The 10 Best Financial Tools For Startups

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For a startup, focusing on the financial balance is imperative. It is important to know and record where the money is coming from, where is it going, how well is the performance, and how will the business perform in the coming months.

Investors love entrepreneurs who include calculated numbers in their pitch deck. 

But not everything can be done using a pen and paper. You need good financial tools to achieve everything you want, be it creating detailed investor returns, cash flows, or payrolls.

Here's a list of best startup financial tools to help you succeed in your venture.

startup financial model

Startup Financial Model

Startup financial model is your one-stop-solution for creating detailed investor return summary, income statement, balance sheet, cash flows, pre-money & post-money valuation, customer lifetime value analysis, and other financial statements required for running a startup and raising funds.

Startup Financial Model is an upgrade to the traditional business plan. The model has a simple interface and lets you create a detailed multi-sheet business planning financial model within an hour that includes and connects everything from sales to staffing.

You get a 7 days free trial period before committing anything.

xero financial tool

Xero

Cloud-based accounting platform is now a reality, thanks to platforms like Xero. Xero is an online accounting software which lets you get real-time access to your cashflow, create professional recurring invoices (and receive updates when they’re opened), import and categorize your latest banking, credit card and PayPal transactions, and create and send custom purchase orders seamlessly.

The platform comes with over 700 tools which helps you manage your core business financial transactions along with payroll management and inventory management.

You can try Xero free for 30 days and then choose the plan which fits to your needs better.

quickbooks financial tools

Quickbooks

With over 4.3 customers worldwide, Quickbooks is one of the most trusted business financial toolkit available online.

The tools available on Quickbooks let you:

  • Track income & expenses
  • Maximize tax deductions
  • Invoice & accept payments
  • Run reports
  • Send estimates
  • Track sales & sales tax
  • Manage bills
  • Work together with your team
  • Clock employee time and billable hours
  • Track Inventory
  • Create and manage budgets
  • Pay employees with free direct deposit 

You can try Quickbooks free for 30 days and then choose the plan which fits to your needs better.

freeagent financial resource

Freeagent

Freeagent is an accounting software designed with a focus on small businesses and freelancers. The online accounting software lets you manage your invoices, expenses, projects, and tax from one place.

What separates this software from others is its simple price structure. Get everything unlimited at just $10 per month (after a 30 days trial period).

best financial tools

Freshbooks

According to the company, 97% of the customers recommend Freshbooks.

The software comes with a simple to use interface, an ability to automate invoicing, organising expenses, managing projects and payments and tracking time. Freshbooks is also available on Android and iOS platform so you can keep a tab on your business no matter where you are.

This accounting software offer 3 different plans starting at $15. You can try any of them by signing up for the free trial on the website.

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bill.com

Bill.com

Bill.com lets you automate your every financial transaction. It’s designed to work with quickbooks, xero, and many other accounting software and lets you automate the way you pay bills, send invoices and get paid (up to 3x faster).

gusto financial tools

Gusto

Gusto solves one of the biggest challenges that businesses face by providing a comprehensive yet refreshingly easy to use platform to automate and simplify the payroll, benefits, and HR, all along with expert support.

Their one-of-a-kind payroll service enable startups and other businesses to set up and manage their payroll on the cloud in minutes. They also provide a bunch of free services to kickstart your HRM strategies.

You also get to try their every plan by signing up for the free trial.

float best financial tool

Float

Float is an online cash management and (daily and monthly) forecasting tool that helps you manage your business and keep on top of your cash flow and budgeting strategies.

You can also create beautiful PDF reports of your forecast and use them to impress investors and board members. The tool also lets you model different scenarios and look at the impact of how various spending decisions, or potential new business will play out in the medium term.

expensify best finance app

Expensify

Expensify is the best expense reporting application which lets you (and your employees) scan receipts for reimbursement.

The application easily integrates with the organization’s policies and provides features to/for smartscan the  receipts, automatic reimbursements to employee accounts, duplicate expense detection, and credit card expense imports.

paypal financial toolkit

Paypal

Paypal should not be ignored if you’re planning to do business in this digital era. It is a powerhouse financial toolkit that allows you to:

  • Get the benefits of a digital wallet (and a prepaid wallet)
  • Transfer money to and from a bank account or Paypal account
  • Receive payments
  • Get credit
  • Get working capital loan
 Not just this, there’s a lot that can be done through/within Paypal.
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