With advancing digitalization and the growing demand for effective and efficient solutions, companies are increasingly dependent on financial software to optimize their financial processes and ultimately ensure business success – because the competition never sleeps.
Below, we present you the ten best financial software tools of 2023. These powerful platforms offer a variety of features and benefits that support finance teams in their work and help them keep track of company funds. Whether you’re a small startup with limited resources or a global company looking for a comprehensive financial solution, you’ll find tools to suit your needs in this list.
What is financial software? And why do you need them?
The demand for modern, high-quality financial software has increased exponentially in recent years as companies look for solutions that help them effectively manage their financial data, create accurate reports, monitor budgets and create a solid foundation for informed business decisions.
Today’s financial software offers a variety of features that go beyond the basics of accounting – making life easier for finance teams, but also for all other employees when it comes to financial matters. Check out https://acterys.com/ for more information.
Different types of financial software
As diverse as the tasks and topics that a finance team has to deal with are, the tools that are available today are just as diverse. In addition to classic accounting software, there is a wide range of financial software solutions that help companies overcome their financial challenges. These include, among other things, digital tools for expense management, liquidity management, payroll accounting and software that makes it easier to process and bill business trips.
Advantages of financial software
Digitalization has revolutionized the way companies approach their financial tasks. In the past, finance teams were often faced with stacks of paper documents, complex Excel spreadsheets, and manual accounting processes. Financial software makes it possible to leave time-consuming and error-prone processes behind and achieve new levels of efficiency and accuracy. It makes life easier for busy finance teams in many ways.
Here are just a few examples of many that a sophisticated financial tool can offer…
- Automation of recurring tasks
- Real-time monitoring of financial data and metrics
- Simplifying accounting and tax preparation
- Support with budgeting and financial planning
- Integration with other corporate systems
- time saving; This leaves more time for strategic tasks
For modern finance teams
With so many different solutions, you can quickly lose track. This is where we come in! We present you the most practical tools that finance teams should integrate into their everyday business life in 2023 (and beyond).
Divided into the different types of financial software, you will find our selected top below. Let’s get started!
There are many different types of accounting software designed for different business sizes and needs. From simple, easy-to-use solutions for small businesses to comprehensive, scalable systems for large operations, there are a variety of options that can meet individual needs.
Let’s take a look at our two favorites:
DATEV is probably familiar to most finance teams. As a comprehensive tool, it has become the standard in accounting software. So of course it shouldn’t go unmentioned here.
Over the years, DATEV has built a good reputation for reliability, security and quality and is now a trustworthy partner for companies and tax experts in the area of financial and tax solutions. It allows you to automate and simplify tasks such as accounting, payroll, financial reporting, tax returns and much more.
But the veteran accounting tool also has its pitfalls. Many companies use complementary solutions that can either be integrated directly with DATEV or offer simple export and import functions.
A possible alternative to DATEV is lexoffice . The cloud-based accounting and invoicing software is particularly suitable for small businesses, freelancers and the self-employed.
Lexoffice offers a comprehensive range of features that allow users to effectively manage their accounting and invoicing. This includes creating and sending invoices, recording expenses and income, tracking payments, creating offers and delivery notes, monitoring open items, creating financial reports, and so on.
ERP (Enterprise Resource Planning) is a true all-rounder! It is a complex business software designed to integrate, automate and manage various business processes in a company. It serves as a central database and platform that connects different departments and functions of a company and enables the exchange of information in real time.
It is a real challenge to recommend a single ERP solution because the choice is huge and the benefit of each solution depends heavily on the individual company structure and goals.
Nevertheless, we would like to give it a try and introduce you to one of the leading providers in the field of ERP systems: NetSuite.
NetSuite calls itself the world’s No. 1 for cloud-based business software – and the software developed by Oracle delivers what it promises. It is scalable and can be adapted to a company’s specific requirements and growth needs. This ERP solution is used by companies of all sizes and industries – from growing startups to large multinational companies.
In addition to scalability, NetSuite offers several other key advantages:
- Full Integration: NetSuite integrates various business processes such as financial management, order fulfillment, inventory management, purchasing and more into a single platform, etc.
- Real-time insights: Companies can access their data and processes from anywhere, at any time.
- Automation and Efficiency: With NetSuite, companies can automate and optimize business processes.
- Customer Service and Support: NetSuite provides comprehensive customer service and support to help companies implement, train and use the system on an ongoing basis.
Expense management software
Expense management software focuses on dealing with expenses and/or expenses. It helps both finance teams and employees simplify the process of managing expenses. Travel expenses, subscription payments or office expenses can be processed in no time with a tool like this.
We didn’t have to think long about which provider we would include in our top 10…
Spendesk is a powerful 7-in-1 expense management platform that helps busy finance teams manage expenses and costs. Thanks to the comprehensive tool, employees have access to physical and virtual cards with individually adjustable limits. Paying out of your own pocket is now a thing of the past. The finance team benefits from complete transparency on all expenses. It can set custom limits and policies and saves time by automatically assigning payments.
In addition, Spendesk enables integrations with other common software and ERP, such as DATEV and NetSuite power bi – which greatly simplifies the process of data collection and transfer.
Liquidity planning software
With the help of liquidity planning software, companies can better understand their financial situation and identify potential bottlenecks or risks at an early stage. It provides tools and functions to analyze, forecast and optimize a company’s current and future cash flow.
Our choice falls on Agicap.
Agicap is Europe’s leading cash management solution and enables companies to manage their liquidity. The comprehensive solution is specifically tailored to SMEs and medium-sized businesses.
With features such as real-time monitoring, automated data collection and cash forecasting, Agicap enables companies to improve financial planning and control – especially important in today’s uncertain times.
HR or payroll software solutions not only automate payroll, but also enable central management of employee data and efficient management of vacation and sick days. Both finance teams and human resources management benefit from this.
We recommend Personio as HR software.
One of the leading platforms when it comes to holistic HR software is the Munich company Personio . With practical functions such as applicant management, employee data management, time tracking and payroll, Personio offers a comprehensive solution for human resources management in small and medium-sized companies.
The software offers a clear user interface, customizable workflows and extensive reporting functions. Personio helps automate HR tasks, reduce workload and simplify employee management, allowing companies to focus on their core business.
Cash book software
Simply put, cash accounting software helps businesses keep track of their cash transactions and simplify accounting. It enables the digital recording and management of a company’s income and expenses.
The company sevDesk offers a good example of a tool like this.
sevDesk is one of the leading accounting software in Germany. One of the many features is the cash book software from sevDesk. This is an electronically managed cash book that is integrated directly into the accounting software.
Thanks to the digital cash book, companies can organize their cash accounting efficiently and transparently to ensure compliance with tax regulations and optimize accounting processes.
Business intelligence software collects, analyzes and visualizes data from various sources to support informed decisions, identify trends and improve business results. This can be extremely useful for modern finance teams because such a tool helps make data-driven decisions.
Our recommendation: Looker.
With Looker, users can collect, connect, and visualize data from multiple sources to gain comprehensive insights into their business processes. The platform offers powerful features such as interactive dashboards, data exploration, collaborative reports and machine learning capabilities.
Looker’s strengths? The user-friendly interface and intuitive drag-and-drop functionality enable even non-IT experts to perform complex analysis. With Looker, finance teams can make data-driven decisions, improve efficiency, and promote collaboration.
Travel management software
A travel management tool can save finance teams and employees a lot of work. It helps organize, book and manage business trips. Among other things, it allows you to plan travel routes, book flights and hotels, manage travel expenses and provide employees with travel documents.
From now on, your savior when it comes to business travel could be Travel Perk.
#9 Travel Perk
Business travel has never been easier – that’s the slogan we see right on the TravelPerk homepage . And we think the cloud-based platform can rightly claim this! TravelPerk helps efficiently plan, book and manage business trips and makes the lives of office managers, finance teams and employees much easier.
With TravelPerk, companies can set travel policies, approve employee trips, book flights, hotels and car rentals, and track and bill expenses. The platform integrates various travel providers to offer users a variety of options.
Project management tool
A project management tool supports the holistic planning, organization and implementation of projects. It improves task management, enables efficient resource planning, facilitates time tracking, promotes team communication, and provides comprehensive monitoring of project progress.
The tool’s diverse functions help to manage projects effectively and lead them to success. Our favorite tool is: Notion.
Notion is much more than a traditional project management tool. Rather, Notion is a comprehensive platform for collaboration and integration with various technologies that increases productivity in all areas of the company.
Our finance team benefits from using Notion to automate key finance functions like budgeting and expense tracking. But Notion also proves to be extremely useful for other teams, e.g. B. when managing content marketing ideas and projects.
A key feature of Notion is its fully customizable interface. You have the opportunity to design your own site from scratch and integrate exactly the features your team needs. Thousands of different templates are used every day at Notion – and in this post we’ll introduce you to the top 9 templates for finance teams.