One of the first things to hit disarray is accounting and financial management when running a startup.
After all, when there are millions of things to do, there’s no time left to track invoices and ensure an accurate balance sheet is maintained right?
Luckily, there are many tools out there that have been purpose-built to help serve the needs of startups and small businesses. Let’s dive into the top accounting and finance software for startups below:
1. Quickbooks
Quickbooks made by Intuit is one of the most famous small business and startup accounting software tools out there. It’s feature-packed, allowing a startup to quickly set up their financial books, manage expenses, track financial performance, and even collect payments from customers.
The tool also comes with integration capabilities with other popular software used by startups and provides on-demand accountants that can help set up a startup’s books for them for a fee.
2. Wave
Wave is an award-winning financial tool that allows startups to get a single holistic view of their profitability, growth, liabilities, and expenses.
It has an easy guided setup process to ensure a startup has its books set up correctly and allows for bill and invoice management. Wave also enables startups to invoice and collect payments directly through the tool.
Available as a web and mobile app, it provides receipt and expense tracking via its mobile app allowing a startup’s employees to log their expenses into the tool directly.
3. Profitwell
Profitwell helps startups track their recurring subscription growth effectively. The tool is available on mobile and on the web. It can be synced up to existing payment systems such as Stripe and allows a business to get a holistic picture of their financial growth, churn, lifetime value, and many other important recurring business metrics.
In addition to powerful financial tracking and forecasting, Profitwell also boasts tools such as Profitwell retain which will help reactivate any delinquent payments by customers.
4. Expensify
Expensify is a powerful tool that can help startups manage their business expenses. The tool comes in both a web and mobile app form, allowing for multi-user setups that ensure employees can individually log their business expenses.
The tool also comes with image recognition and artificial intelligence capabilities that allow for auto-categorization and analysis of any uploaded receipts. This makes the process of expense tracking seamless with a single image upload allowing the app to log specific details from just the receipt image.
The tool also integrates with a suite of other popular startup tools to ensure payroll, HR, and travel tools can all be powered with Expensify.
