According to a recent survey, the main reason that startups did not work out was lack of financing, in combination with some other financial issues.
When starting their business, many founders overlook the importance of financial planning and projecting.
Tracking your finances can be daunting, but it’s essential to be aware of your expenses and budget to be able to make wise decisions.
That’s why we’ve selected the best financial management solutions that will streamline this process for you.
Fuel is a cloud-based startup and small business financial management software that acts as your fractional CFO, not only because of its advanced features but because it comes with unlimited support from our financial experts.
We aim to help you automate and optimize all your financial procedures without using ten different tools. Another thing that makes Fuel stand out from other tools is its incredible ease of use, even for those without experience in financial management.
Here are its key features:
Our tool also comes with many third-party integrations such as QuickBooks, Stripe, Gusto, Wise, Brex, HubSpot and others, and our custom-made cheat sheets to make your life easier (for example, this cheat sheet on calculating operating profit or our proven pitch deck examples).
Case study #1
Petcube, the globally renowned company specializing in smart devices for pets, partnered with Fuel, which brought them five times more efficient and ten times more cost-effective solutions. This led to an increase in profitability and instilled a sense of confidence in the future of this business.
Case study #2
O0 Design, a full-stack design studio, teamed up with Fuel to demonstrate that managing business finances can be seamless. Today, they showcase a remarkable 2x YoY growth since they make all their decisions based on solid, data-driven insights.
Case study #3
Hampton represents an exclusive membership community for CEOs with a whooping revenue per member of $23 million. Fuel managed to follow Hampton's financial dynamics and tailored its reporting to accommodate changing needs and improve its agility.
Capterra rating: 5 (37 reviews)
*Fuel offers monthly and quarterly payments, with the possibility to save thousands of dollars on a financial department.
Source: Capterra.com
QuickBooks is a cloud-based accounting software suitable for small to medium-sized businesses. It can improve collaboration among finance teams, automate repetitive tasks and streamline some aspects of a company's financial operations.
This financial management software for small businesses offers an array of integrations, such as Bill.com, HubSpot, Salesforce etc (check out our picks for best QuickBooks integrations).
Here is a list of its core features:
Capterra rating: 4.3 (6392 reviews)
See also: Xero vs QuickBooks and QuickBooks alternatives
Source: Capterra.com
Workday is an enterprise software that combines financial management and workforce management features for organizations in diverse industries, such as financial services, IT, higher education and others.
This software has an integration cloud that helps you connect to apps such as Oracle Financials, Ceridian, Cornerstone OnDemand etc.
Its financial-related features include:
Capterra rating: 4.6 (13 reviews)
Workday doesn't provide pricing details on its website, as all its plans are custom-made. It's only written that the tool comes with a 30-day free trial. However, according to Forbes, users reported that pricing starts at $99 per user per month.
Source: Capterra.com
Cube is easy-to-use FP&A software that helps businesses plan and perform better without changing the way they work. It automates manual workflows, minimizes errors and boosts collaboration, resulting in faster and smarter business decisions.
If you manage your finances as a startup founder, Cube offers a variety of useful integrations, such as integrations for spreadsheets, accounting and finance, sales and marketing etc.
Here are its key features:
Capterra rating: 4.6 (69 reviews)
Source: Capterra.com
This financial management software is one of the oldest AICPA-endorsed cloud-based software. It works best for teams between 10 and 200 members, and CFOs use it to automate accounting processes, consolidate data and make better decisions.
Sage Intacct integrates with Expensify, Bill.com, Nexonia and many other tools.
The key features of this accounting software include:
Capterra rating: 4.2 (401 reviews)
Custom price is available upon contacting their sales team directly. Sage Intacct tailors its pricing based on the needs of each organization, such as the number of team members and modules required.
Source: Capterra.com
Oracle NetSuite is financial software designed mainly for large enterprises. While it is one of the most extensive financial management tools on the market, it might be overwhelming if you're looking for small business accounting software.
Here are the key characteristics of this robust financial management system:
Capterra rating: 4.1 (1389 reviews)
Custom price is available upon request. Oracle NetSuite offers an annual licensing fee consisting of three components: the core platform, optional modules and the number of users, which is why prices can vary so much.
Here are the criteria to consider when choosing suitable software for your business.
Here are the key features you should look for:
Also, the tool you choose should be flexible and able to customize financial modeling for your business.
Pricing is a critical factor to consider when choosing the best financial management software for your company. Whether you're a small startup or a large enterprise, your budget plays a pivotal role in the decision-making process.
However, it's essential to strike a balance between cost-effectiveness and the value the software can deliver to your financial operations.
The software you choose should integrate with the tools you're already using.
Here are the most important ones to look for:
The good news is that many modern financial management systems already have some of these features built-in, so you won't need to use multiple tools.
As you can see, it's hard to choose only one best financial management software as the decision depends on many factors – especially the size of your company.
However, if you're a startup founder or a small business owner, Fuel might be the best financial management software for you.
If you opt for Fuel, you'll not only get access to modern software but also the support of our financial experts, who can act as your outsourced CFO (no more thinking about whether you need a bookkeeper or accountant; we've got you covered).
Book a free 30-minute demo to see how we can help your startup.
Financial management solutions are tools used to manage a company's financial activities, such as budgeting, expense tracking, financial reporting and others.
It's software or mobile app used to manage and organize your financial data and streamline and automate various business processes related to money, such as accounting, payroll and bank account management.
There are different financial management systems, depending on your business needs. For example, QuickBooks may be a good option if you're looking for a simple accounting system. However, if you need software with more advanced financial management features, Fuel might be the solution for you. For more examples of outsourced financial services, check out our article.
Excel was not specifically designed as financial software, but some small business owners use it for this purpose because of its good accounting features. Bear in mind that some more advanced features are lacking, and you will probably need to combine Excel with some other financial management system to fully manage your financial data.
