Finance Tech: Tools Every Finance Department Needs

Key takeaways

• Map your finance department’s core jobs before you choose any software.
• Choose accounting, FP&A, bill pay, and tax tools that fit your size and budget.
• Confirm your tools sync with each other so your data stays consistent.
• Automate manual work to save time and get clearer visibility into your numbers.

What is finance technology?

Finance technology is the software a finance department uses to manage accounting, planning, payments, and taxes. It automates manual work so your team gets faster, clearer visibility into the numbers.

Instead of juggling spreadsheets and paper, teams use connected tools to record transactions, plan budgets, pay bills, and file taxes with less effort.

Why the finance department needs the right technology

Like every other industry today, finance is evolving. Rising expectations mean finance leaders must deliver more with less. They also have to keep tighter controls in a changing environment.

Department-specific software lets finance leaders do more with less while keeping tighter control over accuracy and compliance. With leaders making more technology decisions, a clear plan for the finance application stack matters more than ever.

How to build a finance software stack

A finance software stack connects the tools your team needs so no gaps remain. To build one:

1. Map your core jobs: accounting, planning, payments, and taxes.
2. Choose a tool for each job that fits your size and budget.
3. Confirm the tools sync with each other.
4. Roll out one tool at a time and train your team.

Accounting software: QuickBooks

QuickBooks is accounting software that handles payroll, invoicing, and time tracking in one place. Around 7 million businesses use QuickBooks Online to manage their finances.

QuickBooks covers the essentials:

• Payroll
• Estimates and invoicing
• Employee time tracking

Access your data on any device, at any time, so you always know where things stand. With instant access to customer, vendor, and employee information, you stay on top of your finances.

FP&A software: DataRails

Finance teams rely on information drawn from many sources and systems. That’s where DataRails comes in. With the FP&A solution for Excel users, you can collect, report, and analyze data no matter where it lives.

DataRails builds a unified database of your numbers by automating data collection from your spreadsheets and systems (ERP, GL, CRM, HCM). You get better data preparation with automated consolidations, FX conversions, hierarchies, and financial adjustments. You also improve reporting with real-time figures drawn from consolidated numbers.

Online bill pay: Melio

When it comes to paying business bills, Melio is the way to go. Business owners, accountants, and bookkeepers can schedule multiple payments online in just a few clicks.

With Melio you can:

• Pay by bank transfer (ACH) for free
• Pay by card, even when the vendor does not accept cards
• Get paid with the same ease

Melio sends the vendor a check or a bank transfer. It syncs with QuickBooks Online, offers an easy approval workflow, and helps you break away from manual bill pay.

Tax software: TurboTax Business

TurboTax coaches you every step of the way and double-checks your return as you go. It handles even the toughest tax situations with confidence.

As a returning customer, it gets easier each year. TurboTax transfers last year’s data to help ensure accuracy and save you time. It stays up to date with the latest tax laws, so your taxes are done right.

TurboTax also uses encryption technology to safeguard your information. Your tax data is protected while it is e-filed to the IRS and state agencies.

Finance tech FAQs