The modern guide to finance management

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Top 15 Best Software Tools for CFOs

Whether you’re full-time, part-time, or even a fractional CFO, the demands of your role are immense. You’re expected to provide financial expertise, create a solid strategy, and ensure the company’s financial performance aligns with its business goals. 
But, outdated systems and manual processes can slow down your operations, making it difficult to stay ahead. Your time gets swallowed by tedious tasks, errors creep in, and insights slip through the cracks. You end up firefighting when you should be strategising. 
In this article, we’ll list the top 15 software tools that every CFO should consider. We categorise them based on their core features, how they integrate into your existing systems and reviews. 

What are software tools for CFOs?

Software tools for CFOs are specialised platforms designed to streamline financial operations, provide real-time data and support strategic decision-making.
Here’s a quick overview of the activities these tools help with and how:
  • Payment processing: handles customer payments via payment gateways
  • Enterprise resource planning: offers visibility into core business processes
  • Spend management: streamlines employee-initiated expense reimbursements
  • Human resources: manages and automates tasks related to human resources
  • Payroll management: manages compensations and financial records of employees
  • Accounting: automates accounting-related tasks for data accuracy and better insights

What are the benefits of using tools for CFOs?

Choosing the right set of tools for finance teams is crucial for tracking business-critical financial planning activities, staying compliant with ever-changing regulations and creating a single source of truth (SSOT) for finance stakeholders.
Here are some of the benefits that you can experience with tools for CFOs:

Streamlined processes

Fragmented financial operations not only hinder efficiency but also compromise the integrity of cash management processes. Finance tools can help you to collaborate with different departments and streamline processes for better visibility.

Improved compliance

Staying compliant with national and international accounting standards is the first and foremost priority for businesses with global operations. CFOs can easily leverage finance tools to adhere to these rules without missing any critical updates.

Financial transparency

Financial transparency is essential for gauging the financial health of your organisation. With the right tools, CFOs and business leadership teams can have an accurate understanding of financial reporting, including cash flow and financial forecasts, via custom dashboards.

Better planning and productivity

The best finance tools also help you automate routine tasks, leading to reduced chances of errors and fewer manual processes. This adds to your team’s productivity and data-driven decision-making capabilities and helps you assess business situations better.

15 Best software tools for CFOs

When it comes to choosing the best software tools for CFOs, you have multiple options to choose from. These tools come with different features, pricing options, and integrations. Evaluate the pros and cons of each tool before choosing one.
Here’s a quick look at our selection: 
Accounting tools
1 – Freshbooks: best for intuitive time tracking and project management
2 – Wave Accounting: best free accounting features 
3 – Zoho books: best if you use other Zoho tools in your tech stack
Spend management tools
4 – Spendesk: best for centralised spend control 
5 – Rydo: best for automated expense tracking
6 – TravelPerk: best all-in-one business travel tool
Payment processing tools
7 – Stripe: best API support 
8 – Paypal: best widely accepted payment platform
Human resources tools 
9 – Workday: best for large enterprises
10 – Breezy HR: best for small to medium-sized businesses
Enterprise resource planning
11 – Acumatica: best for small to mid-sized businesses
12 – Microsoft Dynamic 365: best for large enterprises
13 – Odoo: best open-source ERP solution
Payroll management tools
14 – Paychex: best for compliance support
15 – Patriot: best affordable payroll services for small businesses
Let’s look at each of these below:

Accounting tools

If your accounting team is still hooked on spreadsheets, perhaps it’s time to move to cloud-based accounting solutions for better visibility and leveraging automation.
Here are some of the best accounting tools with key functionalities:

1. Freshbooks: best for intuitive time tracking and project management

G2 Rating: 4.5 / 5 stars, based on 772 reviews as of August 2024
Freshbooks En
Freshbooks is one of the topmost accounting software for businesses of all sizes. It comes with robust features like invoices, expenses, time tracking, reporting, accounting, and more. It also allows integrations with 100+ apps for seamless business accounting.
Pros: 
  • User-friendly interface that's easy to navigate, even for non-accountants
  • Robust time tracking feature with hourly billing and direct invoice integration
  • Client portal where clients can view/pay invoices and check project statuses
  • Well-documented API that's integration-friendly
Cons: 
  • Restrictions on number of billable clients in lower-tier plans
  • The cheapest plan (Lite) lacks some basic features like bank reconciliation and double-entry accounting
  • Additional cost of £8.37/month per user on most FreshBooks plans
Price: Plans start at $6 per month and go up to £15.22 per month.

2. Wave Accounting: best free accounting features

G2 Rating: 4.3 / 5 stars, based on 293 reviews as of August 2024
Wave Accounting En
Wave Accounting is another accounting tool that’s really popular with small businesses. It helps you to boost bookkeeping efficiency and streamline bank reconciliation with features such as invoicing, billing, payment tracking, finance management and more.
Pros: 
  • Double-entry accounting system
  • Unlimited invoicing and expense tracking
  • Free, basic accounting and invoicing features
  • Ability to manage multiple businesses under one account
Cons: 
  • No inventory tracking
  • Customer support is only available for paid services 
Price: Wave’s accounting software is available free of cost with no set-up fees or hidden charges.

3. Zoho Books: best if you use other Zoho tools in your tech stack

G2 Rating: 4.5 / 5 stars, based on 285 reviews as of August 2024
Zoho Books En
Zoho Books is an online accounting software that offers end-to-end accounting solutions. Some of the core modules of the software are accounts receivables, payables, inventory, banking, time tracking, and 1099 reports. It also allows integrations with 40+ apps and makes it easier for you to stay tax-compliant.
Pros: 
  • Strong integration capabilities with other Zoho apps
  • Customer support via phone, email and live chat options
  • Automated workflows for recurring transactions and payment reminders
  • Can add various currencies and set exchange rates for them, for international transactions
Cons: 
  • Has a lower user limit with higher-tier plans allowing only up to 15 users
  • Automation and validation rules can be complicated for non-tech-savvy individuals
Price: It is free for businesses with a revenue of less than £38,000. The standard plan comes at  £12 per month.

Spend management tools

Spend management or expense management tools play a crucial role in helping businesses process, pay, and audit employees’ expenses and reimbursements. Whether you're an in-house CFO or utilising outsourced CFO services, spend management tools are key to maintaining control over financial resources while supporting strategic planning and financial modelling.
Here are some of the top spend management tools for CFOs to choose from to drive efficiency and gain access to real-time financial insights:

4. Spendesk: best for centralised spend control

G2 Rating: 4.7 / 5 stars, based on 402 reviews as of August 2024
Spendesk En
Spendesk provides real-time insights by combining credit cards, expense reimbursements, invoice management and automated accounting in one, easy-to-use platform. It’ll also offer automated accounting tasks and rules to map expenses automatically—one less thing for you to focus on.
Spendesk also integrates with TravelPerk to simplify corporate travel expense management. With this integration, employees can book travel through TravelPerk and automatically pay using Spendesk cards. This means no manual receipt tracking—everything is automatically captured and logged. 
This integration provides better control and visibility over travel expenses, reduces administrative work, and ensures that all travel-related costs are accurately tracked and reported. 
Pros: 
  • Features automated receipt capture and real-time spending insights
  • Offers 100% control over company spending with smart prepaid debit cards
  • Available in multiple languages including English, French, and German, making it accessible for international teams
Cons: 
  • Has a lower user limit with higher-tier plans allowing only up to 15 users
  • Automation and validation rules can be complicated for non-tech-savvy individuals
Price: Plans are available on their website, but you’ll need to get in touch for information on pricing.

5. Rydoo: best for automated expense tracking

G2 Rating: 4.4 / 5 stars, based on 735 reviews as of August 2024
Rydoo En
Rydoo is another popular expense claim management tool that helps you to handle employee expenses in real-time. It allows you to set spending limits, identify bottlenecks with insights, and leverage built-in local compliance.
Pros: 
  • Mobile app includes receipt scanning and auto-filling
  • Integrates with major accounting software like Xero, QuickBooks, and SAP
  • Users can submit expenses immediately, allowing for quick reimbursement and real-time tracking
Cons: 
  • Requires a minimum of five active users, which may not be suitable for very small businesses or freelancers
  • The receipt scanner may struggle with low-light photos or incorrectly identify business names
Price: The Starter and the Growth plan are available at £5.33 and £7 per active user per month.

6. TravelPerk: best all-in-one business travel tool

G2 Rating: 4.6 / 5 stars, based on 1,535 reviews as of August 2024
TravelPerk is an all-in-one business travel management tool that—alongside its main purpose of facilitating corporate travel—can provide cost control solutions to help your business travel expense management.
It provides a centralised invoice collection feature for business travel expenses to enable you to keep everything in order, and allows integrations with other expense management tools for total coverage.:
Pros: 
Cons: 
  • TravelPerk is designed strictly for business use, so you won’t be able to book that family vacation to Disney World with the platform! 
Price: There are three pricing models—Free, Premium £13, and Pro £21
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Payment processing tools

Unless you run a cash-only business, you’ll need payment processing tools. These tools are essential for generating accurate month-end financial statements and ultimately driving profitability. 
For CFOs, choosing the right payment processing tools is a key part of financial strategy, as these tools impact cash flow management, risk management, and overall business optimisation.
Here are some of the best payment processing tools that help you to get the job done seamlessly:

7. Stripe: best for API support

G2 Rating: 4.2 / 5 stars, based on 323 reviews as of August 2024
Stripe En
Stripe’s payment processing infrastructure is ideal for businesses of all sizes. Besides having easy-to-use APIs, Stripe comes with different functionalities that allow you to send invoices, manage spend, beat fraudulent activities, and receive payments in multiple currencies.
Pros: 
  • Optimised for mobile transactions
  • Offers APIs and extensive customisation options
  • Automatically updates saved card details when a customer's card information changes
  • Offers in-person payments with features like contactless payments and curbside pickup 
  • Supports payment methods like credit cards, ACH transfers, and international payments
Cons: 
  • Charges an additional 1% fee for international and currency conversion transactions
  • Charges a £12 dispute fee, which is not refunded even if the merchant wins the dispute
  • Charges 2.9% + 14p per successful card charge for online transactions. For in-person transactions, the fee is 2.7% + 5p
Price: Stripe’s pay-per-go model costs you 2.9% + 30¢ per successful card charge.

8. PayPal: best widely accepted payment platform

G2 Rating: 4.4 / 5 stars, based on 2,098 reviews as of August 2024
Paypal En
PayPal allows you to receive customer payments any way and anywhere. Whether you are looking for a checkout solution, payment solution for a recurring payment, or buy now pay later solution—PayPal’s got you covered.
Pros
  • Checkout process with biometric logins (facial recognition and fingerprint)
  • Offers protection for eligible merchants against disputes and chargeback
  • Uses AI to provide smart receipts that include purchase tracking and personalised recommendations
  • Supports payment methods like credit cards, debit cards, Venmo, PayPal Credit and cryptocurrencies
Cons: 
  • Fees range from 1.90% to 3.50% per transaction, with additional fixed fees depending on the payment method
  • High fees for currency conversion and international transfers can increase costs for global transactions
Price: PayPal has different rates for commercial transactions, so make sure to check out the details.

Human resources tools

Choosing the right human resources tools or human management software helps you to remove bottlenecks in the HR workflow and improve employee experience.
These tools are essential for full-time CFOs and those offering virtual CFO services, as they provide the necessary support to manage financial challenges related to staffing, benefits and compliance.
You can also free up resources for strategic planning and financial modelling, ensuring that your company's key performance indicators (KPIs) and business owners' goals are met.
Here are a few human resource tools that should be part of every CFO’s tech stack:

9. Workday: best for large enterprises

G2 Rating: 4.1 / 5 stars, based on 1,558 reviews as of August 2024
Workday En
Workday is a popular human capital management tool that comes with advanced analytics, self-service tools, time-tracking capability, payroll & benefits administration and more. Workday also comes loaded with intelligent automation that reduces manual processes throughout the attract-to-pay process.
Pros
  • Integrations include Salesforce, Microsoft Azure and Slack
  • Intuitive self-service portals for employees to manage benefits and time off
  • Reporting metrics include headcount trends, turnover rates and compensation analysis
  • Supports multiple languages like English, Spanish, French, German and Mandarin
  • Uses AI and machine learning to automate tasks like candidate screening and employee sentiment analysis
Cons
  • Pricing can be on the higher end for smaller organisations
  • Limited workflow customisations to fit specific business needs
Price: Workday doesn’t declare comprehensive pricing on the website, pricing starts at £76.08/month per user.

10. Breezy HR: best for small to medium-sized businesses

G2 Rating: 4.1 / 5 stars, based on 1,558 reviews as of August 2024
Breezy En
Breezy HR is an end-to-end recruiting software that enables your team to optimise the hiring process. It comes with features like candidate sourcing, career portal, candidate management, job advertisement, reporting, and much more.
Pros
  • Create mobile-optimised career sites to attract candidates
  • Provides built-in interview guides with over 400 questions
  • Integrations include LinkedIn, Slack, Google Analytics, Microsoft 365, and Google Calendar
  • Automates tasks like pre-screening candidates, sending emails, and scheduling interviews
  • Allows you to post job openings on over 50 top job sites with a single click, increasing visibility and reach
Cons
  • Limitations in customising user roles and permissions
  • Does not provide an SSL certificate for custom subdomains, which may impact site security
Price: It comes with different pricing options like bootstrap (free), startup (£109/month), growth (£190/month), and business ($399/month).

Enterprise resource planning tools

Enterprise resource planning software or ERP tools are crucial for optimising routine business processes and having a bird’s eye view of the entire business operations. Here are some of the most efficient ERP tools for CFOs to choose from:

11. Acumatica: best for small to mid-sized businesses

G2 Rating: 4.5 / 5 stars, based on 1,558 reviews as of August 2024
Acumatica En
Acumatica is a cloud-based ERP solution that makes cross-team workflows seamless with a single data model and integrations. Its automated solutions allow you to run the entire business without hassle. It’s an especially popular ERP platform with industries like manufacturing, retail, distribution and ecommerce.
Pros
  • Create personalised dashboards to monitor finances, inventory, and sales
  • Offers a flexible licensing model based on resources used rather than the number of users
  • Wide range of modules including financial management, CRM, project and inventory management
Cons
  • Steep learning curve for new users
  • Does not include a native HR module, and needs integration with other HRMS solutions
Price: Acumatica comes with a pay-only-for-what-you-use model, meaning you pay for computing resources instead of each user you add.

12. Microsoft Dynamics 365: best for large enterprises

G2 Rating: 3.9 / 5 stars, based on 683 reviews as of August 2024
Microsoft Dynamics 365 En
Microsoft Dynamics 365 is one of the most popular ERP systems that allows businesses to deliver operational excellence by integrating multiple business applications. It comes with pre-built applications, AI-driven insights, advanced analytics, integrated cloud and much more.
Pros
  • Control over user access with customisable permissions
  • Provides real-time data visualisation and customisable dashboards
  • Integrates with Microsoft Office 365, Outlook, SharePoint and Teams
  • Uses Artificial Intelligence and Machine Learning to provide predictive and sentiment analysis
Cons
  • Steep learning curve for new users
  • Can be expensive for small businesses
Price: Dynamics 365 pricing varies, depending on the area of business you want to address. However, according to some Reddit users, the average cost is £11K to £19K

13. Odoo: best open-source ERP solution

G2 Rating: 4.2 / 5 stars, based on 261 reviews as of August 2024
Odoo En
Odoo is an open-source ERP that makes it easier for you to streamline operations by integrating services. Easy integration of different business areas—such as inventory, sales, marketing and finance—paves the way for you to have a 360-degree view of business operations.
Pros
  • Is an open-source platform
  • Intuitive interface with drag-and-drop capabilities
  • Integrates with Google Cloud, Azure and WhatsApp
  • Offers both cloud-based and on-premise deployment options
Cons
  • Businesses may need reliable support and maintenance services
  • Regular updates can lead to compatibility issues with existing customisations and third-party apps
Price: Odoo pricing varies based on the number of apps and users, so take a look at what solution could be right for you. According to some Reddit users, Odoo’s costs can start at $25 per user per month, but implementation and customisation fees can quickly add up. Some users report quotes as high as £6,800 for basic setup and £76 per month for server costs.

Payroll management tools

Payroll software or management tools ensure that employees are paid on time and accurately. These tools also help you to calculate taxes and, therefore comply with federal tax regulations.

14. Paychex: best for compliance support

G2 Rating: 4.2 / 5 stars, based on 1,553 reviews as of August 2024
Paychex En
Paychex is a leading payroll management software that comes with a user-friendly interface and allows you to process payroll on the go. Other capabilities include advanced analytics, streamlined general ledger service, tax deposit notices and payroll journals.
Pros
  • Integrations include QuickBooks, Sage and Xero
  • Offers direct deposit, tax filing and payroll reporting
  • Provides over 160 standard and customisable reports
  • Includes tools for managing HR functions, including employee benefits, compliance management and onboarding processes
Cons
  • Does not provide transparent pricing on its website
  • Additional costs for add-ons, particularly in lower-tier plans
Price: Pricing is not listed on the website online, but you can request a free quote.. However, some users report high fees, such as a £1,521.63 setup fee, alongside ongoing service costs that can add up quickly depending on the services chosen.

15. Patriot: best affordable payroll services for small businesses

G2 Rating: 4.8 / 5 stars, based on 555 reviews as of August 2024
Patriot En
Patriot facilitates quick and accurate payroll management in three simple steps in under three minutes. You can simply enter hours, approve payroll, print checks and the tool will manage the entire process on your behalf.
Pros
  • Supports multiple pay schedules and on-the-fly pay rate changes
  • Offers free 4-day and 2-day direct deposit services for qualifying customers
  • Self-service portal gives employees access to their pay stubs, W-2s and personal information
  • Offers integration with NEXT Insurance for pay-as-you-go workers' compensation insurance
Cons
  • Lacks HR management tools like benefits administration and talent management
  • Charges $12 per month for each additional state filing, which can increase costs for businesses operating in multiple states.
Price: The basic payroll starts at £8 per month and the advanced payroll at £23 per month.

How to choose the best tools for finance teams?

Selecting the right tools for your finance team is crucial for driving both productivity and business growth. With so many options available, it's essential to make informed decisions that align with your organisation's needs.
Here are key factors to consider when choosing the best finance tech stack:

Automation

Ask yourself: is your team spending too much time on repetitive tasks like data entry and bank reconciliation? Automation can turn those time-sucking chores into efficient, streamlined processes. Look for tools that let your team focus on the big picture—like making smart, strategic decisions that drive your business forward.

Data Security

Businesses of all sizes deal with sensitive financial information every day. Having a financial management tool that keeps your data safe while offering granular access controls to users is key to success.

Scalability

As your company expands, so will your data and financial needs. Opt for software that can scale with your organisation, handling increased complexity without requiring a complete overhaul. Discuss scalability with the provider to ensure the tool won’t hold you back as you grow.

Budget

Let’s talk money. Are you a small business trying to do big things? Then your budget is probably front and centre. You don’t need to break the bank to get good tools—look for software that integrates smoothly with what you already have. Starting small? That’s okay. Just make sure you’re investing in something that can grow with you without needing a complete overhaul later.
Choose the right software tool for your workflow. With so many finance management tools available, CFOs often struggle with choosing the right ones. The key to finding the right fit lies in understanding the tech stack that will help you automate time-consuming processes, manage high-volume tasks, eliminate manual errors, and offer total visibility into financial health.
Focusing on checking these boxes will ensure you get the most out of your chosen software, both currently and moving forward. And if you're looking for a tool to help manage business travel, opt for TravelPerk. 
TravelPerk simplifies corporate travel—from booking flights and accommodation to managing itineraries. With an extensive library of negotiated rates, TravelPerk ensures cost-effective travel options while keeping the employee experience top-notch. Plus, with GreenPerk, you can automatically offset your business travel's carbon footprint by contributing to VERRA-certified environmental projects.
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