6 Key Business Apps Every Finance Team Should Have In 2022 | Blog

Finance teams face a renewed challenge of achieving greater efficiency with every new year and keep up with the speed of technological innovation.  So, what finance apps should a Finance Department have in their 2022 livery to boost their efficiency and lower their operational costs?

There is a multitude of options out there, with apps that serve practically every purpose – from payments to communication to overall business performances. It is difficult, therefore, to narrow the field to just a few of the absolute best, but we have managed to do just that, creating a shortlist of 6 apps that we believe every finance team should have if they want to stay ahead of the crowd in 2022.

1. DocuSign

DocuSign allows documents to be signed electronically, quickly and simply, even if the third party is on the other side of the world. It is perfect for closing deals for finance teams with third-party vendors or clients, as well as for getting internal budgeting and expenses approved.

Key Features

• Range of documents can be easily created with robust form functionality, including checkboxes, dropdown tags, and currency fields amongst many options
• Simple PDF Form Conversation, automatically recognizing and converting to signer fields.
• Data Validation helps to eliminate data entry errors
• Specify multiple signers, and assign recipients different roles and access via specified permissions.
• Multiple levels of signer authentication establishing requirement to prove signer identity before gaining access.

Integrations

Documents can be stored and retrieved via cloud storage services – Google Drive, Microsoft Office 365, Box, Dropbox, Evernote, Microsoft SkyDrive, Egnyte and Citrix ShareFile.

Price

Three annual options: €110, €290 or €475

2. Gusto

Efficient and easy to use, Gusto allows businesses to manage their payroll online. It’s good news for finance teams because their typical workload can actually be reduced dramatically as a result. Companies only need to register to begin managing their payroll.

Key Features

• A complete range of payroll and associated documentation can be managed in a single, easy-to-use location. All payroll taxes are filed automatically.
• Makes it easy to keep on top of employee financial benefits and entitlements.
• Allows self-onboarding of the employees, making it easier to watch and inform new recruits
• Automated time tools allow for the convenient management of employee hours, time off and holidays. And because it’s integrated with payroll, time required is slashed dramatically.

Integrations

Integrated with a vast array of software and platforms, including Asana, Google Workspace, Dropbox, Slack, Freshbooks, Sage, Microsoft 365 and Quickbooks.

Price

Four monthly options, plus per person rate:  €35 (+ €5pp); €35 (+ €11pp); €135 (+ €11pp); customised rate (for 25 staff or more).

3. Slack

Already a hugely popular app, Slack is an ideal communication app for any financial department. The clutter of everyday emails and messages can slow down productivity, but this app allows finance teams to have direct conversations within the team. The result is greater time efficiency in finding solutions to problems that might crop up.

Features

• Create dedicated channels for specific purposes
• The Slack Connect features allows you to connect to Slack channels outside your organization, streamlining your communication with vendors faster
• Huddles feature makes ‘quick chats’ possible without video
• Powerful search functions help locate documents and other files faster

Integrations

Slack can integrates with more than 2,000 other software and apps, including Google Drive, Office 365, Zoom, Box, Asana, Workstreams and Trello.

Price
Four monthly options: Free; €6.25; €11.75; customised rate

4. Kefron AP

Kefron AP is a Cloud-based software that provides an Accounts Payable Invoice Automation solution, digitising invoices for ease of processing, approval and record keeping. Automated AP systems mean businesses can streamline their invoicing process, eliminate human error, lower costs per invoice and more effectively prevent fraud.

Key Features

• Invoice data capture and extraction from paper and electronic invoices can be uploaded directly to the Kefron AP system, allowing instant access to any invoice at any stage of the AP process.
• Automated GL coding applied to supplier invoices makes easy data analytics and reporting.
• Automated invoice approvals cuts time taken for invoice turnaround, and opens up the possibility of early payment discounts.
• A Supplier Portal provides suppliers with visibility of their processed invoices, reducing the need for supplier queries.
• A full 3-way PO matching service ensures more concise reconciliation of AP records.

Integrations

Kefron AP seamlessly integrates with some of the world’s best-known apps, including Sage, Microsoft Dynamics, SAP, Oracle, Accounts IQ and NetSuite.

Price

Contact Kefron for pricing options.

5. NetSuite

A leader in cloud Enterprise Resource Planning, NetSuite ERP platform is an all-in-one cloud business management solution helps businesses to successfully streamline their processes through real-time visibility into operational and financial performance. The suite of integrated apps covers everything from managing accounting to order processing to inventory management.

Key Features

• It’s accounting software streamlines a host of financial processes, providing a detailed view of cash flow and financial performance, to expedite transactions and ensure financial compliance.
• Improves order management processes by eliminating manual bottlenecks, preventing errors and smoothening the overall workflow.
• Achieve greater inventory visibility through monitored inventory levels, order delivery compliance, and item delivery tracking.
• Analytics & Reporting from real-time operational and financial performance across all business functions. Role-based dashboards and key performance indicators (KPIs) help you to keep a constant eye.

Integrations

NetSuite ERP offers a range of inhouse financial and business management apps  However it can also integrate with SAP, Oracle, and the stable of Google Apps.

Price

Subscription to an annual license fee, while an initial set-up fee is also charged. Contact NetSuite for details.

6. Evernote

Evernote promotes simple and more effective organisatiojn and collaboration through online note-taking. The app is a project management tool more than a financial tool, but it’s great advantage is that it can boost a financial department’s ability ot operate efficiently.

Key Features

• Tasks feature allows you to easily create To-Do Lists and just as simply tick them off as each task is done.
• Notes saved online and synced automatically across all your devices.
• Easy retrieval by searching by title, date, content type and keywords – including words in pictures and handwriting.
• Web Clipper allows web-based content, from articles, to web pages to screen captures, to be saved directly to Evernote.

Integrations

Evernote integrates with a small selection of apps, including Google Drive, Google Calendar, Slack and Microsoft Teams.

Price

Four monthly rates: Free; €6.99; €8.99; €13.99 per user (Evernote Teams)

If you would like to talk to a Kefron’s team member and learn more about Accounts Payable Automation technology click here.