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financial tools

Top 5 Tools to Manage Business Finances Better

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For an entrepreneurial venture earning revenue is important, but what is more important is to know how to manage the finances better. Without proper management, in no time organizations will find themselves short of finances, which will hamper the day-to-day operation of the organizations and as well pose a threat to the long-term financial health of the company.

So in case as an entrepreneur you are struggling with the same, and want to find a better solution, this blog will help you to understand how to manage your finances better using modern tools and techniques. Gone are the days organizations used to maintain journals of day-to-day expenses. With automation and technology, all finances can be tracked and managed using simple tools. Let us dive deep to understand the 5 Best tools to manage your finances better.

Chargebee

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Chargebee is a privately held leading Revenue Growth Management (RGM) platform for subscription businesses headquartered in San Francisco, California. Founded in the year 2011, their mission is to help businesses of all sizes to grow their revenue by providing a comprehensive suite of solutions, including subscription management and recurring billing, pricing and payment optimization, revenue recognition, collections, and customer retention.

Their specialties include Recurring Billing, Subscription Management, Payment Gateway Integration, Invoicing, Automated transactional emails, Taxes, Accounting, Revenue Recognition, SaaS Metrics, and Pricing Iteration.

Khatabook

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Founded in January 2019, Khatabook is the world’s fastest-growing Saas company. It has become India’s leading business management app for MSMEs with 13 languages & 50M+ downloads in a remarkably short period of time. Founded by four IIT-Bombay alumni, Khatabook is led by Ravish Naresh, Co-founder and COO of Housing.com, along with Dhanesh Kumar, Ashish Sonone, and Jaideep Poonia. KhataBook provides a plethora of features which include:

  • To enable micro, small, and medium merchants to track business transactions safely and securely. 
  • To offer features such as online payment collection through UPI and QR.
  • To send periodic reminders to creditors via messages and report generation. 
  • The automated bot call reminder feature known as Interactive Voice Response is a first-of-its-kind feature that simplifies merchants’ credit collection and allows them to better function in the MSME Business Sector.

Today, Khatabook has become a household name. Merchants are using the app extensively while adding $200 Million worth of transactions every day. The high engagement has resulted in more than 25% of the total active merchants joining the platform through word-of-mouth and referrals.

Pennylane

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Pennylane is a European Company headquartered in Paris, Île-de-France helps in building the financial OS (Operating System) for European SMEs. A single source of truth for financial and accounting data, used on one side by entrepreneurs to run their business (invoicing and getting paid, paying suppliers and expense management, piloting cash and profitability) and on the other side by their accountant for bookkeeping and tax filings.

They initiated their journey in France (2020) and will expand to other markets in Continental Europe in 2024. 

Tipalti

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Tipalti is a California-based company founded in the year 2010. It has the only global payables automation solution to streamline all phases of the Accounts Payable (AP) and payment management workflow in one holistic cloud platform. Tipalti makes it painless for accounts payable departments to manage their entire supplier payments operation. The solution addresses everything from supplier onboarding and vetting to tax and regulatory compliance, invoice processing, payments to suppliers anywhere in the world in a wide range of payment methods and currencies, supplier payment status communications, to closing the loop with payment reconciliation and reporting.  

Innovative companies use Tipalti to eliminate up to 80% of their supplier payment workload, helping them scale their business efficiently with global growth while strengthening financial and compliance controls and enhancing the partner payment experience. Companies like Duolingo, Roblox, Amazon Twitch, ironSource, and over 1500 others trust Tipalti to elevate their global supplier payments operation.

Its specialties include accounts payable, global payments, crowdsourcing, supplier payments, affiliate payments, e-commerce, sharing economy, publisher payment, Adtech, invoice workflow automation, OFAC/AML, tax compliance, supplier management, reconciliation, and supply chain finance.

Stampli

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Stampli is for Accounts Payable teams that want the efficiency of automation, but don’t want to rework their ERP or change their existing AP processes. Unlike other solutions, Stampli provides full support for the full range of native functionality for more than 70 ERPs — enabling us to deploy in a matter of days, not months, with no disruption to your business.

Stampli brings all AP-related communication, documentation, and workflows into one place for complete visibility and control. It’s simple for users to learn and even simpler to use, especially with Billy the Bot™ automating nearly all of your capture, coding, routing, fraud detection, and other manual tasks. For even greater efficiency, Stampli’s core AP solution is complemented by a suite of integrated products that include Direct Pay, Credit Cards, Advanced Vendor Management, and others.

Conclusion

The organization must first assess its needs before determining which tools to use, and then make the appropriate software investment. This is because each application has a unique feature set, and since it is a matter of huge investment decisions must be taken wisely.