Organizations are becoming more and more savvy when it comes to innovation, digital transformation, and the adoption of technology. For the finance function, some of their biggest challenges can be tackled with finance IT. By turning to novel technologies, the finance department has the chance to boost operations and functioning.
An excellent way to support the finance function’s success is by adopting a finance software stack. A software stack refers to a set of software subsystems needed to create a complete platform such that no additional software is needed to support applications. Depending on your specific business situation, a financial stack could include solutions that range in functional areas such as accounting, payroll, payments, taxes, and invoicing just to name a few.
The right finance technology can greatly support finance transformation efforts and the operation of the finance function. Automated financial systems and the tools the department adopts can allow for increased visibility, automation, and collaboration that will usher in novel opportunities for unlocking value from the function. Below, we delve into a few finance software solutions that are leading the way towards a more successful and optimal finance department.
Accounting Software: Quickbooks
Quickbooks is the leading online accounting software for small businesses. The software covers all the essentials from payroll, to estimates and invoicing, to employee time tracking. Over 3.4 million small businesses use QuickBooks online to manage their businesses. Access your data on any device, at any time, so you can always keep tabs on where things stand. With instant access to customer, vendor, and employee information, organizations can ensure that they’re on top of all their business processes and financials.
FP&A Solution: DataRails
To do their work, finance teams rely on information that is drawn from a variety of sources and systems. That’s where DataRails comes in. With the FP&A solution for Excel users, users can collect, report, and analyze financial and operational data no matter where it’s stored. With DataRails, build a unified database of all your numbers by automating the collection of data from each of your complex spreadsheets and organizational systems (ERP, GL, CRM, HCM). Benefit from improved data preparation with automated data transformations including consolidations, FX conversions, hierarchies, financial adjustments, and more. Improve financial reporting with real-time figures drawn from consolidated, databased numbers.
Online Bill Pay Management Solution: Melio
When it comes to paying business bills, Melio is the way to go. With Melio, users, be it business owners, accountants or bookkeepers, can make and schedule multiple payments online, with just a few clicks. Users can pay with an ACH transfer (for free) or with a credit card, even if the vendor doesn’t accept cards. Melio will send the vendor a check, or a bank transfer. Users can also receive business payments with the same ease. Melio syncs with Quickbooks online, has an easy to set up approval workflow feature, and is a perfect, easy to use solution to break away from manual bill pay.
Tax Solution: TurboTax Business
TurboTax coaches you every step of the way and double checks your return as you go to handle even the toughest tax situations. Should you become a returning customer, every year it gets easier as TurboTax will automatically transfer last year’s data to help ensure accuracy and save you time. TurboTax is up-to-date with the latest tax laws, so you can be confident your taxes will be done right. And as TurboTax uses encryption technology, your information is safeguarded as tax data is protected while it’s e-filed to IRS and state agencies.
Why Invest In These Technologies?
Like every other industry today, finance is evolving. Rising expectations of the function mean that finance leaders must find ways to deliver more with less, all while maintaining stricter controls and keeping up with a changing and turbulent environment.
To do this, the finance function must invest in department-specific software. With finance leaders making more of the technology decisions, creating a blueprint and executing a plan for revitalizing the finance application stack has never been more important.
DataRails is the financial planning software for Excel users. The solution allows for the connection and centralization of all organizational financial data from various systems (ERP, GL, CRM) alongside Excel spreadsheets and operational data. Create automated reports (P&L, cash-flow, budgets, etc.), improve budget and forecasting, and enjoy thorough analysis of consolidated data.
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.