Navigating the complexities of business finances can be tough. In the beginning, when there is little or no money, it’s not all that hard to do. But as you start scaling up, the finance function becomes a beast – and a critical element of business success.
We are fortunate to live in exciting times. New FinTech tools make managing your numbers easier than ever before. Put the right things in place now to set you up for scale. These ten FinTech apps can help you do just that:
Xero for Cloud Accounting
Originally from New Zealand, cloud
accounting company Xero has taken over the global market for private company
accounting apps. Forbes Most Innovative Company in the world for multiple
years, the speed of their development is hard to match.
Get live access to your financial
information – turnover, bank feeds, debtors, cash flow and more – from anywhere
in the world. Real time financials are golden for executive decision-making. We
love their cash flow reporting capabilities.
Spotlight for reporting and KPI management
A powerful dashboard tool that can be set
up to track and improve key metrics, Spotlight Reporting wins this battle.
Impress your investors with gorgeous reports that clearly show key drivers of
growth in the business.
Receipt Bank for going paperless
How frustrating is a wallet full of slips
or a box full of invoices? No more! Receipt Bank can help you digitise every
invoice and source document by simply taking a picture of it. Then you can
throw them away as you go. Even SARS accepts digitally captured source
SimplePay for effortless payroll management
Payslips and leave days management can take
up days and days of your HR department’s time. Or you can just implement Simple
Pay that automates these functions in one simple, affordable app. Let HR spend
time on company culture and team building – it yields higher dividends than
admin tasks than can be systemised.
Expensify for staff expense claims
More than one office? Managers and sales
reps on the road? Staff expense claims can become a big admin burden as your
team’s numbers grow. Eliminate this pain point by introducing Expensify to
automate staff expense claims.
Vend for point of sale management
If you sell directly to consumer from
stores or shops, having the right POS system in place is a must. Vend is easy
to use and has great reporting capabilities. Don’t pay a ton for old school POS
systems that do not speak to the rest of your finance app suite.
Unleashed for inventory management
Companies that carry stock are often more
complex to manage than ones that do not. Keep proper track of your inventory
with a tool like Unleased Inventory. Stock codes and inter-branch transfers are
just some of the capabilities that make this one of the best ways to keep a
hand on your stock movement.
Asset Guru for asset tracking and fixed asset register management
Asset heavy companies need proper
visibility on where their assets are, how they are performing and how they are
depreciating. Even if you only have a few laptops, tracking which employees
have them and at what location and when they need to be replaced can be
valuable. Streamline asset management with Asset Guru. Your auditors will love
Sales Force/HubSpot for sales automation
You can only manage your finances if you
have got money coming in from customers. Track and convert leads into paying
customers using tools like Sales Force or HubSpot. No potential customer will
ever slip through the cracks again.
Shopify for e-commerce sales
If you sell online, plugging Shopify into your web site can change the game. Advanced tracking and full visibility on key client data help to sell better and more often. Sales also funnel through straight into your cloud accounting system if you have made the right pick.
The amazing thing is that almost all of the above apps integrate with Xero, making your finance function streamlined from source document to beautiful financial forecast. The value of an automated finance function in any company looking to scale cannot be overstated. Get the right apps on board and invest in utilizing their full functionality to hit company finance management out of the park!