Have you ever tried running a marathon in your socks? Probably not. But imagine it for a moment. In practice: it's possible, but far from ideal.
The same logic applies to the role of Chief Financial Officer (CFO). You know how to perform without tools, but you're not reaching your full potential.
That's exactly where FinTech tools come in. They are designed specifically to make you more efficient.
But here's the catch: as you know, choosing the right FinTech tool can be a real headache. That's why we designed this article as a shortlist of the best solutions.
To help you as much as possible, the FinTech solutions we selected are grouped by your areas of concern. You'll find them organized into 6 sections:
CFOs, ready to save time choosing your FinTech tools? Let's go!
We don't need to tell you: everything starts with bank statements. They show the company's cash flows.
Based on these statements, it's up to you, the CFO, to help the company make use of its data in time.
Here is our selection of FinTech tools to support you in this area:
Revolut is one of the neobanks originally focused on B2C. It is now also making a name for itself among businesses with its very comprehensive business offering.
Who trusts it: Clausematch, Kiwi.com, Ted Baker London.
Why try it? To benefit from its smart cards and multi-currency accounts with real-time exchange rates. To take advantage of the integrations available with Slack, Zapier or Clearbooks.
Stripe is an all-purpose online and offline payment solution. When it launched, its API made it famous. Today, this start-up is expanding its offering with products tailored to:
- marketplaces,
- e-merchants,
- and software platforms.
Who trusts it: Deliveroo, Asos marketplace, ManoMano.
Why try it? Three reasons make this solution particularly appealing:
- its user experience,
- its catalog of preconfigured integrations,
- and its flexible billing system (suited to every pricing model).
Checkout.com is a SaaS solution. It:
- accepts a wide variety of transactions in a great many countries,
- offers an API,
- provides a payment reconciliation system,
- includes a real-time tracking view.
Who trusts it: Wise (formerly TransferWise), Cheerz.
Why try it? For the variety of payment methods it accepts:
- digital wallets,
- local payment methods,
- major credit cards.
Lemonway is a platform that simplifies payments for your marketplace. It works for B2B, B2C and C2C, as well as for financial marketplaces. Its offering ensures compliance, identification and transaction security.
Who trusts it: Oui SNCF, October, Engie, HelloAsso.
Why try it? For features such as:
- KYC (Know Your Customer), included in the account opening process,
- the 14 currencies supported by the platform,
- bank transfers. No extra action is required on your part: they are processed and credited to the payment accounts.
The icing on the cake? An infrastructure with 99.9% reliability and availability.
Alma guarantees your payments and lets your customers spread their payments over time.
Who trusts it: Panda Tea, Asphalte, Le petit lunetier, digistore24.
Why try it? Because Alma guarantees your payment while improving the user experience. The solution works both online and in store. It lets your customers pay in 2, 3 or 4 installments.
We don't need to tell you: originally, this system is governed by tax-driven rules. Accounting is therefore not optimized by design for running a business.
So it's up to you, the CFO, to analyze the accounts frequently. But here's the thing... You know the story, access to these accounts is often limited. Limited by the capabilities of the accounting software you currently use. Or by the scope of your accountant's engagement.
To get around this, here are our FinTech tool recommendations:
Sage offers accounting software suited to companies of all sizes. The solution gives you a real-time view of all your accounts. It instantly synchronizes all your bank data.
Who trusts it: Lemer Pax, IKPO, SBM Formulation.
Why try it? Because the solution connects directly to EMASPHERE. That means you can benefit from preconfigured, customizable dashboards in no time. In addition to this connection to the EMASPHERE performance management platform, Sage is also available in the Cloud. The solution also offers a very broad range of integrations.
EMASPHERE lets you bring together:
- your data flows,
- your accounts and forecasts (even from multiple entities),
in one consolidated view.
It is multi-currency and multi-system (accounting software, ERP, CRM, etc.).
Who trusts it: Duke and Grace, PwC pour entrepreneurs, Jimmy Fairly.
Why try it? Because the platform even eliminates and reconciles intercompany entries. Another strength: it lets you drill down to the finest level of detail (down to the individual accounting entry) for each entity.
Let's face it: in the race to produce reports, every finance professional has had a soft spot for Excel at some point. Let the CFO who has never sworn by this tool cast the first stone! (And send us an email to tell us about it!).
In the meantime, back to our quest for the FinTech tool that fits your needs. To put it simply: for all its capabilities, Excel has its limits. The one most likely to slow you down in your CFO role? The risk of inaccuracy...
Because wherever there's manual data entry, there's risk. And those risks of error can't be completely avoided, even with careful checking... A real pebble in the shoe of the numbers athlete that you are.
Here is a reliable FinTech alternative for building your reporting:
EMASPHERE is a platform that brings together your data flows, accounts and forecasts. It turns your data into preconfigured and/or customizable management dashboards. Its main features cover:
- cash management,
- management consolidation,
- analytics management,
- budgets and forecasts,
- operational dashboards.
Who trusts it: Eutraco, Cayman Group, Whitestone, Etienne Piron.
Why try it? Because this SaaS solution gives you a precise view of your receivables, payables and financial debt.
This is undoubtedly one of the responsibilities that slows CFOs down the most.
On its own, administrative management covers:
- payroll,
- expense reports,
- commissions,
- sales and purchase invoices...
So the list is long... BUT: good news! Here are FinTech tools that will make the job easier:
Isabel Group offers a suite of solutions that simplify your payment procedures. Once your bank details are synchronized, you can launch payments directly from your favorite software. At the same time, you can also automate repetitive tasks such as:
- importing and exporting bank data,
- or reconciling invoices.
Who trusts it: Partners such as Assistool, Billit, EMASPHERE, Zapier or Teamleader.
Why try it? For its wide range of compatible banks:
- BNP Paribas,
- bunq,
- ING,
- HelloBank…
Spendesk is an all-in-one spend management solution. It gives finance teams more control, visibility and automation. The platform handles:
- spend approvals,
- reimbursements,
- and invoice management.
Who trusts it: Botify, Birchbox, WeAreSocial, GetAround
Why try it? For Spendesk's simplicity and the cards (physical or virtual) it offers.
Beqom is compensation management software aimed in particular at sales departments. The solution lets you set objectives and incentives. You can assign territories to your sales reps and track their performance.
Who trusts it: Orange, DHL, Mercedes-Benz, BNP Paribas, Elior Group.
Why try it? Because the tool benefits several departments of the company. HR cuts the time spent on support tasks by 65%. Compensation-related infrastructure and support costs are reduced by 98%. Salary review processes are 6 times faster.
PayFit is payroll software that can automatically generate your teams' pay slips. All payroll specifics are taken into account, and a dedicated team handles legal monitoring and updates.
Who trusts it: TechCrunch, Les Echos, CNBC, Maddyness.
Why try it? For its additional features such as time tracking, expense reports and leave management.
"Careful, the light is red!", "Go ahead, all the lights are green"... Oversimplifying a little, that's what your recommendations as CFO can look like.
On paper, nothing could be simpler. But things get more complicated when you consider how strategic these recommendations are. To deliver relevant analysis, you need to understand, anticipate and work around risks.
Which tools should you use to forecast the risks your company is exposed to? Here's our answer:
Creditsafe reduces financial risk. The solution offers more than 330 million company credit reports. The tool lets you anticipate potential defaults by your:
- customers,
- suppliers,
- prospects.
The company also offers debt collection solutions to deal with unpaid invoices.
Who trusts it: Kiloutou, Apsal, Simagec.
Why try it? Because the leading credit insurers also endorse Creditsafe. Its scores and limits are therefore among the most reliable in the industry. In practice, the solution can predict 80% of all defaults up to 12 months in advance.
SentiLink is a solution that prevents synthetic identity fraud. It goes beyond KYC (Know Your Customer) solutions. As a result, it helps banks and lenders avoid losing billions of euros a year.
Who trusts it: Forbes (Cloud 100 Rising stars of 2020) and Business Insider (38 B2B Breakout stars).
Why try it? Because SentiLink's synthetic scores are highly accurate. Its false-positive rate is among the lowest on the market.
GoCardLess is a SaaS solution for collecting recurring or one-off payments. It works in France and internationally.
Who trusts it: Doctolib, Zenchef, Meilleurs agents, Payfit.
Why try it? For two main reasons:
- the potential savings the solution claims,
- the solution's integrations with platforms such as Sellsy, Upflow or Mangopay.
This section will speak to CEOs as much as to CFOs... It's all about the challenges of financing the company.
In this process, the spotlight is usually on you, the CFO. It's up to you to demonstrate the company's structured management and financial health.
What solutions does FinTech offer to help CFOs with this? Here are our favorites:
October makes you a promise. A fast, frictionless B2B lending experience. That positioning makes it your company's ally, whether for:
- its digital transformation,
- its international expansion,
- its refinancing,
- growing its team,
- or optimizing production.
Everything becomes possible thanks to individual and institutional investors.
Who trusts it: 5àsec, Olmix, Editialis, Bio Burger, Accor Hotel.
Why try it? For the speed of:
- the loan application (about 1 minute),
- the application review (allow 2 days),
- fundraising (completed within one week).
Edebex is an online marketplace. It lets companies sell their outstanding invoices to investors. Both parties benefit from the transaction. The selling company gets cash. The buying company puts its surplus cash to work.
Who trusts it: The European Commission, which awarded it the Seal of Excellence. B2B Financing Marketplaces, which presented it with the W1F Finance Awards 2018 prize.
Why try it? For its tool that calculates the sale price of your invoice. For financing of up to 100% and fast processing of requests.
Ledgy simplifies the management of fundraising rounds. The solution:
- automates the document signing process,
- lets you share KPIs and reports with your investors,
- centralizes your legal documents,
- provides fundraising templates.
Who trusts it: Frontify, Wefox, Yamo.
Why try it? Because the tool also lets you track your employees' stock ownership plans.
As you've probably gathered, adopting the right FinTech tool is about finding the shoe that fits. A shoe that complements your talents and improves your performance.
To go further, think of your FinTech tools as a full set of sports gear. The right shoes are already a (big) step forward for your performance. But to stay one step ahead... you need to choose all of your gear with the same care! Every new item should perfectly complement the shoes you've chosen.
The same logic applies when you select your FinTech solution. Anticipate your needs and the solutions that are compatible with the FinTech solution you choose. All the solutions you need must be able to work together. With an ecosystem like that, your user experience will be optimized. Your efficiency will improve as a result. In short: favor complete, coherent ecosystems. Once you're equipped, you'll have everything you need to go the distance in your CFO role. That's why choosing your tool is so decisive.
Ready to trade your sneakers for seven-league boots? We've got you covered! Download our ebook on FinTech tools for finance teams. Inside, you'll find the solutions most widely used by our customers.