In the quest for financial efficiency, small business leaders are turning to innovative tech solutions. From the adoption of Xero for streamlined financial management to the automation of accounts payable with Bill.com, discover the diverse tools and techniques that eleven CEOs and founders have successfully integrated into their businesses.
- Settled on Xero for Financial Management
- Expensify Streamlines Expense Reporting
- Zoho Books Automates Accounting Tasks
- QuickFile Enhances Accounting Efficiency
- Gusto Simplifies Payroll and Benefits
- QuickBooks Online Elevates Financial Efficiency
- Wave Accounting Eliminates Manual Procedures
- Xero Enhances Financial Productivity
- QuickBooks Online Supports Strategic Planning
- Bespoke Technology for Unique Business Needs
- Bill.com Automates Accounts Payable Workflow
Settled on Xero for Financial Management
In our organization, we have tried quite a few tools for accounting and financial management before settling with Xero. Initially, when our organization had about 51-100 employees, we used to rely on Expensify, which specializes in expense management and reporting. Although efficient, this tool could only support our internal accounting processes. So, as our organization grew and the accounting processes got more complex, we switched to Xero. Honestly, we couldn’t be happier.
Xero seamlessly syncs with our bank accounts, credit cards, and other financial institutions and automatically categorizes transactions. This automation reduces the risk of errors and saves us countless hours each month that we can now invest in growing our business. We can also create and send professional invoices in just a few clicks, and the software tracks when they’re viewed and paid.
Additionally, automated reminders for overdue invoices have drastically improved our cash flow, reducing our average collection period by 30%. Xero also excels in integration capabilities. It seamlessly connects with other tools we use, such as payroll services. This creates a unified financial ecosystem, ensuring all our data is synchronized and up-to-date, further boosting our accuracy and efficiency.
So, I would say that automated financial management tools significantly enhance financial efficiency and provide real-time insights, which are must-haves for managing finances effectively. They free up valuable time and resources to focus on growth and innovation.
Bob Schulte
Founder, Bryt Software LLC
Expensify Streamlines Expense Reporting
We leverage cloud-based accounting software to centralize our financial data, making it accessible from anywhere. This allows our finance team to collaborate in real-time, ensuring that all entries are up-to-date and accurate. The software’s robust reporting features enable us to generate comprehensive financial reports with a few clicks, providing valuable insights into our financial health. This real-time visibility into our finances has enhanced our decision-making process, allowing us to react quickly to changing business conditions.
One game-changing tool we’ve implemented is Expensify for expense management. Expensify’s mobile app allows employees to scan receipts and submit expenses on the go, which are then automatically categorized and synced with our accounting system. This automation has reduced the administrative burden on our finance team and expedited the reimbursement process. The tool’s real-time reporting capabilities also provide us with up-to-date insights into our spending patterns, helping us control costs more effectively.
Alari Aho
CEO and Founder, Toggl Inc
Zoho Books Automates Accounting Tasks
Zoho Books has been instrumental in managing our comprehensive accounting needs, automating tasks such as invoicing, bank reconciliation, and expense tracking. This software has streamlined our financial operations and provided detailed financial reports, offering valuable insights into our business performance.
These insights have helped us make informed decisions, and the seamless integration with other Zoho apps has enhanced our overall business efficiency. The automation capabilities have significantly reduced the time spent on manual accounting tasks.
Phil Strazzulla
Founder, SelectSoftware Reviews
QuickFile Enhances Accounting Efficiency
Our accounting processes have improved with QuickFile, a cloud-based platform that automates invoicing, bank reconciliation, and financial reporting. Integration with various banking institutions allows for seamless transaction importing. This automation has made our accounting tasks more efficient and accessible from anywhere.
Shawn Plummer
CEO, The Annuity Expert
Gusto Simplifies Payroll and Benefits
We’ve implemented Gusto at Estates Done Right to streamline our payroll and benefits management. This platform automates payroll processing, tax filing, and benefits administration, ensuring compliance and accuracy. The automation of these time-consuming tasks has saved us a great deal of effort, enabling us to dedicate more resources to delivering top-notch estate planning services and client support.
Thomas Petrelli
Founder, Estates Done Right
QuickBooks Online Elevates Financial Efficiency
In our small business, implementing QuickBooks Online has significantly streamlined our financial management processes. This cloud-based accounting software automates tasks such as invoicing, expense tracking, and financial reporting, reducing manual data entry and potential errors. Integration with our bank accounts and payment systems has improved transaction reconciliation and cash flow visibility.
Moreover, the ability to generate real-time financial insights and collaborate with our accountant remotely has enhanced decision-making and financial transparency. Overall, QuickBooks Online has elevated our financial efficiency, allowing us to focus more on business growth and strategy.
Gregory Shein
CEO, CORCAVA
Wave Accounting Eliminates Manual Procedures
As the CEO of a tech firm, I recognized the need for efficient financial management. We turned to Wave Accounting, a cloud-based software that streamlines invoicing, expense tracking, and financial reporting. Wave’s automation has been a boon to us, eliminating lengthy manual procedures. By doing so, we achieved quicker response times and considerably improved our overall productivity. No more headaches with paperwork—now we can focus more on what truly matters: driving our business forward.
Abid Salahi
Co-Founder & CEO, FinlyWealth
Xero Enhances Financial Productivity
In my role as a finance and insurance broker, I have utilized cloud-based accounting software to simplify our financial management procedures. More specifically, we introduced Xero, leading to a notable enhancement in our financial productivity. This tool streamlines the process of creating invoices, tracking expenses, and generating financial reports, which helps us save numerous hours every month.
For example, we have shortened our month-end closing procedure from five days to only one, enabling our team to concentrate further on strategic financial planning and client service. The real-time financial information from Xero has helped us make better choices about where to allocate resources and how to price our products.
Alex Adekola
CEO, Ready Adjuster
QuickBooks Online Supports Strategic Planning
As the founder of Edstellar, a premier corporate training solutions provider, I have effectively leveraged technology to streamline our financial management processes. We primarily use QuickBooks Online as a tool. This program has dramatically increased our financial efficiency through payroll administration, spending monitoring, and invoicing automation.
QuickBooks Online provides real-time cash flow and financial health data by easily interacting with our bank accounts. Its automation tools reduce handwritten data entry, reducing mistakes and saving precious time. Furthermore, the program’s strong reporting features provide an understanding of our financial situation, supporting strategic planning and improved decision-making.
Using QuickBooks Online has helped us to keep accurate financial records, improve output, and concentrate more on important corporate operations.
Arvind Rongala
CEO, Edstellar
Bespoke Technology for Unique Business Needs
I run Unique NOLA Tours right now, but I have a very strong technology background going back 25+ years. I was in the thick of the dot-com boom and bust and started a tech company in 2001 that I exited in 2012.
Now I work in a completely different industry, which is very low-tech.
I believe heavily in building bespoke technology, no matter how non-tech a business is. I rarely buy off-the-shelf. I have this luxury from my tech experience.
I’ve spent the first few years of our business building a bespoke accounting and business analysis software package. We’ve integrated this tightly with our booking software (which does not have an API). The work we’ve done was through our booking software’s integration with Google Calendar (a go-between) and my experience parsing emails and similar into a database structure. We’re lucky that I have well over 25 years of tech experience.
In the next six months, we want to more tightly integrate our Google Ads and Analytics with the aforementioned accounting and BA software. These items have APIs of sorts.
I can’t tell you enough how valuable going DIY or build-over-buy for critical software pieces puts you ahead of the game. I can slice and dice things exactly how I need. I can automate so many things. Game changer.
Christopher Falvey
Co-Founder, Unique NOLA Tours
Bill.com Automates Accounts Payable Workflow
To streamline our accounts payable process, I implemented Bill.com, which has proven to be highly effective. Bill.com automates the entire AP workflow, from invoice capture to payment approval and processing. This automation has eliminated the need for manual data entry and reduced processing times.
Additionally, the system provides greater visibility into our cash flow and payment status, helping us manage our finances more effectively. The integration with our accounting software ensures that all transactions are accurately recorded.
Jeffrey Zhou
CEO & Founder, Fig Loans
