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How to choose the right software for your business’s fintech stack
Business Travel

How to choose the right software for your business’s fintech stack

39 min read

An optimized financial tech (fintech) stack can give your organization that strategic boost it needs to improve its financial processes. But as with many finance software solutions, there is often no one-size-fits-all approach. So how do you know which fintech tools your company needs, and where do you start to find the best ones?

What is a core fintech stack?

A financial technology stack (fintech stack) is a set of fintech tools that integrate to run, support, and optimize your finance and accounting processes. These tools typically fall into these categories:

  • Payments
  • Spend management
  • Payroll and benefits
  • Equity and financing
  • Accounting and reporting
  • Financial planning and analysis

As you start to research and demo the tools to fill your fintech stack, it’s smart to ask yourself these questions:

  1. Integration: Does the solution play nicely with all your existing tools? Does it replace a tool you are already using?
  2. UX (User Experience): Is it intuitive and easy to maneuver? Do users like using it or is it a pain?
  3. Pricing: Can you afford it? Is it subscription-based or a one-time expense?
  4. Scalability: Can it scale as you grow?

Check out our helpful guide to discover some examples of fintech and how they can benefit your company and set you up for success.

Payments

Payment tools allow you to automatically send and receive the money you need to keep business moving. Automating your payment processing and securely tracking every payment can help set your books in order and keep fraud at bay each month.

bill software

Bill.com

We may be a little biased, as Divvy is a Bill.com company, but hear us out: Bill.com is a solid choice for bill pay options. The company allows your business to automate the accounts payable and accounts receivable process to streamline your finances. And of course it easily integrates with Divvy.

How does this solution stack up?*

Integration
With two-way automatic syncs, you can make sure Bill.com is staying up to date with your other software, including QuickBooks, Sage Intacct, Xero, Oracle Netsuite, Divvy, and more.

UX
The UX is easy to use and continues to improve over time.

Pricing
The monthly subscription-based cost depends on the plan you choose and how many users you have.

Scalability
Bill.com is made for businesses big and small, so it can grow with you when you need it.

Overall pros

  • It saves time
  • It’s easy to use
  • It works across many devices
  • It integrates easily with Divvy
Square software solution

Square

Chances are you’ve swiped or tapped your card using Square’s seamless payment portal. If you want to help your in-person customers make payments easily and securely, Square is a smart (and popular) point of sale option.

How does this solution stack up?

Integration
Square can integrate with QuickBooks, Stitch Labs, IFTTT, TaxJar, and more.

UX
The UX isn’t perfect, but it’s generally easy to use.

Pricing
The software and the first Square Reader (to scan credit and debit cards) is free, but you will pay 2.6% + 10¢ for every transaction where the card is present.

Scalability
Square is great for small and medium-sized businesses, but large businesses tend to find other solutions for their point of sale.

Overall pros

  • It’s easy to set up and use
  • It works well for small and medium-sized businesses

Overall cons

    • Those transaction fees add up
    • It might not be the best option for enterprise-level businesses
Shopify software

Shopify

If you have (or want to create) an online store, Shopify can help. Your business can sell, ship, and process payments from anywhere with a Shopify ecommerce hub.

How does this solution stack up?

Integration
Shopify integrates with QuickBooks, Xero, FreshBooks, ZipBooks, and more.

UX
Setting up and utilizing Shopify takes some getting used to, but it’s not overly complicated, and with a little practice it becomes easy enough to use.

Pricing
Shopify has a monthly subscription fee that varies depending on which plan you choose.

Scalability
Shopify works well for small and medium-sized businesses. Enterprise-level businesses would be better served by Shopify Plus (at a higher price) or other options.

Overall pros

  • It can grow as your business grows
  • Good customer support

Overall cons

  • Some consider the Advanced plan to be too expensive

Spend management

Implementing a successful tool to manage spending helps you track, manage, and control all your company spending from employees to vendors all in a single platform.

Divvy software

Divvy

Of course we had to include ourselves! Divvy’s free spend management solution gives you the business credit you need and the right software to manage it. This can help you save time and better manage your money.

How does this solution stack up?*

Integration
Divvy integrates with QuickBooks, Sage Intacct, Oracle NetSuite, Bill.com, and more.

UX
The expense management software and mobile app are easy to understand and use.

Pricing
Divvy is completely free to use.

Scalability
Divvy is a great fit for all small to medium-sized businesses, but might not be the right choice for enterprise-level organizations.

Overall pros

  • Saves time
  • Free to use
  • Great customer support

Payroll and benefits

Typically owned by the human resources department, payroll and benefits technology can streamline your day-to-day operations and make sure wages and taxes are paid on time.

gusto software

Gusto

This choice offers modern payroll, benefits, PTO tracking, and HR in one. Small and medium-sized businesses can choose the right tier of service (each with a different price point) for their exact needs.

How does this solution stack up?

Integration
Gusto integrates with QuickBooks, Sage Intacct, Salesforce, and more.

UX
Users generally find Gusto to be simple and user friendly.

Pricing
There are different monthly subscription plans that vary depending on your needs.

Scalability
Gusto easily grows with fast-growing businesses

Overall pros

  • Affordable full-service payroll plan
  • In addition to payroll, Gusto can help manage benefits and hiring
  • It saves time and is easy to use

Overall cons

  • Some complain about the customer support—only Concierge subscribers receive dedicated support
Paychex flex software

Paychex Flex

If you want detailed reporting in your payroll services, you want Paychex Flex. With more than 160 reports, you’ll get a full picture of wages, taxes, and more.

How does this solution stack up?

Integration
Paychex Flex integrates with QuickBooks, Xero, BambooHR, and more.

UX
This option is generally user friendly, but it can be difficult to create custom reports.

Pricing
The price is either a monthly fee based on the number of employees, or a custom price based on your needs. Also, there are hidden fees for setup.

Scalability
While very small business owners are often happy with these services, some customers find that Paychex Flex doesn’t work as well for companies with hundreds of employees.

Overall pros

  • In addition to payroll, this software can manage employee benefits, HR services, and more
  • Standard options are easy to use

Overall cons

  • Customer support could be better
  • Not as efficient for companies with hundreds of employees
  • Hidden fees
onpay software

OnPay

OnPay is a great payroll solution for small businesses because it has a straightforward monthly price with no hidden fees. It’s also easy to use for companies that have never set up payroll services before.

How does this solution stack up?

Integration
OnPay integrates with QuickBooks, Xero, Vestwell, and more.

UX
The software is straightforward and easy to use.

Pricing
The monthly subscription price depends on the number of employees. The base price is more than other similar solutions, but this is because it includes more options up front instead of charging add-on fees.

Scalability
OnPay can grow with you while making the move from a small to a mid-sized business.

Overall pros

  • Easy to use
  • Transparent pricing
  • Includes several useful HR features

Overall cons

  • No option for automatic payroll submission

Equity and financing

Utilizing solutions for your organization’s equity and financing can help save you a lot of money and headaches in the future. These tools are designed to facilitate investor relationships, manage your business capital, and ensure your business is financially prepared for success.

Carta software

Carta

Carta makes it easy for private companies to handle equity. They manage valuations, investments, and equity plans. Do you need a cap table or a 409A valuation? Carta has you covered.

How does this solution stack up?

Integration
Carta integrates with Bamboo HR, Workday, and Namely.

UX
The software isn’t always intuitive, and sometimes it can take some digging to find the information you need.

Pricing
The cost varies depending on many factors, including stakeholder count and cap table complexity.

Scalability
As your startup grows, Carta can grow with you.

Overall pros

  • Lots of options
  • Good for startups

Overall cons

  • Getting help from customer support can be challenging
  • Not always easy to use
  • Setting up the account might take longer than expected
Certent software

Certent Equity Compensation Management

If your company needs streamlined equity management, Certent is a good option. Easy tools allow you to manage, administer, and report on equity for your employees.

How does this solution stack up?

Integration
Certent integrates with Microsoft Excel.

UX
The software is sometimes tricky to navigate.

Pricing
You can request a demo to learn about pricing options.

Scalability
Certent works well for small and medium-sized businesses.

Overall pros

  • Good customer support
  • Useful analytics
  • Easy to implement and use

Overall cons

  • Might be slower to reach ROI
  • Not the best UX

Accounting and reporting

Your CFO’s BFF. Integrating your financial information and monitoring its performance across your organization can lead to finding actionable insights to enhance your business planning and decision making for the future.

Quickbooks online software

QuickBooks Online

QuickBooks Online is a cloud based financial management software. It’s designed to cut the time you spend managing your business finances by creating invoices, tracking cash flow, and managing suppliers.

How does this solution stack up?

Integration
QuickBooks integrates with Amazon Business, PayPal, SOS Inventory, Method: CRM, and more.

UX
While some aspects are very user friendly, others can be tricky to use.

Pricing
The monthly subscription cost depends on the plan you choose.

Scalability
While great for small to mid-sized businesses, QuickBooks can sometimes be too tedious for enterprise-level organizations.

Overall pros

  • Popular with small businesses
    integrates with many other software options
  • Offers integrated payroll and time tracking
  • Transparent pricing

Overall cons

  • Many reviews complain about poor customer service
  • Some features are hard to use
Sage intacct software

Sage intacct

Save time with streamlined business processes including accounting, cash management, vendor management, and more, all through the cloud. The plan can be customized to fit your company’s needs.

How does this solution stack up?

Integration
QuickBooks integrates with Amazon Business, PayPal, SOS Inventory, Method: CRM, and more.

UX
While some aspects are very user friendly, others can be tricky to use.

Pricing
The monthly subscription cost depends on the plan you choose.

Scalability
While great for small to mid-sized businesses, QuickBooks can sometimes be too tedious for enterprise-level organizations.

Overall pros

  • Popular with small businesses
    integrates with many other software options
  • Offers integrated payroll and time tracking
  • Transparent pricing

Overall cons

  • Many reviews complain about poor customer service
  • Some features are hard to use

Financial planning and analysis

The majority of financial planning and analysis takes place in Excel and Google Sheets—which means they are prone to user error. It’s time to take advantage of tools that take your FP&A one step further.

Planful software

Planful

From financial planning and consolidation to reporting and analytics, Planful’s platform increases productivity and accuracy for every step of FP&A.

How does this solution stack up?

Integration
Planful integrates with Salesforce and Sage Intacct.

UX
The user interface is sometimes tricky.

Pricing
To learn about pricing you will need to talk to an account rep about your organization’s needs.

Scalability
This product works for organizations of all sizes.

Overall pros

  • Provides useful analytics

Overall cons

  • Some users complain about the customer support
workday software

Workday adaptive planning

Workday Adaptive planning can handle budgeting, forecasting, and many FP&A solutions for companies of any size.

How does this solution stack up?

Integration
This software integrates with Salesforce, Sage Intacct, Oracle, Microsoft Dynamics, and more.

UX
Generally easy to use, but some features could be streamlined.

Pricing
To learn about pricing you will need to talk to an account rep about your organization’s needs.

Scalability
This product works for organizations of all sizes.

Overall pros

  • Saves time
  • A more user friendly interface than Planful

Overall cons

  • Some users complain about lack of reporting flexibility

In the end, make sure you are stacking your financial technology in favor of your company and where your needs are each year. Discover these and other solutions you can add to your business with the Divvy SMB Toolbox.

The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided “as-is”; no representations are made that the content is error free. This information is provided by teams from Divvy and Bill.com.

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