As a business owner, you must do your taxes, figure out how much you can afford on a mortgage or auto loan, and balance your checkbook. Automation saves money and allows you to focus on more important things.
There’re many ways of automating your finances, from having an app that automatically deposits money from your paycheck into multiple bank accounts to paying bills when they’re due. Here are the best financial automation tools to help eliminate errors and make accounts receivable efficient.
1. SolveXia
SolveXia is an all-in-one cloud-based solution that combines accounting, invoicing, and customer relationship management (CRM) into a single intuitive system.
The software integrates with most financial apps for seamless data sharing and fast access to your financial information. You can use the tool to process data and generate meaningful results promptly.
Furthermore, it eliminates the possibility of double-entry and other errors in the financial closing process. When it comes to reports, the tool can produce them in different versions, including an online dashboard and plain text files.
Additionally, the program is ideal for individuals without technical mastery because monitoring is as easy as dragging and dropping the appropriate components.
2. Redwood Finance Automation
Redwood Finance Automation simplifies financial closing by automating records and asset accounting. With the tool, your management can choose from various pre-made financial templates. Additionally, the program interface is compatible with the pre-existing business systems in your company.
3. BlackLine
BlackLine can assist you in developing regular checklists, report validations, risk management, and communication to streamline the closing process.
Additionally, you receive a real-time report of the financial closing process, enabling you to detect and fix any problems that may arise immediately. The tool also automates laborious operations like open-time analysis using pre-made planning presets.
4. Xero
Xero has a ready-to-use solution that even people who aren’t accountants can comprehend. The cloud-based software may retrieve information from financial institutions, making bookkeeping unnecessary.
Additionally, the software can work with different systems, such as the following.
- Customer relationship management systems
- E-commerce websites
5. Aico
Aico seamlessly unifies the company’s financial processes across all its business units. The program facilitates easier closing process tracking, harmonizing close-related procedures, internal control implementation, and identifying problems. It provides a basic yet highly adjustable configuration to help kick-start the financial closing.
The tool also lets you leave suggestions and rank tasks by priority. Furthermore, you don’t have to standardize and automate departmental closing procedures with the software.
You can start with automating a single closing procedure and then use that as a template for automating the rest of the processes.
6. Planful
Planful streamlines the financial closing procedure by combining information from a company’s operational and financial divisions into a unified system.
The software allows administrators from different departments to cooperate when collecting data, which speeds up approvals and improves the data’s accuracy.
The system is also efficient at generating reports. Furthermore, it provides editable templates for producing standard and thorough reports.
7. FloQast
Like other financial automation tools, FloQast permits you to oversee the closing procedure centrally by combining data from all relevant business units. The software is unique due to its spectacular dashboard design, which gives you real-time insight into your closing process.
The software’s built-in sign-offs and automatic trial balance tie-outs guarantee precise reporting figures. If there are any adjustments to the totals, the program will immediately notify you.
The tool’s robust collaboration feature allows all individuals participating in the implementation of closing operations to interact with each other and give suggestions.
8. Workiva
Workiva allows you to consolidate information from your organization, including financial and non-financial data, for more thorough reporting. Moreover, you can access numerous customizable templates that help streamline data collection.
Its pre-made interfaces simplify importing data from your company’s financial systems and enterprise resource planning (ERP). The accounts receivable software can bridge the gap between ERP structured data and raw data from spreadsheets and emails. The program’s audit process ensures that the final value in the reports is correct.
9. Oracle Cloud EPM
With its pre-built best-practice features, Oracle Cloud EPM simplifies financial closing monitoring. It can automate estimation for many things, including cash flow and income statements.
Furthermore, the tool can conduct sophisticated integrations with unique computations and reporting requirements.
The software speeds up the closing process by automatically keeping tabs on key performance indicators. Combining predefined and user-defined currency conversions significantly improves the precision of integrations.
Additionally, the system produces narrative commentary, saving time and providing valuable insights into the resulting reports.
10. Vena
Vena boasts a seamless and efficient design, which takes heavy inspiration from Microsoft Excel. The software has a user-friendly interface, unified database, cloud-based security, and flawless transaction processing.
Additionally, you receive a robust workflow system that aids in creating engaging monthly closing reports. The software features excellent record-keeping and progress-monitoring functionalities that allow you to monitor alterations, reviews, and approvals.
11. FreshBooks
FreshBooks is a popular software for accounts receivable that manages and creates general ledgers. In addition, it’s easy to reconcile and estimate your business expenses. Your financial manager can set up automatic invoicing where the clients can pay using the application.
The intuitive accounting program is perfect for small business owners and freelancers. In addition, the company provides a 30-day free trial without entering payment details.
12. Intuit QuickBooks Online
You only need basic accounting concepts to use Intuit QuickBooks Online. With this tool, you can track your company income and expenses with a single click. In addition, it’s seamless to synchronize your business bank accounts.
Final Thoughts
Financial automation is one of the best ways to save time and money. It also makes your work error-free and efficient, especially if you’re a new investor or business owner.
Automating your finances will be easier and more effective with the above software for accounts receivable. However, no software for accounts receivable will work for everyone, so looking at each offer and deciding which features are most important to you is essential.
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