Managing business finances once meant pouring over bulky ledgers and maintaining stacks of paper receipts. Today, an organisation’s figures are digital, streamlined and available 24/7.

Financial apps and websites are the unsung heroes that allow a business to not only survive but thrive in today’s economy. They’ve become the gatekeepers of accuracy, productivity and financial clarity, proving that in the world of business, technology isn’t just a boon – it’s a lifeline.

Mark Vanzo, who launched Melbourne-based brokerage SMART Business Insurance around 10 years ago, says he’s staggered by how far things have come since he managed his previous business.

“We used to have a pretty decent idea of where we were at, financially,” he says. “But we didn’t know precisely until the accountant reconciled at the end of the year. Now, we pretty much know in real-time, every day, where we are.”

Managing cash flow, payments, expenses, and profit is essential for any competitive enterprise. Here are some digital tools to help.

1. Xero

With 12 employees, Vanzo says Xero enables his bookkeeper to efficiently automate SMART Business Insurance’s tasks and payments, while he likes to use the accounting software to keep track of his company’s expenses and bottom line. 

“When looking at profit and loss, your accountant may once have had 10 lines of expense items,” he says. “Now with Xero, we have probably 30 lines of items, so we can see which expenses are up and which ones are down.”

Vanzo says he loves being able to run custom reports on Xero.

“My favourite is to run the current month, quarter, half year, and full year versus the same period for the last three years. This is super useful for measuring financial growth in real-time. I love that I don’t need to wait for my accountant to tell me how our business is doing.”

Sydney-based Georgia Norton Lodge runs the illustration business Georgia Draws A House and branding agency Soft Launch and employs four people across both businesses.

She says she needs “heaps of digital help” to keep things ticking along smoothly and she checks in with Xero every day.

“When you have a business that has so many different eggs in so many different baskets, being able to trust that everything is being tracked in one place is super valuable. I don’t think we could survive without Xero.”

2. Rounded

When Georgia started, she used Rounded, an accounting software designed for sole traders.

She’s still a big fan and says she recommends the program to anyone starting a business or side hustle.

“I found it really helpful until I had employees, and I thought the aesthetic of it was beautiful,” she explains.

“I love how easy it was to send invoices, whereas previously I was using InDesign and Word. It tells you what money is coming in with a very simple, beautiful pie chart. I found it uncomplicated, without annoying and unnecessary bells and whistles.

“It was exactly what I needed to start a business.”

3. Prospa

Anushka Bandara, CEO of app development business Elegant Media, employs 120 employees across Australia, New Zealand, Sri Lanka, and the US. He says the Prospa App helps him save time by managing his business finances all in one place.  

“You can see all the financial information and where all your cash flow is going, which is very handy for startups and small businesses,” he says. 

One of Anushka’s favourite aspects of the app is its easy-to-use interface on smartphones, which enables instant clarity and constant access. 

“The usability and user experience is much better than some other apps. It’s very easy to navigate and filter to see what you really need. The data is always at our fingertips, which helps us to make better decisions.” 

And when Prospa customers link their Prospa Business Account with a lending solution – such as a Prospa Business Line of Credit – they can control their business finances and cash flow all in one place, anywhere, anytime. 

4. Quickbooks Online

Matt Little, director of outdoor party lighting store Festoon House in Sydney, which has around 100 employees, describes QuickBooks as “an absolute game-changer” in managing his cash flow. 

“QuickBooks Online is my go-to for its user-friendly interface and robust features. It streamlines everything from invoicing to expense tracking, giving me a 360-degree view of my business’s finances.” 

QuickBooks is a paid service, so for those just starting out or budget-conscious entrepreneurs, software Wave comes with free accounting features that don’t compromise on functionality, according to Matt. 

“Wave helps me track income and expenses seamlessly because it links up with our bank accounts, plus its invoicing capabilities are top-notch,” he explains. 

5. Stripe

Many small businesses also rely on payment processing platforms like PayPal, Square, and Stripe, which integrate with other financial tools and facilitate payments.

Anushka is a fan of Stripe for its simplicity, reliability, and customisation.

“Stripe is ultimately a tech product rather than a finance product, so it’s very user-friendly, easy to integrate, and easy to use,” he says.

“You also have multi-level user access control, which means you can give tailored access to different people in the company.”