6 Must-Have Finance Technologies for Small Business Success

By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team
Published on July 26, 2023

To help small businesses discover impactful financial technology tools, we asked six leaders from various fields to share their experiences. From MDs to Co-founders, their insights range from simplifying billing and invoicing with FreshBooks to enhancing financial project management with Trello. Dive into these experiences to find the tool that could revolutionize your financial management.

  • FreshBooks: Simplifying Billing and Invoicing
  • Wave: User-Friendly Financial Management
  • QuickBooks Online: Streamlining Financial Processes
  • Expensify: Automating Expense Tracking
  • CashFlowTool: Predicting Future Cash Flows
  • Trello: Enhancing Financial Project Management

FreshBooks: Simplifying Billing and Invoicing

FreshBooks have been an absolute lifeline for our business. As a bustling digital agency, the billing headaches were never-ending. Tracking billable hours, tracking expenses, juggling invoices—these tasks took up so much of our productive time. 

But FreshBooks turned the tables with simplicity and automated features that dramatically cut our time spent on bookkeeping. We could say goodbye to those sneaky errors that slipped in. The best thing about it was the automatic invoicing for monthly retainer clients. 

This ensured we got paid on time, every time. Last, it has such easy-to-read reports that even I understand, and it immensely helps with our sales tax every quarter here in the UK.

Shane McEvoy, MD, Flycast Media

Wave: User-Friendly Financial Management

Wave is a financial software that has helped my business operation flow smoothly, particularly with financial management. The platform is not only user-friendly but also quite convenient. It allows for the customization of invoices, the creation of customizable payment plans, management of payroll, and gives employees access to the portal to view paycheck stubs, W2s, and 1099s. 

The features this software provides have eliminated the need for an accountant. As a result, employee wages have been increased. Wave has facilitated efficient operations in sales, payroll, and taxes! At the end of each quarter, all the financial reports are printed and given to the CPA for tax preparation. 

An additional layer of customer service has been added because of the convenient features of Wave. Clients are mailed an end-of-year customer statement of fees paid during the fiscal year. They look forward to receiving their receipt because it gives them something tangible to view their spending.

Linda L. Hampton, Chief Executive Officer, Training for Reigning LLC

QuickBooks Online: Streamlining Financial Processes

One finance tool that has significantly improved our small-business operations is QuickBooks Online. By integrating it with our CRM and project-management tool, we have streamlined our financial-management processes. 

This integration ensures that our financial records remain accurate and up to date, as any changes made in the CRM automatically reflect in QuickBooks. We can easily connect customer data, sales transactions, and invoices, keep track of customer interactions and outstanding balances, and generate invoices within our CRM. 

Integrating QuickBooks Online with our project-management tool has taken our project costing and budgeting to the next level. We can link projects and tasks with relevant financial information, monitor expenses, and allocate costs with precision. 

This integration provides us with a comprehensive overview of project finances, including expenses, revenue, and profitability, all using our project-management interface.

Dane Habig, Controller, Utopia Management

Expensify: Automating Expense Tracking

Expensify has significantly improved our small business operations by automating the tedious process of expense tracking and reimbursement. With Expensify, our employees can easily capture receipts, track mileage, and generate expense reports, saving them time and ensuring accuracy. 

The software’s automation capabilities integrate seamlessly with our accounting system, reducing errors and simplifying expense management. For example, before using Expensify, employees had to submit expense reports manually, leading to delays and potential errors. 

Now, they can quickly snap a photo of a receipt, categorize expenses, and submit reports instantly, expediting the reimbursement process. Expensify has been invaluable in streamlining our financial management and improving efficiency.

Roy Lau, Co-Founder, 28 Mortgage

CashFlowTool: Predicting Future Cash Flows

A game-changer has been CashFlowTool. It uses a CashLearn™ AI that confidently predicts future cash flows, allowing you to see both your current and expected financial situations.

During a major expansion, it was possible to explore various scenarios with this tool. Before making any capital investments, the cash flow impact could be seen. It was a lifesaver in making an informed decision and avoiding potential pitfalls.

The real magic is CashGuardian™. It’s like having a financial watchdog that alerts you to unexpected bills, overdue payments, or cash shortage predictions. No more nasty financial surprises!

This tool also promotes collaboration. It’s possible to keep a CFO, accountant, and other team members in sync. And it’s mobile-ready! Reviewing the cash flow calendar while grabbing a coffee or waiting for a flight is possible. It’s been a significant change in managing a business’s financial health.

John White, Sales Manager and Golf Instructor, Johncarltonwhite.com

Trello: Enhancing Financial Project Management

Trello, a project-management software, significantly improves financial management for small businesses. By organizing tasks, tracking progress, and facilitating collaboration, Trello enhances financial project planning and execution. 

This leads to improved financial outcomes, such as efficient resource allocation, better budget adherence, and timely completion of financial projects. For example, a small marketing agency used Trello to manage its client-billing process. 

By creating boards for each client and tracking invoice status, they reduced billing errors, improved cash-flow management, and increased client satisfaction. Trello’s flexibility and simplicity make it an unconventional, yet effective, finance tool.

Yoana Wong, Co-Founder, Secret Florists

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By Greg Grzesiak Greg Grzesiak has been verified by Muck Rack's editorial team

Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.

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