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The Best Tools for Startups and Finance in 2024

The Best Tools for Startups and Finance in 2024

BCA TECH GURU
October 03, 2024

Starting a business in 2024 comes with endless possibilities—and plenty of challenges. One of the biggest hurdles for startups is managing finances effectively, whether you’re bootstrapping, securing investors, or scaling up quickly. The good news? There are tons of tools that can help streamline your financial processes, making it easier to track expenses, manage cash flow, and keep your business on the right financial path.

1. QuickBooks Online: The Accounting Essential

When it comes to startup finance, QuickBooks Online remains the go-to accounting software in 2024. With an intuitive interface and cloud-based flexibility, QuickBooks Online allows startups to easily track income, expenses, and taxes. It’s packed with features that make it easy to generate invoices, handle payroll, and get a clear view of your financial health at any given time.

The best part? QuickBooks has AI-driven insights that provide real-time cash flow updates, making sure you stay on top of your finances. Plus, it integrates with just about every other tool your startup might be using, from project management software to payment processors.

Best for: Comprehensive accounting and financial tracking for small to medium startups.

2. Xero: Sleek and Scalable Accounting

Xero is another top-tier choice for startups looking to streamline their accounting in 2024. Known for its easy-to-use interface and powerful integrations, Xero is perfect for small startups that want to grow fast. It helps with invoicing, bank reconciliation, payroll, and expense tracking—all in a clean, user-friendly environment.

Xero’s big strength lies in its ability to scale with your business. As your startup grows, you can easily expand its features with additional tools like inventory management, project tracking, and multi-currency support. In 2024, Xero introduced even more automation for tasks like bill payments, freeing up time to focus on growth.

Best for Startups needing a scalable and highly customizable accounting tool.

3. Brex: The Corporate Card for Startups

Brex continues to be a standout in 2024 as a corporate credit card and cash management solution built specifically for startups. Brex offers startup-friendly credit limits with no personal guarantees, which is a big deal when you’re trying to conserve personal capital.

But Brex is much more than a credit card. It provides real-time expense tracking, automatic receipt management, and rewards geared towards startup needs, like points on software, travel, and marketing. The platform also offers banking services with zero fees, making it a one-stop financial shop for startups.

Best for Startups looking for a powerful corporate card with expense tracking and cash management.

4. Stripe: The Payment Processor for Growing Startups

If you’re running an online business or need to accept payments, Stripe is the payment processor of choice in 2024. Known for its ease of use and versatility, Stripe allows startups to accept payments from customers around the globe. It supports credit cards, digital wallets, ACH transfers, and even cryptocurrencies.

What makes Stripe stand out is its developer-friendly API, which allows you to easily integrate it into your website, app, or e-commerce platform. In 2024, Stripe introduced enhanced fraud protection tools powered by machine learning, giving startups an extra layer of security without complicating the checkout process.

Best for Startups that need a reliable and global payment processing solution.

5. Gusto: Payroll and HR Simplified

Managing payroll and HR can be overwhelming, especially for new startups with growing teams. That’s where Gusto comes in. Gusto makes payroll easy, handling everything from tax filing to benefits administration in one seamless platform. Whether you’re paying full-time employees, contractors, or a mix of both, Gusto has you covered.

In 2024, Gusto has expanded its automation features, making payroll even more hands-off. The platform also integrates with tools like QuickBooks and Xero, so you don’t have to worry about syncing financial data manually. It’s a smart solution for startups that need to scale without hiring a full HR team.

Best for Startups looking for an all-in-one payroll and HR solution.

6. Wave: Free Accounting for Startups on a Budget

If your startup is in its early stages and you’re looking for a free, no-frills accounting solution, Wave is a top contender. Wave offers completely free tools for invoicing, accounting, and receipt scanning, making it a fantastic option for entrepreneurs on a budget.

The 2024 version of Wave has improved its user interface and added more integrations, allowing you to easily connect with other free tools like PayPal and Google Sheets. While it’s free, Wave still offers robust features, including financial reporting and the ability to send and track invoices.

Best for Startups that need a free yet functional accounting tool.

7. Expensify: Hassle-Free Expense Management

For startups juggling multiple expenses, Expensify makes managing business expenses easy. Expensify’s mobile app lets employees snap photos of receipts, and the software automatically creates expense reports that sync with accounting platforms like QuickBooks and Xero.

Expensify’s 2024 update adds more automation, allowing for even quicker receipt scanning and approval workflows. It also features enhanced compliance tools to help you keep track of company spending and ensure you stay on budget. If your startup has employees travelling or spending on company cards, Expensify is a game-changer.

Best for: Startups needing simple, automated expense management.

8. Bench: Your Outsourced Bookkeeping Solution

If bookkeeping isn’t your strong suit and you’d rather focus on scaling your business, Bench offers an affordable, outsourced solution. Bench provides dedicated bookkeepers who handle your day-to-day finances and send you monthly financial reports. It’s like having an in-house bookkeeper without a hefty salary.

In 2024, Bench has introduced more automation for bookkeeping tasks, while maintaining a personal touch through their dedicated bookkeeping teams. Bench integrates with platforms like Gusto and Stripe, ensuring your financial data stays up-to-date across the board.

Best for Startups seeking outsourced bookkeeping services.

9. Carta: Manage Equity and Cap Tables with Ease

If your startup is dealing with equity, stock options, or cap tables, Carta is the best tool to manage it all. Carta helps startups issue and track equity with ease, ensuring compliance with tax regulations and making cap table management a breeze. Carta is especially valuable for startups raising funds, as it helps streamline the process of issuing new shares and managing investors.

The 2024 updates include better integration with payroll systems like Gusto, allowing for easier tracking of employee stock option plans. Carta’s clear and user-friendly interface makes complex equity management simple.

Best for Startups handling equity, stock options, and investor relations.

10. Divvy: Real-Time Expense and Budget Management

If your startup needs to keep a close eye on budgets and spending, Divvy is the perfect tool. Divvy offers corporate cards that come with built-in budgeting tools, allowing you to set spending limits for departments or individual employees. The platform automatically categorizes expenses and syncs with your accounting software, making it easy to track spending in real-time.

In 2024, Divvy’s enhanced reporting features make it even easier to analyze spending patterns and optimize your budget, helping you make smarter financial decisions for your startup.