The modern guide to finance management
Top 15 Best Software Tools for CFOs
What are software tools for CFOs?
- 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?
Streamlined processes
Improved compliance
Financial transparency
Better planning and productivity
15 Best software tools for CFOs
Accounting tools
1. Freshbooks: best for intuitive time tracking and project management
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:
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- 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
- 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
2. Wave Accounting: best free accounting features
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:
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- Double-entry accounting system
- Unlimited invoicing and expense tracking
- Free, basic accounting and invoicing features
- Ability to manage multiple businesses under one account
- No inventory tracking
- Customer support is only available for paid services
3. Zoho Books: best if you use other Zoho tools in your tech stack
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:
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- 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
- 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
Spend management tools
4. Spendesk: best for centralised spend control
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:
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- 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
- 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
5. Rydoo: best for automated expense tracking
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:
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- 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
- 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
6. TravelPerk: best all-in-one business travel tool
Pros:
- VAT reclaim
- Huge travel inventory
- Flexible booking with FlexiPerk
- Carbon offsetting with GreenPerk
- Easy & real-time travel expense reports
- Integrated travel policy & approval flows
- 24/7 fast customer support in target 15-seconds
- TravelPerk is designed strictly for business use, so you won’t be able to book that family vacation to Disney World with the platform!
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Manage business travel like a pro. Step up your travel management game today.
Payment processing tools
7. Stripe: best for API support
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:
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- 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
- 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
8. PayPal: best widely accepted payment platform
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:
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- 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
- 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
Human resources tools
9. Workday: best for large enterprises
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:
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- 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
- Pricing can be on the higher end for smaller organisations
- Limited workflow customisations to fit specific business needs
10. Breezy HR: best for small to medium-sized businesses
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:
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- 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
- Limitations in customising user roles and permissions
- Does not provide an SSL certificate for custom subdomains, which may impact site security
Enterprise resource planning tools
11. Acumatica: best for small to mid-sized businesses
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:
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- 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
- Steep learning curve for new users
- Does not include a native HR module, and needs integration with other HRMS solutions
12. Microsoft Dynamics 365: best for large enterprises
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:
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- 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
- Steep learning curve for new users
- Can be expensive for small businesses
13. Odoo: best open-source ERP solution
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:
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- 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
- Businesses may need reliable support and maintenance services
- Regular updates can lead to compatibility issues with existing customisations and third-party apps
Payroll management tools
14. Paychex: best for compliance support
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:
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- 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
- Does not provide transparent pricing on its website
- Additional costs for add-ons, particularly in lower-tier plans
15. Patriot: best affordable payroll services for small businesses
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:
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- 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
- 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.
How to choose the best tools for finance teams?
Automation
Data Security
Scalability
Budget
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