOs) must go beyond conventional finance functions in today’s business environment and become guardians of a company’s digital transformation. They’ll need to use a variety of SaaS tools, including artificial intelligence (AI), machine learning (ML), and blockchain, to do so. What financial software tools does a CFO use?
These CFO financial software tools aid in increasing productivity, increasing team value and enabling a superior financial plan. The ultimate goal is to not just manage finances but also to improve corporate performance and achieve long-term growth. While making the most of these tools is critical for keeping ahead and getting custom software success, selecting the appropriate one is difficult.
This is why we have compiled a list of CFO tools that will help you in making the right choice.
Spendesk combines credit cards, expense reimbursements, invoicing, and automatic accounting management systems in one easy-to-use platform to deliver real-time insights. It will also have automated accounting activities and guidelines for automatically mapping expenses—one less thing for you to worry about. Plans are offered on their website, but pricing information is only available by contacting them.
Keeping track of daily spending can be difficult, but having the right tools can help you avoid the burden of organizing and preserving actual receipts and small business expenses. It easily keeps business and personal finances separate. Expensify is a mobile cost monitoring app that allows employees to scan receipts or submit cash charges for easy rebilling, expense accounting, and reimbursement. It also creates user transaction reports.
Xero, a well-known accounting software firm, provides a platform for employees and consumers to streamline monetary transactions. Report generating, automatic recordkeeping, expense computation, and invoicing are just a few of the features. Xero may also be used to handle inventory and sales orders, eliminating the need for human data entry. Xero is available for $20 per month.
FreshBooks is cloud-based accounting software that streamlines and automates all of your key accounting operations. You may simply generate, change, and manage ledger entries, as well as export this information without a lot of work. FreshBooks is cloud-based, so you can access your files from anywhere. Reports are simple to make and comprehend, which is true of the entire FreshBooks experience.
PlanGuru is a small company budgeting tool that allows you to assess your budget and spot financial issues before they become major issues. In order to do so, it uses information from income statements, cash flow records, and balance sheets. PlanGuru costs $99 a month and comes with a 30-day free trial.
You can save money and effort by using software solutions that automate real-time inventory monitoring and tracking. Working with firms like SOS Inventory can track purchases from order to sale using its integrated cloud-based solution right from the POS for more advanced features.
Inventory management is critical to your company’s productivity and dictates how quickly orders can be fulfilled. Other capabilities such as low quantity warnings and report generating eliminate the need to count your stock on a regular basis.
Wave Accounting is another popular accounting software for small enterprises. With features like invoicing, billing, payment tracking, finance management, and more, it helps you improve bookkeeping efficiency and streamline bank reconciliation. Wave’s accounting software is completely free, with no hidden fees or costs.
Zoho Books is online accounting software that offers end-to-end accounting methods. Accounts receivables, payables, inventories, banking, time tracking, and 1099 reports are some of the software’s major elements. It also integrates with more than 40 apps, making it easier to be tax compliant. Businesses with a revenue of less than $50,000 can use it for free. The most basic package costs $15 per month.
Another popular expense claim management application is Rydoo, which allows you to track employee costs in real-time. It allows you to set spending limitations, gain insights into bottlenecks, and make use of built-in local compliance. The Starter and Growth plans cost $7 and $9 per active user each month, respectively.
NetSuite is one of the most well-known and widely used cloud ERP platforms. It is a one-stop-shop for ERP, CRM, business process development, and eCommerce. The opportunity to keep all of your vital data in one place is a clear benefit of a comprehensive platform like this.
Stripe’s payment processing infrastructure is suitable for all types of businesses to manage your revenue cycle. Stripe offers a variety of functions, including the ability to issue invoices, control spending, combat fraud, and accept payments in numerous currencies, in addition to having simple APIs. Stripe’s pay-per-use approach charges you 2.9 percent plus 30 percent for each successful card charge.
PayPal enables you to accept payments from customers in a variety of ways and locations. Whether you need a checkout solution, a recurring payment solution, or a buy now-pay later solution, PayPal has you covered. For commercial transactions, PayPal has varying rates, so be sure to read the fine print.
Workday is a prominent human capital management software that includes advanced analytics, self-service interfaces, time tracking, payroll and benefits administration, and other features. Workday also includes cognitive automation that eliminates human operations across the whole attract-to-pay cycle. Workday’s website does not list all of its pricing options, however, it does start at $100 per month per user.
Breezy HR is a complete recruiting solution that allows your team to streamline the hiring process. Applicant sourcing, career portal, candidate management, job advertisement, reporting, and much more are included. Bootstrap (free), startup ($143/month), growth ($249/month), and business ($399/month) are some of the price possibilities.
Odoo is an open-source ERP that integrates services to help you optimize your operations. Easy integration of several business sectors, such as inventory, sales, marketing, and finance, allows you to get a 360-degree perspective of your company’s operating business expenses. Odoo pricing varies depending on the number of apps and users, so see which option is best for you.
The modern fintech trend has altered how businesses view financial management software and manage their business capital. In the digital age, having an integrated and accessible financial management solution as well as useful CFO tools enables development and innovation.
Author Bio: Harikrishna Kundariya, a marketer, developer, IoT, ChatBot & Blockchain savvy, designer, co-founder, Director of eSparkBiz Technologies. His 10+ experience enables him to provide digital solutions to new start-ups based on IoT and ChatBot.