Dealing with financial reports and keeping up with expenses manually can be a tedious and exhausting process. Just like any other industry, finance and accounting also has its own set of challenges and one major pain point is the growing demands of technology and process efficiencies.
Traditional finance and accounting internal systems and infrastructures are now deemed to be obsolete. As a result, it is now more important than ever to use the right tools for your finance and accounting team. However, an overwhelming number of tools are marketed to help improve efficiency and make F&A tasks easier and quicker. Yet, choosing the best tool for your finance and accounting team can be quite challenging as well as building a team that has proficiency in utilizing these tools.
Knowing the top 3 tools for finance and accounting is your ticket to increase your F&A team’s productivity and improve their efficiency .
Top 3 F&A Tools
- Accounting Software
There are now plenty of modern and effective software being offered. However, before deciding on what accounting software to use, it is crucial to ensure that it has features catering your business requirements (e.g. POS software integration, cloud-based entries, or tax information)
Here are some of the new and top-rated accounting software in the industry:
● Sage One
Sage One is one of the current leading industry providers for accounting software solutions. A cloud accounting and invoicing software designed for small and medium business owners. It can also help bookkeepers and accountants do their jobs quicker and more efficiently .
Its advantages are; easy inventory tracking, automated sales tax rates, project tracking, and flexible user permission. However, the reports it generates are not freely customizable.
Zoho Books is part of the Zoho application family. It boasts an impressive selection of accounting tools fit for both finance and accounting teams and business owners.
The notable features of Zoho Books are it’s easy invoicing, tracking expenses, monitoring bank transactions and inventory tracking. It can also generate cash flow statements and balance sheets. It can also connect with other Zoho applications such as Zoho expense, CRM, Zoho Subscriptions, and many more.
QuickBooks by Intuit is one of the traditional software that was able to keep up with the growing demands of technology today. It is a user-friendly software that can be used even by non-finance and accounting experts.
It has a bold promise in helping you save at least 8 hours of work in a month. It creates a comprehensive dashboard, invoice tracking and creation, automatic expense categorization, VAT tracking, and calculation, among others.
2. Expense Tracking
Expense tracking is paramount for any company. It is an extremely tedious job, especially when there are a handful of expenses moving in and out. Although some accounting softwares already includes expense tracking features, a dedicated and specialized expense tracking tool is still a must.
Here are some expense tracking tools to consider.
Rydo is one of the top choices for specialized expense tracking software because of its affordability. it also has international expense tracking, which will do wonders if your business deals with a lot offoreign deals.
Expensify is a good tool for expense tracking because it is user-friendly and convenient. It is easy to load information and provides prompts on what are the next steps. It also has a reminders feature that alerts you if there are documents not yet submitted and file. It also has notifications for books for reimbursement.
3. Billing Tools
Among all the finance and accounting duties, billing processes can be the most time-consuming and tedious. Licensed professionals with years of experience can still find billing duties to be challenging. However, it is a good thing that there are now softwares specially designed to make billing more manageable.
SuiteDash is a billing tool best suited for small to medium-sized businesses. It has features such as client portals, invoicing, project management, and file sharing.
It is a fully integrated cloud-based platform that combines most commonly used business tools so finance and accounting teams and business owners don’t need to go through the frustration of learning other platforms that don’t work well together.
Nexway Monetize allows easy implementation of billing plans and subscription models tailored to a specific business. It is best suited for SMB and large enterprises. This customizes invoices a lot easier. It also has a feature allowing you to send foreign client invoices in their local currency and language.
Here’s another member of the Zoho application family. It is designed for business owners and freelancers. Like other Zoho applications, this one is easy to use and allows you to create a fully customized invoice so that you can get paid quicker.
Great Tool, Great Team
Having the right tool for your finance and accounting team is vital to help them accomplish their tasks easier and quicker. By doing so, your company’s overall efficiency and productivity can also increase. With that, it’s easier for you to see whether your company is earning the revenue you expect, allowing you to make quick and accurate financial decisions.
Dealing with these tools can be overwhelming. Additionally, building a team of F&A experts and training them on utilizing these tools birth another layer of operational responsibility especially if there is a limited pool of talents in the F&A industry and the number for highly qualified candidates are shrinking. One way to overcome this is by finding the right outsourcing partner who has access to world-class F&A talents who can equip and certify your team to put these tools to good use.
In addition, softwares such as those mentioned above, can already break your bank. But with the right partner, you can save up to 70% on operational costs, yet assuring your team’s efficiency and productivity.
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.
Infinit-O Key Benefits:
Below are some examples of F&A expertise that we can recruit to build a team just for you:
- Finance Associates
- Finance Specialists
- Fund Treasury Associates
- Other F&A positions
Let’s work together to build a great, high-performing Finance and Accounting team
Start small. Exceed expectations. Think infinitely. Think Infinit-O.