A successful company is often distinguished from a struggling one by its financial management. The key to running your business processes smoothly is excellent financial management, regardless of the size of your organization or the industry in which it operates.
Thanks to many cloud-based platforms and tools today, any business can take advantage of them. This list contains financial management and CFO tools that every owner or manager should consider when it comes to managing his or her financial resources.
Managing business finances can be complex and challenging, but the right financial management tool can make it much easier. By integrating these systems, you will be able to focus on what needs to be optimized within your business and transform specific areas of it.
FreeInvoiceTemplate.org is a very helpful tool for small businesses for creating invoices and bills for a client and business purposes like purchase of new inventory/stocks or keeping track of monthly finances. It's fast and very easy to use and allows you to save a lot of time you might spend in making an invoice manually on Excel sheets or by pen/paper.
Other features include multiple tax options you can add to the invoice, different payment integrations, fast emailing, online backup, multiple currencies, save in PDF format.
Recommended for: Creating free invoices for business sales, inventory purchases or of a client.
Pricing: Free to use for everyone, there are no pro or premium versions
There is no way that this list can be complete without including accounting tools. Accounting is a key component of any business tool lineup you're considering. By integrating with third-party applications and point-of-sale software, you will be able to enhance a variety of value-added components.
Xero is an accounting software solution designed to provide small businesses with a simple, easy-to-use accounting platform. With Xero, you can pay your bills, claim expenses, accept payments, track projects, and connect with your various banks. Having a complete financial picture of your business will make filing tax returns at the end of the year much easier. Your business will run more smoothly if you automate tasks such as invoicing and reporting.
Recommended for comprehensive accounting and financial management for small to medium-sized businesses.
Xero starts at $20 per month
Zoho Books is a top-notch financial management application that helps you manage all your finances effortlessly and efficiently. The intuitive platform enables you to track expenses, and do accounting. In addition, it can be connected to other Zoho applications, for example, Zoho CRM and Zoho Inventory, so you will not need to go back and forth.
Perfect for the combined bookkeeping, billing, and expenses tracking.
It has a free version, and after that, the basic version is $15 per month, and the professional version is $40.
It may be difficult to monitor daily expenditures, but with the right tools, you can do away with the physical receipts and company expenditures. Some accounting platforms offer features to track such expenses, so if it is not already included, consider finding one that can be integrated with your accounting software.
The mobile application that Expensify provides for its users enables the employees to capture receipts or input cash expenses through their mobile phones for billing, reporting, and reimbursement. The system also provides reports on the transactions of the users of the system. The subscription plans for Expensify are divided into business and personal, and the prices differ.
Most suitable for use in tracking and controlling employee’s spending and expenses.
The first plan costs 5$ for small business companies that have 1-10 employe's while other plan costs 9$ for large companies which have 10-10000 employees.
Although creating a realistic budget and adhering to it is essential for an organization's financial well-being, it can be challenging for new businesses. The majority of accounting software packages offer the capability of managing cash flow and making projections several months in advance. If you wish to strategically divide your assets on a separate platform, PlanGuru may be a good choice.
This software application aims to assist small businesses in analyzing their budgets and identifying potential financial problems before they become serious. The data used for this purpose comes from cash flow records, balance sheets, and income statements.
Useful for budgeting, forecasting, and identifying financial issues
PlanGuru offers a free 30-day trial, and it costs $99 per month.
ZipBooks provides small businesses with cloud-based accounting software that addresses their general accounting needs. In addition to balance sheets, general ledgers, and income statements, ZipBooks offers a variety of data reporting tools to help you gauge your business's trajectory and identify areas for improvement.
ZipBooks Starter plan is a free plan for one user. As part of the Starter plan, users can create unlimited invoices, manage customers and vendors, and accept online payments.
Great for basic accounting needs with user-friendly invoicing and financial tracking
The Smarter plan starts around $15 whereas the Sophisticated plan costs $35.
Customer expectations are high when it comes to online billing processes. Billing processes that are as smooth and seamless as possible will result in faster sales and a better cash flow.
Having a basic online solution that includes invoicing capabilities is adequate, but adding features and providing affordable pricing plans can go a long way. FreshBooks, a cloud-based billing software, provides a value-added experience for customers, which may increase their satisfaction and loyalty.
The FreshBooks accounting software automates essential accounting tasks for smaller companies. Entries can be easily created, managed, and exported. Since it works on the cloud, you can access your data from anywhere.
Perfect for automated billing, invoicing, and time tracking
Freshbook pricing for the lite plan starts at $9.5 and the Plus plan costs $16 whereas the Premium one costs $30.
By using standard Excel payroll management systems, it can be extremely difficult to keep track of every part of wages or salaries, sick leave, and holiday pay.
Adopting a payroll management system that streamlines the process and provides employees with real-time pay information can significantly increase the efficiency of your operations. Various digital devices are capable of accessing these resources. For instance, BrightPay is a cloud-based service based in the United Kingdom that facilitates easy and intuitive payroll processing.
The BrightPay system automates and streamlines auto-enrollment tasks, including smart alerts to inform you of tasks that must be completed. Using BrightPay's integration with Modulr, users can make payroll payments to employees and HMRC in a fast, secure, and easy manner.
Simplifies payroll processing with efficient auto-enrollment features
Brightpay pricing starts at $100 per month for up to 3 employees and is suitable for small businesses.
QuickBooks provides users with the option to choose from a basic plan to a more comprehensive solution that meets all their financing needs including tracking expenses, processing invoices, paying bills, and tracking mileage.
Online bookkeeping tools like QuickBooks are popular among small businesses. Their cloud-based platform provides easy-to-use integrations and advanced invoicing features. With cloud-based software, your books are accessible anywhere you have a computer, laptop, or smartphone.
Excellent for robust bookkeeping, expense tracking, and advanced financial reporting.
The basic plan starts at $9 and the plus plan costs $27.
As a small business owner, it is important to keep track of where your money is being spent. RocketMoney provides you with the ability to easily manage your finances. Apps such as this are primarily used for managing personal expenses, however, they can also be used for managing business expenses.
An easy-to-read graph will provide an overview of all your expenses and subscriptions so that you are in control of your finances.
This app is best for tracking company expenditures, analyzing subscriptions, and comparing prices of different online services. All in all, it's a helpful tool for managing the finances of a business.
Useful for tracking personal and business expenses and managing subscriptions for small businesses.
Premium subscriptions are available for $47.99/annually, $59.99/annually, or $4 to $12/monthly
Gusto is an online payroll system that small businesses can use. This platform also enables you to run payroll and file taxes on your behalf during the tax season.
There are several plans and pricing models available depending on the needs of your business. Furthermore, this software offers payroll services for all the states in America, making it easier for small businesses to meet the legal requirements.
Moreover, Gusto can help you to find cheap health benefits that will be suitable for you. Your payments will automatically be deducted from your pay when you transfer your plan to their software.
Effective for automating the payroll and tax filing process for small businesses
The cost of using Gusto begins at $40 per month for the Basic plan and $60 for the Plus plan.
To reduce the time and costs, it is possible to use software tools that help to track and monitor inventory in real time. For additional options, it is possible to use cloud-based integrated solutions offered by various companies, including SOS Inventory, that enable you to track your purchases from order to sale through your point of sale terminal.
Inventory tracking is crucial for your business because it helps to meet the customer’s demand as fast as possible. Additionally, the low-quantity alerts and the report-generation capabilities reduce the need to monitor stock frequently. SOS Inventory will be advantageous to small and medium-sized businesses.
Best for real-time inventory tracking and management
It offers a 14-day trial and afterward charges $59 per month for the basic plan and $119 for the Plus plan.
Wave provides small businesses with an online financial management solution. It provides users with features such as invoicing, expense tracking, bookkeeping, and a mobile application that makes it easier to manage their finances. Wave is a free service that can assist you in managing your business more efficiently.
Suitable for free invoicing, expense tracking, and basic bookkeeping.
The Basic plan is free whereas the Pro plan costs $16.
With KashFlow, you can easily manage your finances, including invoicing, bookkeeping, and expense tracking all through the cloud. A mobile application allows users to access their financial information via a user-friendly interface. With this application, users will be able to manage their finances at any time and from anywhere.
Convenient for cloud-based invoicing, bookkeeping, and expense management
The Kashflow starter package costs around $1.5 whereas the business package costs $3.
Many small business owners, particularly those in retail, are familiar with Square as a financial management tool. By making it simpler to accept credit cards for small businesses, Square is enabling them to manage their finances.
With their Point-of-Sale system, merchants can accept payments via their smartphones. In addition to accepting credit cards, this tool enables small businesses to accept payments on the go. The software enables merchants to integrate mobile payments with merchant services in a convenient and easy-to-use manner. Square is used by millions of businesses worldwide to process credit card payments, track sales, and manage inventory.
Ideal for point-of-sale payments, sales tracking, and inventory management
The Square Plus plan costs around $29.
With Document360, you can implement a comprehensive financial knowledge management system tailored specifically for the needs of the financial sector. It facilitates efficient capture, organization and storage of diverse information, including policies, procedures, client onboarding documents, procurement documents, and regulatory compliance documents.
A platform that facilitates the creation of better documentation allows financial professionals to improve client onboarding journeys. The Document360 platform offers comprehensive knowledge management solutions for the financial industry.
Great for financial knowledge management and documentation.
Document360 has monthly and annual subscription options for Standard, Professional, Business, Enterprise, and Enterprise Plus users.
Mint is a personal financial management tool from Intuit available in a free and paid version. Today, it is one of the most popular apps for managing budgets. Using Mint, users can keep track of their expenditures, save money, and make data-driven decisions about their finances.
Mint allows users to consolidate all their financial accounts into one central location and manage them effectively. This method of management enables users to keep track of their expenses, budgets, and investments with greater transparency.
Useful for personal finance management, budgeting, and expense tracking
Free to use for everyone
Mvelopes is a mobile application owned and developed by Finicity. It allows users to organize, plan, and prioritize their budgets and see how much money they have left each month. This information on where they stand in relation to their tier budget expenses enables users to make informed spending decisions.
The free version of Mvelopes comes with some limitations, and there are two upgrade options: $19.95 for Premium, and $59.95 for Coaching.
Perfect for envelope budgeting and spending management
The Moneydance personal finance app is a simple and easy-to-use application that places a high priority on protecting users' privacy. Through this platform, you will be able to perform online banking activities, bill payments, budgeting, etc. It supports a variety of currencies, including cryptocurrencies. With the platform, add-on extensions are also supported.
In addition, the platform maintains a high level of confidentiality and encryption and does not share user data with any third party. It offers detailed and visually appealing graphs and reports for a deeper understanding of the user's expenses. The users may set up recurring and single payments so that payments will not be missed.
Recommended for comprehensive personal finance management with online banking.
Moneydance costs $50 to purchase and use
Some of the biggest global companies are using Workday Adaptive Planning for their financial planning and analysis needs. This software enables users to control cash, control costs, control revenues, model employees, control capital, and close the books.
Workday Adaptive Planning is a cloud-based solution and is also accessible on mobile devices. It has a good user interface, it is colorful and has good graphics which makes it easy to use.
Most suitable for complex financial modeling, forecasting, and analysis
Provides 2 paid plans with free trial options. On the website, there is an option to request a quote for each of the plans available.
The Nutcache platform offers basic financial management tools like invoices, expenses, and project management. The mobile app version is also available and enables you to view your most important financial indicators at any time with a simple and intuitive interface.
An all-in-one project screen that allows you to track all invoices, expenses, attachments, and logged hours in one place to save time. However, if you want to get the best of Nutcache, then it is advisable to go for the Pro version which has the Project Screen, the Collaborative Board, the Project Dashboard, the Overdue Invoices, and the Recurring Invoices.
Useful for project management with integrated invoicing and expense tracking
The pro plan costs around $14 a month and the Enterprise plan costs $24.
A successful business is not only about having enough money, but also how well you manage it. Using financial management software, you can track and manage financial transactions, create budgets, and create savings programs.
Using the right tools, you can keep track of your cash flow income and outgoings, thereby maintaining a good financial standing. Many small business financial management tools are also useful in simplifying many everyday tasks, such as the processing of payroll, the generation of invoices, the payment of bills, and filing taxes.
We hope you find these 20 tools useful for managing the finances of your new business. Take time to understand their workings and which one is more suited to your requirements. These tools are useful for several types of businesses like retail shops, e-commerce stores, and even physical shops as well.
Author: Suzie Owens (Marketing Executive)
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