When it comes to accounting tools, most CFOs end up compromising.
The days of customised finance systems are gone and businesses now buy off-the-shelf software or subscribe to a SAAS solution, then adapt the offering as far as they can. This being the case, you need to prioritise those app features which really are key – especially when it comes to company spending and expense reconciliation.
So, what’s the current market like for time-saving business tools for CFOs?
Here are ten of the best:
Good for managing transaction data in large volumes, and able to track teams, locations, workflows and inventory.
You can customise reports to suit you, and QuickBooks Enterprise integrates particularly well with Microsoft Excel – good news for those who will be forever wedded to the program. The app allows you to scan and upload documents but doesn’t offer data extraction from receipts.
This is SAP's cloud-based solution for the Customer Relationship Management (CRM) market.
SAP's strength has always been in order fulfilment, inventory and procurement, and this package bears some of SAP's signature functions: real-time information from warehouses, for example. But CFOs routinely complain that while their finance team can load endless data into SAP, getting any of it out again in user-friendly reports is a different proposition.
Definitely aimed at the heavy-duty end of the market and as a fairly complex pricing structure, but it integrates well with Google Sheets.
This is an enterprise-level solution for medium to large companies, and its strength is in its analytics.
It's an out-of-the-box solution which many firms now prefer. One of Xledger's highlights is that it has functions for charities and nonprofit organisations. It’s currently in use in 30 countries around the world.
Right down at the other end of the market, new entrepreneurs often select FreshBooks to automate finance admin tasks. It doesn’t rival SAP in scale, but its user-friendly design makes this the ideal accounting app for people who would rather be doing something else.
NetSuite is a popular business management suite, that includes products for enterprise resource planning, financial management, e-commerce, omnichannel commerce, CRM and professional services automation.
This app is native to widely-used CRM app Salesforce. It has plenty of fans because it can link CRM functions with invoice processing and other accounting workflows.
This product is Seattle's offering for midsize to large organisations. It's available both as an on-premises and cloud-based app and competes head-to-head with SAP in terms of warehouse management, transport, inventory, supply chain, planning and so forth. It also offers a range of vertical market, industry-specific functionality.
Comprised of a suite of applications including CRM and ERP, Oracle Financials aims to enable businesses to efficiently track detailed business transaction data and turn it into information that results in decision making.
To really get a head start on your accounts, you need to act sooner – before the spending ever takes place.
At Soldo, we’ve designed a platform which helps you do exactly that. Our prepaid cards work in the same way as a debit or credit card, but their payments can be both controlled and viewed in real-time. The Soldo app allows employees to upload receipts and other data to their transactions, so the reporting process is effortless. Staff can track exactly how much they’ve spent and on what, and complete their expense reports in moments just by snapping a photo their receipt.
You can set bespoke rules and limits for each card via the web console, so you’ll always be able to keep spending in check. This is also where you can receive real-time updates on where your money is going, as well as export data for insights into the spending patterns that are holding your business back.
By the time you come to do your accounts, you’ll find the amount you’ve spent is more under control than ever.