If you aim to run a successful business, then being able to manage its finances effectively is not optional; it’s a key part of keeping it healthy and thriving. The kind of tools that best suit your business depends on your needs. Whether you need simple bookkeeping for a small business, more complex marketing, or a full-featured suite tying in aspects of HR such as payroll, here are some of those most worth considering.
List Of 8 Best Financial Tools
1. Unit4: Insight-Driven, Industry Specific-Finance Platforms
While many of the accounting and finance software available are designed to work broadly with many different kinds of organizations, the rise of more industry/sector-specific tools like Unit4 is offering more tailored solutions, as well. Combining finance, HR, procurement, and planning, this tool is purpose-built for emergency services, meeting the needs of fire, ambulance, and rescue organizations.
Pros:
- Cloud-based and highly scalable
- Self-service tools to empower users
- Built for public services with audibility and compliance reporting
Cons:
- A steeper learning curve than some platforms
- Requires substantial onboarding
2. Xero: Affordable But Professional Tool For Growing SMEs
For those looking for a more generalist solution, Xero is one of the most popular tools, especially suited for small and medium-sized businesses. With automated bank reconciliation, invoicing, payroll, and more, it integrates with over 700 business apps, making it a helpful part of the business’s entire management ecosystem. With a highly effective mobile option, it’s also good for those who prefer to manage their business on the go.
Pros:
- Scalable to meet growing needs
- Intuitive interface
- Integrates with a wide range of apps
Cons:
- Advanced features are locked behind higher-tier plans
- No live support
3. Zoho Books: Streamlined Financial Control For Small Teams
If your business is on the smaller size and doesn’t need quite the full ecosystem of the others mentioned here, then Zoho Books is one of the more user-friendly tools that’s perfect for freelancers and compact teams. It offers features like invoicing, expense tracking, bank reconciliation, and project billing. It can integrate with other Zoho brand tools, such as Zoho CRM and Zoho Inventory, all of which are regularly praised for their clean interface and user-friendliness.
Pros:
- Affordable (with a free plan)
- Automates routine finance tasks
- Secure
Cons:
- Limited advanced features
- Fewer third-party app integrations
4. QuickBooks Online: Comprehensive Tools For Smaller Businesses
If you prefer a slightly more wide-ranging set of tools to help manage your business’s finances, then QuickBooks Online by Intuit is highly praised for its range of functions, without being quite as weighty as the more enterprise-oriented tools. It offers extensive options in one platform, including bookkeeping, invoicing, payroll, budgeting, and tax preparation, with real-time bank account syncing.
Pros:
- Highly accessible thanks to Cloud features
- Easy-to-use, doesn’t require extensive accounting knowledge
- Strong reporting features
Cons:
- Relatively high cost compared to other small business options
- Limited customization options
5. Sap Business ByDesign: Enterprise-Grade Financial Management
Designed to work as an all-in-one suite, combining CRM, finance, and HR, SAP Business ByDesign is a cloud-based platform that offers great scalability for medium-to-enterprise-sized businesses. The various components of by-design work in close tandem, allowing for real-time data synchronization across departments and providing comprehensive insights for decision-making. With multi-currency management, it also works for international businesses.
Pros:
- Has a host of helpful pre-configured best practices
- Intuitive despite its complexity
- Cloud-based, reducing the need for on-premise IT
Cons:
- Limited customization and integration features
- Requires a stable internet connection as it’s largely Cloud-dependent
6. NetSuite Financial Management: Global Control And Advanced Reporting
NetSuite Financial Management by Oracle is a fully-featured cloud-based ERP and financial management system, specifically designed for growing multinational businesses. It operates via various modules, including general ledger, revenue management, and budgeting, with tools for compliance automation, as well. It’s one of the best tools for real-time financial visibility, and it integrates with a host of CRM, inventory, and eCommerce systems, making it easier for a wide range of businesses to integrate it into their IT ecosystem.
Pros:
- Great for multi-entity, multi-currency operations
- Extensive reporting tools
- Great automation features
Cons:
- High subscription costs
- Complex configuration is typically required for setup
7. Wave Accounting: Free, Simple Accounting
For those businesses that are just starting out and need only the basic accounting tools without adding too much to their budget, a decent free option can be a lifesaver. Wave Accounting is primarily designed for freelancers, contractors, and very small businesses, offering basic bookkeeping, invoicing, expense tracking, and financial reporting features without any complex integrations. It may be a bit too simple for growing businesses, but there are paid add-on features to make it more scalable, too.
Pros:
- Decent free option
- Very easy to use
- Well-built mobile app
Cons:
- Syncing with banks has been a recurring problem for some users
- Limited support for complex accounting, such as inventory management and auditing
8. FreshBooks: Tailored To The Service-Based Professionals
Perfect for business owners who prefer simplicity in their accounting, FreshBooks is a cloud tool that’s best suited to service-based users, like consultants and freelancers. This is because it offers time tracking and project-based billing features, as well as client management functions. There are plenty of automation features, such as recurring invoicing and late payment reminders, that can take much of the work out of managing your business’s finances from day to day.
Pros:
- Excellent time-tracking features
- Strong invoicing customization, templates, and automated payment reminders
- Designed for non-accountants to be able to use
Cons:
- Price increases exponentially with more users on account
- Limited advanced features
Which Best Suits Your Needs?
There are plenty of good accounting and bookkeeping tools out there, but choosing those that suit your needs more than any of the others is the key to finding which one is right for you. Whether you’re a small business, looking to scale, a multi-national, or even an enterprise organization, there are options specific to your needs, including those that might be suited to your specific industry or sector. Getting specific with your needs is the most important thing in finding financial software that can help you run your business’s money well.
