How to choose the right finance software for your business needs
What to consider when choosing finance software
- Identify your business requirements: Begin by assessing your finance-related needs and making a list to refer to during the software selection stage. Consider the complexity of your financial operations as well as the specific tasks and objectives you want the tool to help you manage.
- Consider the tool’s scalability: To avoid platform migration in the future, make sure the tool can grow and scale with the business. For example, can the tool accommodate your startup if you rapidly ramp up transactions, add additional users, or require customized features?
- Assess the tool’s integration capabilities: Does the tool integrate with your current tech stack (including SaaS accounting software, CRMs, and ERPs) to support streamlined data sharing?
- Evaluate the tool’s cost and added value: Consider whether the tool’s pricing model matches your budget and make sure to accommodate any licensing fees, subscriptions, implementation costs, and maintenance charges.
Benefits of investing in finance SaaS tools
- Streamlined cash flow analysis: Features such as transaction tracking and categorization, forecasting, and expense tracking help make the entire cash flow analysis process easier.
- Improved productivity through automated processes: Features such as invoicing, expense tracking, and financial reporting help to significantly improve business efficiency.
- Reduced system complexity with integrations and add-ons: Many SaaS companies offer integrations with a range of other software systems to simplify workflows, eliminate manual financial data entry, reduce errors, and save time.
- Improved insights: Businesses can gain better visibility into important metrics and KPIs such as customer acquisition costs (CAC), customer lifetime value (CLV), and customer churn and retention rates.
- Improved visibility into financial performance: Advanced analytics and reporting capabilities offered by many finance SaaS tools help businesses gain deeper insights into their financial performance, identify trends, and make data-driven decisions.
The 5 best SaaS finance software tools
1. Ramp
Ramp noteworthy features
- Digitized approval policies and spending guidelines, pre-approval of expenses, and flagging of out-of-policy items for review.
- Accounting automation helps manage vendor data, bill payment details, and category tracking.
- Integrations with Gmail, Lyft, and Amazon Business to enable fast receipt collection.
- Virtual and physical cards with unlimited 1.5% cash back.
- Syncs general ledger category mappings with NetSuite, Sage, QuickBooks, and Xero to eliminate multiple entries.
How customers rate Ramp
Ramp’s most-rated features
- Expense tracking: 5/5
- Approval process control: 5/5
- Audit trail: 5/5
- Mobile receipt upload: 5/5
- Workflow management: 5/5
- Reimbursement management: 4.7/5
- Budgeting/forecasting: 4/5
- Receipt management: 4/5
Ramp pricing
Languages supported by Ramp
2. Divvy
Divvy noteworthy features
- Divvy automatically syncs with employee credit cards to provide real-time visibility into spend by department, team, project, and individual budgets.
- Approvers can set spending limits and merchant controls which are directly tied to employee cards to prevent overspending and spending out of policy.
- Users can customize Divvy to mirror their chart of accounts by integrating it with some of the best accounting software tools.
- Mobile receipt uploads and push notifications enable quick employee reimbursements.
- Automated accounts payable processes are enabled by tailored approval workflows to fit business rules and two-way matching.
How customers rate Divvy
Divvy’s most-rated features
- Expense tracking: 4.7/5
- Receipt management: 4.7/5
- Spend control: 4.7/5
- Approval workflow: 4.3/5
- Spend analysis: 4.1/5
Divvy pricing
Languages supported by Divvy
3. Brex
Brex noteworthy features
- Managers can control cards at multiple levels, including restricting specific vendor spend, setting card limit expiration dates, and blocking unwanted categories and merchants.
- Card limits and expenses can be monitored in real-time, by team, individual, and global subsidiary levels.
- In-policy expenses are auto-approved to help managers save time on expense processes.
- Mobile receipt uploads powered by OCR technology match receipts in any language or currency.
- Budgets can be created (for over 100 currencies) and tracked in real-time for departments, teams, individuals, and entities.
How customers rate Brex
Brex’s most-rated features
- Corporate card: 4.6/5
- Mobile receipt upload: 4.5/5
- Receipt management: 4.1/5
- Spend control: 4.1/5
- Accounting integration: 4.1/5
Brex pricing
Languages supported by Brex
4. Invoiced
Invoiced noteworthy features
- Accounts receivable is automated, including all aspects of billing, collections, payments, reporting, and forecasting.
- The tool’s portal enables users to make payments, set up auto-pay, download receipts, and manage subscriptions.
- Finance teams can access pre-built or custom reports in real-time across the entire invoice-to-cash lifecycle, cash collection forecasting and multi-entity reporting.
- All aspects of the accounts payable process are automated, including approval workflows, payments, team collaboration, and reporting.
- The tool’s vendor verification process reduces fraud and vendor impersonation.
How customers rate Invoiced
Invoiced’s most-rated features
- Recurring/Subscription billing: 5/5
- Payment processing: 5/5
- Invoice history: 5/5
- Contact database: 4.9/5
- Online payments: 4.8/5
- Online invoicing: 4.8/5
- Tax calculation: 4.8/5
- Invoice creation: 4.7/5
Invoiced pricing
Languages supported by Invoiced
5. Vendr
Vendr noteworthy features
- Automated intake-to-procure workflows.
- Users can benchmark and compare costs for over 20,000 products according to their company’s size and budget.
- Automated reporting dashboards provide a single source of truth for SaaS contracts, renewals, and spending.
- Users have access to industry-leading SaaS consultants for feedback on contracts and negotiation strategies.
- The platform provides a dedicated portal for employee procurement intake.
How customers rate Vendr
Vendr pricing
- Starter: $36,000/month for companies with $400K-$1M annual SaaS spend.
- Growth: $78,000/month for companies with $1M-5M annual SaaS spend.
- Enterprise: $120,000/month for companies with over $5M annual SaaS spend.
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