Every business needs to stay on the cutting edge of the latest technology. Failing to keep up with the newest tools means less efficiency, less functionality, and a risk of falling behind your competitors. For Chief Financial Officers (CFOs) and HR personnel, good support software is critical for managing the vast amounts of data each department handles.
With that in mind, let’s look at some of the best tools you can use to keep both your Finance and Human Resources departments operating at a high level.
As the business world is increasingly shifting to cloud-based operations, Xero has quickly carved out a place as one of the top cloud accounting platforms around. Xero's focus is simplicity: no unnecessary steps, streamlined access to essential data, and all-around ease of use.
Experienced accountants used to more complex systems might find Xero’s interface somewhat limiting, but that plays into one of its strengths. Xero is designed to support a wide range of integrations, both in terms of plugins and integrating with other platforms to share data. Xero’s intuitive nature and cloud-based high availability make it a sure bet for your accounting needs.
Enterprise Resource Planning systems (or ERPs) are core to every Finance department’s operations. Tracking your company’s spending, billing rate for professional services, availability of resources, and project profitability data are all important metrics that FinancialForce tracks and manages in simple and powerful ways.
It's vital for ERPs to integrate and share data with CRMs (Customer Relationship Managers), and FinancialForce fits the bill in that regard. Whether you use Salesforce, Zoho, Hubspot, or any other enterprise-grade CRM, FinancialForce is designed to easily integrate for data sharing. It also includes reports and dashboards that can be as detailed or high-level as you need them to be.
Tipalti is a full-featured mass payment system that not only handles multiple payment methods. Not only that, it tracks changes in international banking laws and regulations and manages data in a way that makes tax compliance effortless. Tipalti automatically prepares tax forms so you can process 1099s quicker than ever. Affiliate payments, Paypal integration, W8 and W9 management, and more are combined into one, easy-to-use platform for all your mass payment needs.
Whatever your business charges its customers for, they need a way to pay for it, and that's where Stripe comes in. It's become a sort of de-facto industry standard for credit card payments for online purchases. Stripe easily integrates with websites and mobile apps, with a minimum of technical development needed on your part.
Aside from ease of use, Stripe is also secure, keeping customer information safe through encrypted transactions. It accepts nearly every major currency worldwide, offers multiple tiered levels of service, and has top-notch reporting tools. As if that wasn’t enough, it will also easily integrate with most major accounting platforms.
BambooHR is seen by many as the standard-bearer when it comes to Human Resources software. Its versatile toolkit includes features that handle recruitment, employee administration, tracking of personal time, payroll, leave management, performance reviews, and a whole host of other HR responsibilities.
One of the most useful and powerful capabilities of BambooHR is its support for workflows, allowing you to define rules and policies to automate many day-to-day HR tasks. There is a wide range of reports you can use to measure a variety of variables, as well as e-signatures, onboarding tools, and more. BambooHR is a must-have for every Human Resources department.
Payroll management is the core focus of OnPay, and is in use by many small and medium-sized companies around the United States and beyond. Among other things, OnPay makes it easier than ever to calculate wages, administer benefits, handle tax information, and of course, pay your employees.
Like most of the other applications on this list, OnPay includes powerful reporting functions that allow you to centralize important employee information, as well as onboard new hires. It even has a lifetime accounts function that will enable employees to access their pay stubs and W-2 forms even after they've left the company.
Freshteam was designed to do one thing: manage your recruiting and onboarding efforts. With its own built-in recruiting CRM, Freshteam combines all the functionality related to hiring, including applicant tracking, collaborative hiring, and onboarding, into one simple and straightforward interface.
Freshteam is even able to help manage the actual job posting process, including a posting management module that allows you to quickly and easily post open positions online. Given that recruiting is just one piece of the HR pie, Freshteam can easily integrate with other major HR software platforms, both those developed by Freshteam and by third-party developers as well.
These are just a few of the many tools at the disposal of the Finance and Human Resources departments. Whether you're looking for a payroll management platform or a mass payment system for multiple industries, these tools will set you on the right path to increase your efficiency and productivity like never before.