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Top 3 Tools to Streamline Your Financial Management Process

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business accounting and finance tips

Finance management is one of the most critical yet time-consuming tasks in business operations because it requires accuracy and can involve much manual work. Your financial processes can become chaotic without proper management, leading to inefficient workflows.

The good news is that we’ll let you in on one of the crucial financial management tips every business owner should know: You need reliable financial management process (FMP) tools to keep up with your finances.

3 Top Financial Management Process Tools

To help set you in the right direction, we’ve selected three tech solutions that help you cover different aspects of your company’s financial health, from reporting and strategy to project workflows and billing to payroll and employee benefits.

1. DataRails

DataRails is a financial planning and analysis (FP&A) solution that streamlines critical reporting and strategy tasks while allowing your teams to enjoy Excel’s familiar interface and models.

The platform automates your time-consuming FP&A processes. It allows your finance teams to focus on analyzing and gaining valuable insights instead of pouring a bulk of their work hours and energy into gathering and normalizing data.

DataRails simplifies and supercharges your FP&A processes, from budgeting to forecasting across all departments.

The platform includes the features for budgeting, forecasting, and planning as well as financial reporting.

Budgeting, forecasting, and planning

DataRails offers automated databasing across your organizational system’s figures. You’ll get accurate, organized, and accessible data to plan your operations and estimate your future finances seamlessly.

You can also monitor your capital expenditures and automate amortization and depreciation calculations. Plus, DataRails can give you access to OPEX breakdown in real-time, allowing you to plan and allocate your future expenditures strategically and more efficiently.

Financial reporting

DataRails streamlines your reporting by enhancing familiar spreadsheets operations, from eliminating manual data copying and pasting to simplifying managing VLOOKUPs. The platform can auto-populate your monthly financial data and seamlessly export it to your income statement, cash flows, and balance sheet (among others).

You can also filter your data accordingly to generate your desired reports since all your data is in one place.

Financial data analytics

DataRails’s data analytics features help you achieve more meaningful insights and a deeper understanding of your business segments.

For instance, the platform helps you conduct variance analyses based on relevant drivers. You can compare your budget vs. actuals or your latest forecast against actuals (or compare year-over-year to help track seasonality).

DataRails’s other notable features include scenario modeling through what-if scenario analyses and dashboarding to visualize data with live charts and graphs.

The platform also offers financial close tools to streamline and simplify your reconciliations.

With DataRails, you can produce accurate financial reports using real-time figures, uncover valuable insights, eliminate manual tasks, and get one reliable source of truth for your financial data.

2. Scoro

Scoro is an end-to-end work and project management solution that helps you handle your business workflows – financial and otherwise – in one place.

The software helps your team stay on top of time, profitability, and progress by interconnecting key business areas. It unifies your data and consolidates your processes, from customer relationship management (CRM) to billing and invoicing.

Scoro offers various features to manage your entire business, including robust invoicing software.

The invoicing software helps you create invoices from orders, quotes, and time worked in one place and send them as PDF files. It helps keep you from shuffling between several files to get the necessary information to issue invoices.

With Scoro, the features include automating billing, partial invoicing, and consolidating quotes and invoices.

Automate billing

Automate billing and get late invoice reminders, including auto-sending scheduled and recurring invoices. You can eliminate routine and tedious billing and invoicing tasks while making accurate forecasts.

Leverage partial invoicing

Leverage partial invoicing to charge customers quickly for your services, allowing you to bill the rest once your project is complete.

Consolidate quotes and invoices

Consolidate quotes and invoices in PDF format with a few clicks.

Get an overall view of each customer and see everything on one page, including communication history, contact details, files, projects, quotes, and invoices.

Scoro’s other key features include management and planning tools, document storage, collaboration functionalities, and budgeting options. Scoro’s work management solution can simplify quoting, automate billing and other routine tasks, and optimize utilization.

You can streamline your workflows and financial management processes, helping you run your business more efficiently. Scoro can also integrate with popular systems and apps most companies use, including Google Calendar and Zapier.

3. Gusto

Gusto is a modern human resources (HR) platform for payroll, benefits, and related processes.

The payroll solution can help you handle everything efficiently, from your new hire reporting to contract worker payments.

Gusto’s core features include what you need for HR and onboarding, and employee benefits.

HR and onboarding

Gusto can streamline your hiring and onboarding processes. You can post a job listing, monitor applications, and send customized offer letters to prospects easily.

You’ll get an onboarding checklist to ensure you set up benefits, get the correct forms signed, and other requirements. Plus, you can delegate tasks and add more items to the list.

Also, you can sync your Gusto account with top applicant tracking systems to combine your workflows seamlessly. It simplifies viewing candidates and importing your new hires into payroll.

Gusto can simplify payroll processing with flexible payroll schedules, new hire reporting, unlimited off-cycle and bonus payrolls, and multistate payroll capability. You can run your payroll with a few clicks and even set it on autopilot.

Gusto can also automatically calculate and file your taxes with the appropriate government agencies each time you run your payroll.

Employee benefits

Develop financial and health benefits plans that best fit and support your team with Gusto. For instance, Gusto helps you design a low-cost benefits package that includes worker’s compensation based on state laws, commuter perks, flexible spending accounts (FSA), and health savings accounts (HSA).

Your employees can also use the Gusto Wallet app to help manage their paychecks, access emergency cash, save money, and others.

Gusto’s all-in-one HR and payroll solution provides the tools to hire, onboard, pay, and manage your team efficiently.

Summing Up

Three of the top tools for FMP are  Gusto, Scoro, and DataRails. Your business can use them to establish seamless financial management and improve workflows and efficiency across your teams and overall operations.

Managing your business’s finances is no walk in the park, but you can take the chaos out of your workflows with reliable tools.

Continuously research, read reviews, and test tools that best fit your unique financial management process and company’s needs.