10 Best Financial Management Tools in 2023
What are financial management tools?
Financial management tools help finance professionals track the organization's financial performance, get visibility into financial data, and manage real-time transactions. Manual processes might hinder the performance of the company. Financial tools optimize business processes and help the organization maximize profit with minimum resources.
With financial management tools, businesses keep a tab on cash inflow and outflow, financial budgets, planning, spending, and more.
10 best financial management tools in 2023
Let's take a look at the following financial management tools:
- Plan Guru
Enterprise Resource Planning
- NetSuite Oracle
- Asset Panda
PlanGuru is built mainly for SMBs and their Advisors. PlanGuru's intricate methods enable you to budget and forecast for up to ten years without having to build formulas. Moreover, it also provides you with financial ratios, cash flow projections, and debt modeling tools to help you assess and enhance your business performance.
Capterra Rating- 4.2
Pros of using Plan Guru:
- This tool is user-friendly.
- Has budgeting and forecasting features.
- It comes with an Excel analytics tool.
Cons of using Plan Guru:
- Lack of flexibility in reporting
- Frequently showing instability
- Lack of capacity to print reports from analytics
- The report generator is not as flexible
- The interface should be made more simple and more attractive.
Financial Force is a cloud financial management application built on Salesforce. It streamlines financial reporting and provides a bird’s eye view of the organization's financial health. It allows users to build multiple what-if scenarios and test the financial strategy and budget constraints to find the best budgeting plan.
Capterra Rating- 4.4
Pros of using Financial Force:
- Detailed spreadsheets with filtering processes are available
- Ease of file upload from Excel.
- Real-time financial reporting and dashboards
Cons of using Financial Force:
- Financial reporting could be simpler to use
- Some of the procedures are time-consuming
- Takes a long time to onboard new customers
- Configuring different reporting requires training.
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Nanonets is an AI-based financial automation platform with in-built OCR software, a no-code workflow management platform, and global payments platform. Nanonets can automate all financial processes in bookkeeping, accounting, accounts payable, accounts receivable, and more. Nanonets’ workflows automation can automate manual processes like
- Invoices, Receipts & Bills processing
- Data extraction from documents like contracts, invoices, etc
- Reimbursements & payroll accounting
- Vendor payment and vendor management
- Manual data entry into ERPs
Capterra Rating- 4.9
Pros of using Nanonets:
- User Friendly
- Free 14-day trial
- Flexible hosting - on-premise and cloud
- 95%+ OCR accuracy
- 2,3 and 4-way matching
- 24x7 support
- No-code workflow processes
- Free migration assistance
Cons of using Nanonets:
- Limited output when enforced on-premise
Rated 4.9 on Capterra and G2. Try Nanonets today. Start your free trial without any credit card details.
With QuickBooks, you can manage your business from anywhere at any time. It is a small business accounting program and app. You can organize your finances, send invoices, keep track of your inventory, and even process payroll. You can manage yourself, save time, and be paid quickly by integrating payment capabilities into QuickBooks Online.
Capterra Rating- 4.3
Pros of using QuickBooks:
- Create professional invoices
- Compile accounting reports online
- Easy to use for small businesses
Cons of using QuickBooks:
- Multi-user could be enhanced as only specific things can be done in single-user mode.
- It hangs and shuts down from time to time.
- QuickBooks can be costly if you are utilizing the payroll
- Low-level Support is lagging
FreshBooks creates small business invoicing and billing quickly. FreshBooks is accounting software for freelancers and self-employed professionals. It handles all accounting tasks for small entrepreneurs, like invoicing, reports, and accounts receivable.
Capterra Rating- 4.3
Pros of using FreshBooks:
- Create & track Invoices in real-time
- Track work times
- Access to a tax advisor
Cons of using FreshBooks:
- Crashes periodically when a high volume of data is used
- There is a time tracking within the programs, which slows down the software
- The recent version lacks functionality
- Mobile apps lack some required functionality
- The customer portal could use some modifications.
Gusto offers all-in-one payroll for companies of all sizes and has more than ten years of experience. Payroll is simple to complete using Gusto's streamlined platform. You receive unrestricted payroll runs, automatic payroll tax filing, and compliance assistance.
For expanding enterprises, Gusto is the all-in-one HR platform. No matter what the size of your business, Gusto gives you access to the resources you need to recruit and manage your staff.
Capterra Rating- 4.9
Pros of using Gusto:
- Simple to use Payroll submission for workers
- Reimbursing all payroll forms and taxes
- Simple to add new workers' data.
Cons of using Gusto:
- Some reports are more challenging to discover
- Hard to contact customer service
- Site glitches that suggest services are no longer accessible
Enterprise Resource Planning
NetSuite Oracle cloud accounting software automates supplier invoice processing and payments. Fast-growing companies utilize NetSuite to automate key business operations and obtain real-time insights into their financial and operational performance, from pre-revenue startups to small and mid-sized firms.
Capterra Rating- 4.1
Pros of using NetSuite Oracle:
- User-friendly and intuitive
- Custom Reporting
- Relevant record is an influential feature
- Audit tracking
Cons of using NetSuite Oracle:
- The proficiency in customizing some of the screens to research expenditure details
- Documentation could be better.
- Organizing multiple profiles for users can be hard
Integrate NetSuite with Nanonets.
Seamlessly sync auto-captured data from invoices, receipts, bills, or purchase orders to NetSuite, and automate accounts payable for your business.
Using Asset Panda's fixed asset management software, you can track your assets' lifecycle. This user-friendly, adaptable cloud-based asset management system integrates with iOS and Android mobile apps for free barcode scanning and enables numerous integrations.
Along with asset tracking and management, it also assists with fixed asset audits, depreciation, maintenance monitoring, asset reservations, and many other tasks.
Capterra Rating- 4.6
Pros of using Asset Panda:
- User friendly.
- Cloud-based tracking
- Assets appointed to users are effortlessly tracked
- Customized reports enable to create of in-depth reports
Cons of using Asset Panda:
- The composition and organization of images could have been enhanced
- Users setting up is very hard
- Security Sign in is very vague
- The SSO format has some problems
- Time-out settings on the website should be enhanced
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Ramp helps mid-sized businesses may speed up their expansion without cutting their finances. After just 10 minutes of onboarding, Ramp's direct accounting connectors, automatic receipt matching, and enhanced savings analytics enable finance teams to save time and effort.
Additionally, customers receive 1.5% cash back on all purchases. Ramp provides finance and accounting teams at mid-sized businesses in all sectors that desire a faster way to handle accounting transactions, reimburse staff, and match revenues with payments.
Capterra Rating- 4.9
Pros of using Ramp:
- Simple user interface
- Automated reporting
- Expense reporting and approvals
- Excellent UX interface
Cons of using Ramp:
- Expense categorizing defaults
- Some slight UI polish quirks
- Some scanned reporting could be better
- Hiding cards are not active
- Integration with software tools to capture invoices
Businesses of any size, from new startups to public corporations, use Stripe to receive payments and organize their businesses online. Stripe makes it simple for companies to obtain credit cards online instantly. Moreover, no merchant account or gateway is required.
Capterra Rating- 4.7
Pros of using Stripe:
- Process credit card payments
- Easy to incorporate with most websites
- Low transaction payments
- Rapid transfer of funds to bank accounts
Cons of using Stripe:
- Could enhance the UI
- Error messages are ambiguous
- The dashboard should be more intuitive
- It can be hard to recover missed passwords
- Enforcing Stripe with our modern ERP has taken longer than expected
- Invoicing information could be more detailed
Grow your business with Nanonets’ pay-as-you-go solutions. Track expenses, pay invoices, automate data entry, and more. See how you can save more than $90k annually.
How do Financial management tools help CFO?
CFO is a busy person who oversees everything related to finance in the organization. Here are some of the tasks that financial management tools can the CFO with:
Financial Planning & Budgeting
CFO is responsible for developing strategic plans to accelerate the company’s financial growth. This includes resource allocation, optimizing spending, reducing costs, managing payroll growth, managing compliance, and creating budgets for all departments annually.
Financial management tools help CFO with proper visualization of financial data, identifying trends, and generating & collating insights from departments.
Cash Flow Management
CFOs need to have a handle on the cash flows of the organization. How much cash is flowing in? How much cash is required to pay all the current bills and more? CFOs must ensure that the company doesn’t have negative cash flow and manage budgets properly.
Financial Management tools track all cash flows and notify after generating insights from cash flow trends allowing financial leaders to make data-driven decisions quickly.
Tax & Audit Preparation
Audits are no strangers. Companies must ensure proper documentation of all processes, transactions, and reports to prevent any problems during audits and taxes.
Accounting processes manage everything related to cash. Businesses with excellent accounting processes can keep track of all business activities efficiently and use financial data to eliminate bottlenecks.
One of the most important factors of great financial management tools is integrating seamlessly with all your business applications. Without integrations, the financial processes become manual leading to a chaotic mess.
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Why do you need Finance Management tools?
Financial management tools help CFO and organizations digitize financial processes. But why should you use financial management tools?
It would help if you switched to financial management tools when your current processes are:
If your existing financial processes are time-consuming, manual, and tedious, they can take up employees’ work hours. Along with reducing employee productivity, the processes can also slow down data flow and lead to a greater turnaround time.
If your existing processes are complex and involve too many people for a single task, it’s time to simplify them with financial management software.
Financial documents change many hands. With manual checking, updating and reviewing, the final documents are prone to many errors.
Manual business processes need to be improved to meet the demands of growing businesses. Financial management tools help overcome these challenges and improve the business's productivity.
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What to look for while finding a financial management tool?
How should you start looking for a financial management tool for your business? Here are some things you should watch out for.
- Automation capabilities - Can your financial management tool automate your manual processes? Can it enhance your productivity with intelligent automation? Tools like Nanonets can automate multiple aspects of your financial processes like payments, reimbursements, accounts payable, accounts receivable, and more.
- Customer Success Teams & Support - See how the company handles new clients, what kind of support they provide, and if they provide training assistance. Getting used to new technology can be hard, but with the right guidance, it becomes better.
- Budget Constraints - Compare the pricing and the budget you have at hand. See if the financial management software fits your budget constraints.
- Security - Your new software will handle sensitive information. You need to make sure that it is secure, and provides a granular sense of control, role-based access, and secure cloud storage options.
- Hosting options - See if your next financial management software can provide you the flexibility of selecting an on-premise or cloud hosting.
Whether you’re running your own business or working in one, having a complete understanding of financials helps you make better business decisions. Financial management software helps in tracking and managing important financial metrics. Using financial automation tools simplifies these processes while making them error-free.
Nanonets helps organizations transform their manual financial processes with enhanced workflow automation, OCR software, and advanced accounts payable models. To learn more, book a call or sign up for a free trial today.
7th January 2023 : The blog was updated on 7th January 2023 with relevant, fresh content.