Top 7 best software for business finance in 2023

When you have a company or a business, one of the most important aspects are the finances, because their mismanagement can translate into major operational problems.

Therefore, relying on the right tools will help the company to stay afloat and away from mismanagement of resources.

Business finance software is a good option to achieve this goal, as it helps to maintain good financial health and focus on business objectives.

If you don't know them, we show you some of the most important ones below.

1. Enterprise Resource Planning (ERP)

Enterprise Resource Planning, Enterprise Resource Planning software, is an excellent tool for good administrative management within the company.

ERP not only improves the accounting processes, but also allows a thorough control of each of the accounts that make up the company, thus reducing the possibility of making mistakes and maximizing time.

This financial software automates daily accounting operations to have the information at hand to make the best decision at the right time.

It facilitates data flow and helps link different business processes. It is also useful for managing activities such as procurement, risk and project management, compliance and supply chain.

In addition, it provides a global view of the company's financial situation to choose the best strategies when it comes to corporate finance.

Financial Management System (FMS)

The main objective of financial management software (FMS) is to maximize a company's profits and seek its sustainability by automating operations such as the following:
  • streamlining invoicing and accounts receivable;
  • making timely projections of financials;
  • monitoring and optimizing cash flow;
  • reducing administrative and accounting errors;
  • helping to comply with regulations, taxes and laws;
  • among others.
FMSs also allow information to be stored in the cloud, which prevents losses and allows any authorized member of the team to access it, improving communication between departments.

3. Invoicing software

Purchases, sales, invoicing and expenses are fundamental elements of business finances, so keeping track of each of them will make a big difference in the financial situation.

By having an invoicing software, you will be able to:
  • Classify documents correctly, from expenses to sales, thus monitoring cash flow.
  • Avoid duplicate data and minimize errors in both invoicing and expense recording, which helps to recognize them.
  • Improve results by analyzing sales and expenses.
  • Save time by automating operations, allowing you to focus on more productive activities.
  • Improve the customer experience by offering simple and fast processes.
In short, automating billing can help improve business profitability and achieve sustainable growth, as well as avoid repetitive activities by the team.

4. Data storage in the cloud

Safeguarding financial information is crucial for any company or business.

A cloud-based data storage software allows keeping all the company's documents and financial data safe, while avoiding any delay in operations or decision making.

In addition, they allow access to information from any electronic device and from anywhere in the world (provided you have permission), which facilitates the analysis of information and timely decision making.

5. Expense control software

Expense control is one of the most important operations within the company, hence the importance of having one of these software for business finances.

With an expense control software, it is possible to make an exhaustive follow-up of each one of the expenses, to know in what is being spent and how necessary are those expenses, to recognize a money leakage that can affect the financial situation of the company, etc.

This tool also helps to organize payments to suppliers, to know the due date of invoices and to record each of these actions in the company's accounting.

The organization of finances with this financial software is key to maintain a healthy cash flow that allows the business to grow.

6. Risk management system

The main risk that a company runs is to have economic losses, either by a bad management or by an economic crisis.

There are many factors that affect the occurrence of risk situations for the company, so keeping them under control will help to anticipate them.

Risk management systems make it possible to
  • to have an updated and detailed knowledge of the sector to which the company belongs and its environment;
  • avoid fraud;
  • manage unpaid invoices;
  • analyze the results obtained by the company;
  • among others.
7. Electronic signature software

There are tools that, without being specifically software for corporate finance, can revolutionize the way of doing business and improve the company's financial conditions. Such is the case of electronic signature software.

Its incorporation into the company's operations allows streamlining procedures, optimizing operations and improving the quality of customer service.

With electronic signature software, both customers and suppliers, or even members of the organization, can sign documents from anywhere in the world just by having access to the Internet and an electronic device. In addition, these software solutions allow immediate access to signed documents and prevent them from being lost.

But how does the use of electronic signature software impact a company's finances? To explain this, we will take as an example the Mexican company Bandai, an international manufacturer of children's toys and interactive entertainment.

The incorporation of DocuSign's eSignature into their processes not only allowed them to speed up the closing of contracts, but also to improve service and reduce costs related to document generation, printing and mailing by 80%. This improved profitability and, therefore, the company's economic growth.

The objective of business finance software is to reduce the workload of the staff to focus their attention on those areas that allow the sustainable growth of the company. How do they do it? By avoiding repetition of activities, wasting time and resources, helping to minimize errors and automating many operations.

Relying on technology will always be the best option to optimize each of your company's operations.

If you want to take your company's finances to another level, we invite you to learn about DocuSign Payments and how it helps you receive payments from your customers from the moment the contract is signed.