Let’s take a look at some powerful CFO tools in the market for all types of industries. Accounting software ranges from small and simple to huge and extensive. To give you an overview of the best players for SMEs on the market, we start with the most popular established solutions and work our way to the underdogs and newcomers.
LexOffice as a complete solution
If you are looking for a comprehensive tool with open interfaces, you will find it with LexOffice. It is therefore not surprising that the cloud alternative LexOffice comes across as well-thought-out software. For example, files can be attached when sending invoices and payments can be made via PayPal.
However, with the relatively large scope of services, the simplicity of the solution is also lost. The provider advertises that the tool can be easily used even by non-financial experts, but it will definitely take some time to get used to it. In return, companies also receive one of the most comprehensive solutions on the market as a FP&A software.
Cost: Companies with more than a few employees should consider the Accounting & Finance, Accounting & Report and Invoice & Finance solutions in combination and are then $40 / month.
SevDesk as comprehensive accounting software for small and medium-sized companies
SevDesk is a solid alternative to LexOffice. Also “Made in Germany”, the software has similar features and can even be connected to almost any business account. The connection with DATEV takes place via an export and is therefore not quite as seamless. Some users report that the individual functions are a little less sophisticated.
Companies that sell physical products might also be interested in SevDesk’s online storage software.
Cost: $19.90 / month and €4.90 for each additional user. If you want to add inventory management, you end up with €43.00 per month.
Debitoor as a slim and user-friendly alternative
If LexOffice and SevDesk are a bit too powerful for you, Debitoor might be better for you. However, a tax advisor is definitely needed here, as Debitoor only covers simple accounting, not double accounting.
Thanks to the extremely user-friendly design, even beginners can get up to speed quickly and, like with SevDesk, the data can be transferred to DATEV via export/import.
Cost: $15/month in an annual subscription for version M with one user, €24/month for version L with three users.
Accounting Butler surprises with API and connection options
Much less well known than the first three candidates are accounting butler. The software is ahead in terms of price and connection options. So it may well be worth taking advantage of the 30-day test phase.
Even with the accounting butler, double-entry bookkeeping is not easily possible in the tool. Thanks to the export and integration options (including directly to DATEV companies online), the experienced hobbyist can create a powerful system landscape. Unlike Debitoor, Accounting Butler grows with the increasing requirements of a company.
Cost: $35.40 / month for the enterprise version with 3 users.
Subscription management and payment processing tools
Processing recurring payments plays a major role, especially for SaaS companies. The following three providers immediately stand out here and provide support with topics such as offer and subscription management.
Chargify as a power tool for SaaS companies
A popular and powerful option for all SaaS businesses is Chargify. When it comes to monthly subscriptions, the tool pretty much covers everything. Offers can be created and sent and completed subscriptions can even be assigned to marketing campaigns.
Churn rates and statistics can be viewed directly in the tool. Customer loyalty can be improved through analytical insights. For example, the tool can send automatic emails to customers to remind them about payments.
Unlike Stripe and GoCardless, Chargify itself does not process payments itself, but offers integrations with payment gateways (including Stripe and GoCardless).
Cost: $520 / month plus 0.9% of sales via the platform.
Stripe for managing and processing online payments
The industry standard for handling online payments from clients is Stripe. Without becoming too deeply involved in technological development yourself, Stripe makes it simple to send invoices and receive loan payments from your app or website.
Crucially for CFOs: easier payments mean faster payments, which means better cash flow management overall. Stripe also includes helpful financial reporting tools that easily integrate with your accounting program.
Cost point: Prices are based on the payment volume.
GoCardless specifically for direct debit payments
GoCardless solves a similar problem to Stripe (above): it helps customers pay easily and on time. But instead of facilitating credit card payments, GoCardless focuses on direct debit.
With just a few clicks, your customers can authorize your business to collect recurring direct payments. So here again a typical SaaS helper – but the service also works for one-off invoices.
By the way, there are integrations with Debitoor, Accounting Butler and Sage, for example.
Cost point: Prices here are also based on the payment volume.
Spend Management Tools
Accounting software is often not enough to understand where and why companies spend money. CFOs can benefit from an additional tool, especially when it comes to travel costs, subscription payments and office expenses.
In the enterprise sector, SAP Ariba and SAP Concur are the best-known and most popular tools. But what options are there for SMEs?
Spenderk as an uncomplicated and powerful solution for a clear overview
Spenderk helps companies manage their expenses more intelligently – the tool is designed for both the finance department and employees and is tailored to the needs of modern companies.
Day-to-day expenses can become tricky for many businesses if they rely on outdated payment methods and lose track of everything. With outdated technology and old-fashioned processes, most companies don’t really know who is spending what, why, or who has given permission to do so.
Spenderk offers modern, understandable expense management. Employees never have to pay with their own money since they have access to real and virtual cards with adjustable limitations.
The finance team has full visibility into all expenses, can set individual limits and guidelines, and saves time with automated allocation of payments and easy export of all data to common accounting software.
