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The Best Tools for Startups, Finance, and Money Management in 2024

The Best Tools for Startups, Finance, and Money Management in 2024

BCA TECH GURU
October 06, 2024

In partnership with

In 2024, launching a business is an exciting and difficult task. The landscape is competitive, fast-moving, and continually evolving. One thing, though, never changes: you still need good tools to track spending, handle money, and make your firm financially stable. With the correct tools, you may drastically improve the way your business operates by saving time, lowering stress levels, and even increasing profitability.

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1. QuickBooks Online: Your All-in-One Financial Hub

When it comes to accounting software, QuickBooks Online is still a leader in 2024. This cloud-based platform is perfect for startups and small businesses that need a reliable tool to manage finances. It handles everything from invoicing to expense tracking, payroll, and even tax calculations.

QuickBooks has improved its user interface this year, making it even easier for non-accountants to navigate. Plus, its AI-powered insights give you real-time updates on cash flow, making sure you know exactly where your money is going at all times.

Best for: Comprehensive financial management for startups and small businesses.

2. Xero: Simple, Yet Powerful Accounting

Xero has earned a solid reputation as a user-friendly, cloud-based accounting software for startups. If you’re looking for an alternative to QuickBooks, Xero is a great option. In 2024, Xero continues to make accounting simple by offering streamlined invoicing, expense tracking, and bank reconciliation features.

One of the standout features this year is Xero’s improved cash flow forecasting, which helps startups anticipate financial trends and avoid liquidity problems. The platform also integrates with over 800 other business tools, making it a flexible solution for growing businesses.

Best for Startups needing straightforward accounting with excellent integrations.

3. Brex: The Startup Credit Card and Cash Management Platform

In 2024, Brex continues to dominate as a financial tool built specifically for startups. Brex offers corporate credit cards with rewards tailored to business spending—such as points on software, travel, and marketing expenses. But Brex is more than just a credit card; it’s also a cash management platform, offering banking services without the traditional fees and hassle of brick-and-mortar banks.

Brex’s real-time expense tracking and receipt management features help startups stay on top of their spending. Its new AI-driven insights help founders make smarter financial decisions and optimize cash flow.

Best for Startups seeking a seamless corporate card and cash management solution.

4. Stripe: The Go-To Payment Processor

For startups that need to accept payments online, Stripe remains the best choice in 2024. Whether you’re running an e-commerce site, subscription service, or marketplace, Stripe makes it easy to handle payments from customers around the world. The platform supports a wide range of payment methods, from credit cards to digital wallets and even cryptocurrency.

The biggest update for Stripe in 2024 is its enhanced fraud detection tools, powered by machine learning. These new features help protect your business from fraudulent transactions without slowing down the customer experience.

Best for Startups needing a reliable, global payment processing solution.

5. Wave: Free Accounting Software for Startups

If your startup is still in its early stages and you’re on a tight budget, Wave is the accounting software for you. It’s free, but don’t let that fool you—Wave offers many of the essential features that paid platforms provide, like invoicing, expense tracking, and receipt scanning.

Wave’s 2024 version includes a refreshed user interface and expanded reporting features, making it easier than ever to keep tabs on your finances. Plus, Wave integrates with other free tools like PayPal and Google Sheets, making it a budget-friendly option that doesn’t skimp on features.

Best for Startups looking for a free but robust accounting solution.

6. Gusto: Payroll Made Easy

Managing payroll can be a nightmare for startups, especially as you begin to grow. That’s where Gusto steps in. Gusto simplifies payroll, benefits administration, and tax filings, all in one easy-to-use platform. Whether you have 2 employees or 200, Gusto scales with your business, ensuring you stay compliant and keep your employees happy.

New for 2024, Gusto has introduced advanced automation features that handle even more payroll tasks automatically, saving you time and reducing the risk of human error. Its transparent pricing model also makes it an attractive option for startups on a budget.

Best for Startups that need a simple, scalable payroll solution.

7. Bench: Bookkeeping Without the Hassle

For startups that don’t have the time or expertise to handle their bookkeeping, Bench offers a solution. In 2024, Bench will continue to provide affordable, outsourced bookkeeping services that let you focus on running your business while their team handles your finances.

The platform integrates with all the major accounting tools, like QuickBooks and Xero, and delivers monthly financial reports so you’re never in the dark about your financial health. With Bench’s dedicated bookkeeping team, you can spend more time building your startup and less time crunching numbers.

Best for Startups looking for outsourced bookkeeping services.

8. Carta: Managing Equity and Cap Tables

If your startup deals with investors, employees, or stock options, Carta is essential for managing equity and cap tables. Carta automates the process of issuing and tracking equity, ensuring accuracy and compliance with tax regulations. In 2024, Carta introduced better integration with payroll systems like Gusto, making it easier to sync stock option grants with employee records.

Whether you’re managing stock options for employees or raising a new round of funding, Carta helps you stay organized and informed every step of the way.

Best for Startups that need to manage equity and cap tables efficiently.

9. Divvy: Expense Management Simplified

Divvy is an all-in-one expense management platform that helps startups keep track of spending in real-time. Its corporate card solution allows you to set spending limits for different employees and departments, while automatically categorizing expenses and syncing with your accounting software.

New for 2024, Divvy’s enhanced budgeting tools allow you to set custom budgets and track spending against them, ensuring that your startup stays financially healthy. Plus, Divvy’s rewards program lets you earn points on your business purchases, making it a smart choice for maximizing your budget.

Best for Startups seeking streamlined expense management and budgeting.

10. FreshBooks: Invoicing and Accounting for Service-Based Startups

If your startup operates in the service industry, FreshBooks is the go-to tool for invoicing, time tracking, and accounting. FreshBooks allows you to easily create professional-looking invoices, track time spent on projects, and manage expenses—all from one intuitive platform. In 2024, FreshBooks introduced improved project management features, allowing startups to track the progress and profitability of their client work more effectively.