Top 5 CFO software for startups

You've built your business model based on what you know and love, but startup finances aren't necessarily in your wheelhouse. You've never created financial reports or balanced a company's books. You're not sure where to start.

The good news is technology has simplified several aspects of business and financial management. Today’s accounting CFO software can alleviate the need for full finance teams by making financial management more accurate and efficient.  

What is a CFO software?

CFO software is a tool designed for financial professionals like CFOs and controllers. This is where the worlds of software and finance collide, creating more efficient financial management opportunities than legacy tools could ever provide. 

Some common forms of CFO software include:

• Accounts Payable Software: Software solutions that help you keep track of your accounts payables and accounts receivables
• Financial Forecasting Tools: These financial systems help you more accurately predict the financial future of your startup, giving you more information for accurate decision-making when it comes to your company's cash flow
• Financial Analytics: Financial analytics offer reports that give you a better understanding of your startup’s finances and opportunities to gain efficiency

Why startups need updated financial technology

Today’s cutting-edge software finance tools are far more powerful than legacy accounting tools. Here’s why every startup needs updated financial technology:

• Efficiency: Today’s tools incorporate technology like artificial intelligence to make financial processes far more efficient. So, upgrading your tech can save you time.
• Accuracy: Human errors are a common occurrence in accounting departments. However, these errors can lead to skewed financial data and missed opportunities. Updated tools for finance are more accurate than ever before.
• Real-Time Financial Insights: Quality financial management technologies typically offer real-time insights so you can take advantage of opportunities immediately as they arise.
• Scalability: As your company grows, new-age technologies are capable of keeping up.
• Strategic Decision-Making: The best financial planning tools offer detailed reports that make it easier to decide where to spend your money and where to save.  They also provide the information you need to make other strategic decisions.

Top 5 CFO software tools for your startup

You're on the right track if you’re looking for quality accounting tools for your startup. So, what are the best finance software solutions out there? Find a list of the top 5 CFO software solutions below.

1. Zeni

Zeni is a complete financial management platform. The platform incorporates generative artificial intelligence to give you an enhanced understanding of your startup’s financial data.Whether you’re looking for fractional CFO services or already have an in-house team but seeking additional financial guidance, Zeni is a strong choice. 

Pros

• Fractional CFO Services: You can sign up for a fractional CFO with Zeni. The benefits of a Fractional CFO cuts down on the cost while giving you everything you need from a CFO standpoint.
• Accounts Payable:Zeni makes it easy to keep track of your accounts payable and pay your startup’s bills with automatic bill pay, all powered by state-of-the-art Gen AI technology. This cutting-edge AI ensures that their accounts payable service is the fastest way to pay your vendors, saving you time and streamlining your financial processes.
• Annual Startup Tax: Zeni takes the headache out of tax time. Their comprehensive services also include expert assistance with R&D tax credits, ensuring you maximize your tax benefits and financial growth.
• Employee Reimbursements: Track and manage your employee reimbursements from Zeni’s intuitive platform. All at no cost. 

Cons

• Zeni doesn’t offer a free trial.
• Zeni doesn’t offer a free basic version of the product.

2. Looker

Looker is an analytics product provided through Google Cloud that offers finance professionals a wide range of tools. The company’s state-of-the-art technology gives you access to real-time analytics that can improve your financial decision-making.

Pros

• Gain Insights: Looker uses Google’s analytics technology to give you a better understanding of your company’s data.
• Build Custom Applications: Use Looker to build custom applications to help you manage your startup’s finances on a hands-free basis.  
• Modeling: Tap into Google’s sea of data for more accurate modeling.

Cons

• Looker is a complex software solution that comes with a learning curve.

3. Workday adaptive planning

Workday Adaptive Planning is an accountants workflow software solution that makes it easy to keep track of your day-to-day tasks. The service offers company-wide planning tools, including financial planning, workforce planning, sales planning, and more.

Pros

• Financial Planning: Comes with a wide range of financial planning tools to help you stay on top.
• Workforce Planning: Uses your company’s data to help you develop and plan for your workforce needs.
• Sales Planning: Forecasts sales to help you plan for trends so you won’t have to worry about running low on inventory or having too much in your warehouse.  
• Operational Planning: Has the operational capacity you need to grow.

Cons

• The platform may take some time to perform complex tasks.
• No free basic version of the product.

4. Tableau

Tableau is an interactive data visualization software. Software solutions like Tableau simplify your company’s data by offering charts, graphs, and other visual representations.

Pros

• Data Visualization: Understand your data with the company’s visualization tools.
• Create Visualizations Quickly: Capable of handling large amounts of data quickly.  
• Implementation: Easy to implement in just about any startup situation.  

Cons

• Tableau doesn’t offer report scheduling.
• You can’t import custom visualizations.
• Tableau is a very expensive product to scale.

5. Avalara

Avalara is a tax solution that connects to other financial software your startup is already using. Once connected, the platform helps you make sales tax decisions based on precise geolocation across over 12,000 tax jurisdictions.

Pros

• Accurate Tax Decisions: Efficiently tracks sales and makes sales tax decisions in multiple tax jurisdictions.
• Customers Pay the Right Tax Rate: Automatically ensure your customers pay the correct tax rate no matter where they are in the country.
• Speed: Calculates tax for your invoices in seconds.

Cons

• Slow support response times.
• Support often lacks product knowledge.

Reap the benefits of CFO software for modern startups

The bottom line is that you don't have to fear the financial aspects of operating your startup. CFO software can make running your startup a more efficient process. 

Take advantage of better expense management, financial forecasting, data analytics, and more with quality financial management tools. Ultimately, the efficiency modern software brings to startups will assist in meaningful business growth.