The days of piling mounds of paperwork onto your accountant and waiting weeks for it to be processed are long gone. In the digital era, businesses have a variety of powerful finance software that they can leverage to save money and time, while also finding useful new insights into how they can improve the way they handle their money.
In the past few years, finance-related software has been cut down in quantity and compiled into powerful all-in-one solutions that offer comprehensive access and control over your business’s finances. In this post, we’ll take a look at some essential pieces of finance software that you can make use of today to help your business grow faster.
Small business owners and individual contractors will be particularly fond of apps like Expensify. The main goal of Expensify is to automate the receipt and expense management process. This is achieved through a variety of powerful features. For instance, Expensify can automatically submit an expense report by simply scanning a receipt.
You can integrate the app with a variety of other popular finance software, including Quickbooks, Xero, Netsuite, Oracle and many different receipt apps. You can use Expensify to obtain a real-time overview of your financial health, which not only makes taxes and audits a breeze, but will also help you figure out where you can cut down on expenses.
Quickbooks has for long been one of the most popular accounting solutions on the market. The software is heavily based around the principle of making the accounting process as simple as possible. Despite its clean and simple design, Quickbooks has a variety of powerful features that put it a step above the competition.
It’s capable of syncing all your profiles onto a single dashboard, giving you a comprehensive overview of your invoices, billing and overall financial health. You can generate custom reports and even integrate it with other apps. Being cloud-based, Quickbooks is reliable when it comes to security, which is particularly important with this type of software.
Xero is best known as the accounting software that revolutionized the industry. Like Quickbooks, it’s made with the idea of simplifying complex accounting processes such as double bookkeeping. You can integrate it with countless third-party applications and perform everything from stock management to budgeting to invoicing, financial reporting and more.
Sage 50Cloud is another great comprehensive accounting solution with a growing number of powerful features. This includes cash flow, invoicing, inventory management, taxes, budgeting and a variety of add-ons such as POS, credit card processing, e-commerce solutions and much more.
You can further build on the power of software like Xero, Quickbooks and Sage 50Cloud by integrating it with an accounts payable automation service like Efficiency Leaders. This way, you’ll have a greater level of visibility over your financial processes and more cash flow predictability, as well as being able to save an immeasurable amount of time.
Investing in software that will help you master your finances is something every business should do. The benefits quickly outweigh their small asking prices, making it all the more worthwhile.