The Best Business Products for Financial Management

The top company software for financial management include comprehensive solutions such as QuickBooks Online and Xero for basic accounting, which provide budgeting, cost tracking, and reporting capabilities. For larger firms, modern Enterprise Resource Planning (ERP) systems such as NetSuite and Acumatica offer integrated financial administration across several departments. Expensify and Gusto are specialized solutions for spending monitoring and payroll, respectively, whilst PlanGuru is a budgeting and financial forecasting platform.

Financial management tools are often the software platforms and processes that teams use to regulate company spending, measure earnings, budget, bookkeeping, prepare for internal or external audits, and monitor vendor relationships.

Solutions from this broad set of technologies can assist businesses in organizing, tracking, and reporting on every financial transaction they do—all in an effort to make better spending decisions now and support growth tomorrow.

Some financial management solutions assist organizations in monitoring employee spending by expediting the cost reimbursement process, distributing corporate cards to authorized employees, and enforcing internal policies, for example. Other accounting features include syncing financial transactions to the general ledger, reporting, headcount planning, vendor bill pay, and tax preparation. There’s also a rare system that can manage numerous finance responsibilities at the same time, providing teams with a consolidated picture of spend data throughout their workforce.

Here’s a closer look at some of the most effective financial management solutions for organizations.

1. Rippling

Rippling is an all-in-one platform that integrates HR, IT, and finance into a single system, allowing for time-saving automations to assist organizations manage their staff.

Rippling consolidates all of your company’s finances, from payroll and benefits to corporate cards and expense management, providing you a real-time view of cash flow and unmatched control over spending habits.

While many spend management systems only provide basic employee-manager approval chains, Rippling’s powerful policy engine allows you to create hyper-custom policies based on vendor, dollar amount, and expenditure category, allowing you to easily block out-of-policy expenses. You can also set up automated workflows to help you limit spending, such as receiving an alert when a department’s expenses significantly increase.

Standout features: 

• Create granular, role-based spending policies and approval chains
• Automate otherwise tedious expense management tasks like flagging duplicate or mismatched receipts and syncing transactions to your general ledger
• Issue, manage, and revoke corporate cards with customizable spend controls based on employee spending needs
• Automatically convert expenses into local currencies, simplifying international expense reimbursements
• Comprehensive analytics and reporting, providing real-time visibility into workforce data and spending trends (with role-based permissions dictating who can see what)

2. Expensify

Expensify is a user-friendly financial management software designed to simplify spending monitoring and reimbursement. Expensify simplifies cost management for employees and administrators by providing capabilities like as receipt scanning, corporate card reconciliation, and customizable approval workflows.

Standout features: 

• Automatically scan receipts, minimizing manual data entry
• A corporate card with up to 2% cash back on purchases depending on spend, making it an attractive option for businesses
• Integrations with popular accounting, HR, and travel apps
• Global reimbursement features for cross-border payments in international currencies
• Invoicing software that automatically calculates taxes, discounts, and fees

3. Ramp

Ramp is a spend management software platform that enables businesses to issue corporate cards, automate accounting operations, and pay vendors. Businesses can utilize Ramp to control employee spending policies and reconcile expenses.

Standout features: 

• Unlimited virtual and physical corporate cards with spend controls and auto-enforced policies
• Automated expense management with receipt matching, generation, and compliance checks
• Automated invoice processing, approval workflows, and vendor payments
• AI-powered savings insights to identify cost-saving opportunities

4. Brex

Brex helps businesses streamline their expenditure by providing customized cost policies, automated receipt collection, and accounting connections. The AI-powered spend platform also includes corporate credit cards, travel booking shortcuts, and invoice scanning for vendor invoices.

Standout features:  

• Physical and virtual credit cards with up to 7x back on certain spending
• Customizable spend policies with AI-assisted expense reviews 
• A travel and expense (T&E) management solution to help with booking and budgeting
• A business account with a 4.89% yield that can pair with corporate credit cards 

5. SAP Concur

Concur’s cloud-based expense management software enables businesses to manage expenditures and ensure compliance. Concur offers integrations for travel, invoices, and expenses. It also integrates with accounting applications such as QuickBooks, NetSuite, and SAP’s Enterprise Resource Planning (ERP) system.

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Standout features:  

• Automated expense capture with corporate cards, travel bookings, and receipts
• Accounts payable automations that reduce noncompliant spend and boost productivity
• Robust analytics and reporting capabilities for real-time visibility into spending trends
• Extensive integrations with other systems

6. Navan

Navan is a travel and expense management solution. It offers automated expense categorization, adjustable spend controls, and global reimbursements across 45 countries and 25 currencies.

Standout features: 

• Automated reconciliation that reduces manual data entry
• Companies can set customizable spend controls enforced at purchase, reducing out-of-policy spend and fraud
• Analytics that help businesses flag out-of-policy spend and improve forecasting
• Navan provides travel booking, exclusive deals, 24/7 support, and an easy platform for business travel management

7. Xero

Xero is an accounting software provider that helps businesses save time recordkeeping, reconciling transactions, and processing invoices. The solution, which specializes in working with small businesses, can access bank data from more than 21,000 global financial institutions, integrate with other business apps, and also help with budgeting. 

Standout features: 

• Automated invoice reminders customizable payment solutions
• Inventory management workflows that reduce manual tracking and assess performance
• Daily reconciliation to confirm transactions and help keep bookkeeping accurate
• Job tracking tools that help with project planning, budgeting, quoting, and invoicing

8. QuickBooks

QuickBooks is a software provider with a suite of financial management products across accounting, payroll, and time tracking. Small and mid-sized businesses can use QuickBooks for invoicing, tracking expenses, managing bills, tax preparation, reporting, and more. 

Standout features:

• Smart invoicing software that helps quicken vendor payments
• Expense management features that sync with every account, upload receipts, auto-categorize transactions and account for deductions
• On-demand experts who can help businesses with tax filings for certain plans
• Business reporting features helping teams view income statements and balance sheets 

9. FreshBooks

FreshBooks also offers accounting software to small and medium-sized businesses. It offers quick invoicing features, vendor bill pay, expense tracking, and double-entry bookkeeping tools that help finance teams tie their books out. 

Standout features:  

• Quick and customizable invoice generation
• Expense management features like mobile receipt scanning, tax document preparation, and budgeting tools
• Proposal templates that help businesses explain a project’s scope, timeline, and deliverables to prospective clients
• Accounting tools that allow businesses to easily track loans, assets, income and map transactions to the right expense categories

10. NetSuite

Oracle NetSuite is a cloud-based ERP that has helped more than 38,000 companies simplify accounting processes, streamline inventory tracking, and more efficiently allocate resources. Financial management products include expense tracking, bookkeeping, and reporting. NetSuite also has products that manage customer service and HR. 

Standout features:  

• Financial reporting, budgeting software, and forecasting tools that help businesses generate financial statements compliant with Generally Accepted Accounting Principles (GAAP). 
• Invoicing tools that support different pricing models and help manage recurring subscriptions
• General ledger account reconciliation, credit card matching, and invoice to purchase order matching
• Expense management capabilities that help employees submit receipts and route them for approval

Running a profitable business requires more than just appropriate financial resources; it also depends on how well you manage your finances. Financial management tools assist with tracking and managing financial transactions, making informed investment decisions, and developing budgets and savings strategies. Accounting and financial management can be streamlined and simplified by automating it with cloud-based workflow automation technologies such as Cflow.