A host of digital services are streamlining basic accounting tasks for small- to medium-sized businesses, saving owners and their finance teams time and money. At Navitance, we’re always watching the market for financial applications that improve our clients’ day-to-day operations. And, after the April 20th FinTech Sandbox Demo Day we’re confident we’ll have more complementary solutions to track.

Here, we’re highlighting 5 services we recommend to clients in conjunction with financial management consulting.

  1. Bill.com synchs to your accounting software to simplify accounts payable and receivable processes by paying or invoicing bills electronically. Because checks with Bill.com’s routing and account numbers are delivered on behalf of users, you can rest assured that your banking information won’t be compromised. The app also includes an approval process to deter inappropriate activity, like the setup of fictitious vendors.
  2. Concur offers cloud-based travel and expense management solutions, helping your company gain greater insight into and management of spending patterns.
  3. eBillity tracks, manages, and bills for individual or team project time. Providing insight into job costing and burn rates, eBillity is cloud-based and compatible with a range of accounting tools to scale with you, from freelancer to team manager. eBillity also offers ease and security to larger teams by allowing employees and contractors to enter time – seamlessly synching with tools like QuickBooks – without accessing your private accounting file.
  4. Expensify provides online expense report management through automatic report submission, real time rule-based approvals, and rapid reimbursement.
  5. Hubdoc converts your company’s receipts, bills, invoices, and statements into data that’s exportable to accounting platforms. Working with an accounting firm? Hubdoc will retrieve all relevant documentation on your behalf and deliver it to your partner, reducing administrivia for you and wait time for your accounting team.

A Word to the Wise                                      

Users should be wary of applying a sleek and promising tech solution to a problem they may not have. Carefully consider if the application addresses areas of existing operational friction and approach implementation with a thoughtful testing and measurement plan to ensure seamless rollout and success monitoring. Without frontend evaluation and preparation, a $50 digital subscription could turn into 100 hours of damage control.

We’re eager to hear about your experiences. Tell us which financial applications have worked best for your business and why.