#11 Best Financial Tools for Startups 2023

Bench is an online accounting service that assigns your company a personal professional bookkeeper. They provide free paperless accounting, bank-level security for your financial information, and tax preparation assistance to help reduce your business-related stress.

This financial tool provides you with all of the tools you’ll need to simplify your accounting process and produce high-quality financial statements and reports that will help you develop your business.

Unlike other accounting software on the market, it relieves the firm of the time-consuming task of bookkeeping by deploying a staff of bookkeepers. It also includes reporting and analytics capabilities, as well as communications and tax assistance, as well as military-grade data encryption to safeguard the integrity of your company.

Abukai is more than just a catchy name; it’s also a fast and simple platform for producing status reports. All you have to do is photograph your receipts individually and submit them. They will email you a completed expenditure report that includes cost classification, date, vendor, and all other information.

This financial tool expenses automate the tedious tasks of preparing expense reports, such as entering data from receipts, classifying expenses, and checking currency rates. This tool reads your receipts and converts them into an expenditure report automatically. It can modify the expenditure report and cost categorization to your company’s current Excel format, or the expenses may be immediately sent to your company’s existing online expense site.

Startup Financial Model is your one-stop source for developing thorough investor return summaries, income statements, balance sheets, cash flows, pre-money and post-money valuations, customer lifetime value analyses, and other financial documents essential for operating a startup and obtaining funding.

This financial model is an advancement above the traditional business plan. The model has a simple interface and allows you to develop a thorough multi-sheet company planning financial model that incorporates and integrates everything from sales to personnel in about an hour.

Due to systems like Xero, cloud-based accounting tools are now a reality. It is online accounting software that allows you to see your cash flow in real-time, create professional recurring invoices (and receive updates when they’re opened), import and categorize your most recent banking, credit card, and PayPal transactions, and seamlessly create and send custom purchase orders. The platform includes over 700 features to assist you to handle your main company financial activities, as well as payroll and inventory management.

QuickBooks is a well-known accounting program for keeping track of clients, inventory, suppliers, and cash. Whether you’re operating a tiny company or a major corporation, you need to maintain meticulous financial records.

This financial tool is an excellent option for a broad range of companies, particularly those who intend to interact with a bookkeeper or accountant on a regular basis. It provides a high degree of capability, flexibility, and scalability with four plans and a variety of add-on services, allowing you to personalize this program to match your business’s requirements. Although this is user-friendly, there is a learning curve, especially if you aren’t acquainted with accounting fundamentals.

FreeAgent is an online accounting program that was created primarily for small businesses, freelancers, and their accountants. It assists companies with day-to-day administration, such as controlling spending and operating a completely RTI-compliant payroll, as well as preparing and distributing professional-looking estimates and invoices.

What’s more, it enables firms to manage their cash flow and profitability, revealing who owes them money and how much. it also provides a personalized ‘Tax Timeline,’ which lists approaching dates and amounts owing.

FreshBooks is bookkeeping and accounting software. It has an easy-to-use interface, and If you’re searching for an online accounting solution and invoicing software to assist your company keep track of cash flow, managing costs, preparing expense reports and accepting online payments for products or services, this tool is a fantastic alternative. It is now accessible on the Android and iOS platforms, allowing you to manage your company no matter where you are.

Through improved accounts payable and accounts receivable administration, Bill.com helps small and mid-sized businesses improve their financial process efficiency. By using artificial intelligence (AI) and machine learning, it decreases data input and human error.

This financial tool learns your routines and preferences as you use it, giving you more control over all aspects of bill administration. The new user interface is intended to help you get more done in less time. It can easily expand with your company as it grows since it supports all sorts of processes.

Gusto handles one of the most pressing issues facing companies by offering a comprehensive but delightfully simple platform for automating and simplifying payroll, benefits, and HR, as well as professional assistance.

Their one-of-a-kind payroll solution allows startups and other enterprises to quickly set up and handle payroll in the cloud. They also provide a number of complimentary services to help you get started with your HRM plans.

Float is online cash management and daily and monthly forecasting application that helps in the administration of your company and the management of your cash flow and budgeting tactics. You may also utilize your prediction to impress investors and board members by creating stunning PDF reports. You may also use the tool to simulate alternative scenarios and see how different expenditure choices or possibly new business will play out in the longer term.

Expensify classifies and labels each receipt, then submits company costs for approval and payment automatically. It saves time for companies of all shapes and sizes with capabilities like corporate card reconciliation, multi-level approval procedures, and direct syncs with all major accounting software.

This financial tool is the greatest expense reporting tool, allowing you and your staff to scan receipts and submit them for reimbursement. The software is simple to use and connects with the company’s procedures, including smart scan receipts, automated reimbursements to employee accounts, duplicate expenditure identification, and credit card cost importation.