Boost Business Productivity: Top Financial Software and Apps

Boost Business Productivity: Managers’ choice of the best Financial Software and Apps

With the business world evolving so fast, any company looking forward to maintaining its excellence and profitability will endeavor to use the most effective technologies to accomplish its goals. At the same time, it is much more relevant in dealing with common finance responsibilities ranging from accounting to invoicing and from expense submission to the likes. Luckily, there is a plethora of software products and mobile applications that will help with financial management and can offer useful data.

Accounting Software

Accounting software needs to be sound to serve as a strong base in any firm or as an initial layer of the financial technology portion. Whether it is QuickBooks Online or Xero, business owners and the finance team have real time access accounting and accounting features like general ledger, accounts payable/receivable, invoicing, expense tracking, reconciliation and more from anywhere. 

Key features that top accounting systems offer include:

- Automated workflows

- Use of bank accounts 

- Mobile apps

Personalised selling reports and dashboard

- Collaboration tools

Small businesses are well catered for by the QuickBooks Online and Wave Accounting as they are cheap and user friendly. Of course, there is also an opportunity for medium and large businesses to apply solutions such as NetSuite and Sage Intacct. The right accounting software would take a lot of time off the total time spent on financial management processes and give the correct chronological real-time snapshot of the financial health of an organization.

Invoicing Software  

Professional invoices must be offered to the clients and cash inflow to ensure it’s being increased on a regular basis. There are several invoicing solutions available in the market, some of the most popular ones being Freshbooks, Zoho Invoice, and Bill.com; all offering features such as easy and fast invoice production and editing, creating recurring invoices, setting reminder for payments, tracking working hours, managing and creating expenses, and much more in the way of helpful business accounting tools.

Key invoicing software features:

- ability to template and design invoices to a company’s preference

– Payment methods for multiple payments ( Credit card, ACH, PayPal, etc.)

- Automated payment reminders

- Managing payment and making payments

- Invoice status alerts

- Support for accounting systems.

Some other increased accounts payable and receivable automation are also available with the service of Bill.com. Opting for the right approach of invoicing helps free a lot of time in billing and payment procedures and offers clarity on the Receivables.

Expense Reporting Software

You just imagine having to track the expenses that an employee makes and then the effort that goes into reimbursing their or work related… all these can be very overwhelming if there is no right technology. SaaS tools such as Expensify, Certify, Chrome River and Concur contain features that help with easy reporting and approval routing and integration with corporate cards and accounting packages.

Key expense reporting features:  

Use of App snapping and upload receipts

- Categorize expenditures 

Headed– configurable approval processes

- Integrated reimbursements

Real-time reporting on that spend

- Fraud prevention analytics  

Superior integration possibilities also encompass comformance with policies and also indicate clear examples about cost cutting over some period of time. For regular business travelers and for large organizations where many employees have business expenses, expensing software reduces the burdens on reporting and provides insight to organizational spending.

Budgeting, forecasting and analytics software

To the business executives who want to derive that holy grail of competitive advantage through better decision-making via data, FP&A software serves a critical function of analyzing and presenting key financial information. Existing market leaders on the market for FP&A solutions today are some Anaplan, Adaptive Insights, Oracle Hyperion, IBM Planning Analytics and others.

Core capabilities of FP&A software include:  

- Financial modeling  

 - Budgeting and forecasting

- Consolidation and reporting

- Visual analytics

- Collaborative workflows

- Strategy modeling  

The operational use of growth, cost reduction or investment scenarios enables management to steer the strategic business initiatives in response to fluctuating market conditions. FP&A tools process the simple financial values and present in the form of reports, dashboards, and models giving good financial perception and helping organizations make effective decisions.

When finance teams and business leaders can identify the right financial software and apps, it makes the work efficient, reduces errors and helps to discern business facts that lead to better company functioning, improved efficiency and potential for increased profitability in the future.