QuickBooks has long been the standard in accounting software, and for good reason. It’s a robust tool packed with lots of features, and it can scale with your business. That said, it’s not the only player in the game.
And some of the other options can offer advantages. QuickBooks can get costly as you add seats and features. It might also be overly complex, too, especially if your business is still in its startup phase. That’s why plenty of companies have turned to alternatives like Xero and Wave.
As technology explodes, even more options have come onto the scene. Today, we want to talk about some of the newest accounting software solutions. The three we’re covering here are vetted by our team and we’ve deemed them worthy of your consideration.
Campfire
Campfire promises a couple of specific value-adds. First, its software helps to automate accounting and financial reporting tasks. Secondly, it can help to speed and streamline your month-end close, something that has historically required a lot of effort.
Campfire breaks its products into two main categories:
Core accounting
On the core accounting side of Campfire, companies get tools for their:
- General ledger
- Chart of accounts
- Trial balance
- Journal entries
- Accounts receivable (AR)
- Accounts payable (AP)
- Treasury management
Campfire offers fully automated account reconciliation.
This software also lets you work across multiple currencies and multiple entities, so it’s a fit for larger companies and those operating globally.
Revenue automation
Campfire provides a way to move away from spreadsheets and all the manual labor they represent. With integrations to other platforms like Stripe and Salesforce along with bank accounts, it enables companies to pull revenue data in for accounting and reporting. The software also powers automated revenue recognition and offers an invoicing tool that can recognize paid invoices.
Additionally, this software delivers revenue-focused insights with robust reporting functionality and the built-in tracking of key performance indicators (KPIs). You can create charts and pivot tables directly in Campfire, segmenting by product, customer, and more.
Pricing
Campfire doesn’t publicly disclose any pricing information.
Other things to note
Campfire users get access to not just phone support, but also a dedicated Slack channel.
Within the platform, companies can also tap into artificial intelligence that operates conversationally. By asking the AI tool specific questions, users can get answers synthesized from their data.
Puzzle
Puzzle positions itself as the #1 accounting software for startups and specifically compares itself against QuickBooks.
If you’re looking for an easy solution to implement, this software’s promise of a minutes-long onboarding might be appealing to you.
Feature overview
With Puzzle, you get daily updates for your:
- Balance sheet
- Profit and loss (P&L) statement
- Cash flow statement
- Annual recurring revenue (ARR)
- Monthly recurring revenue (MRR)
- Net burn
- Runway
The software can also automate the generation of fixed asset depreciation and prepaid amortization schedules.
AI functionality
Puzzle offers AI-powered categorization and reconciliation, with conversational AI to help you sort out what the automated process couldn’t.
The built-in AI tool can also help you stay tax-compliant. Puzzle uses AI to evaluate your compliance and audit readiness and flag potential issues.
Integrations
Puzzle features integrations with a wide range of other platforms, including:
- Stripe
- Shopify
- Ramp
- Bill.com
- Gusto
- Rippling
- Deel
- Brex
- Mercury Bank
- Plaid, which connects to major banks, credit card companies, and financial institutions
It also offers an open and flexible application programming interface (API), so you can develop connections to other tools you need, too.
Pricing
Puzzle offers plans ranging from free to $100+ a month. The free plan only offers one seat, so it’s ideal for new companies. Upgrading even one level to the company’s Basic plan ($25/month) unlocks unlimited seats.
The software company also offers a Custom (and custom-priced) package tailored to businesses with more sophisticated needs.
Rillet
Rillet isn’t technically an accounting solution. Instead, it’s an enterprise resource planning (ERP) platform.
The company leveraged insights from industry leaders to curate its dashboards, meaning they can help companies track the metrics that matter. It also built its solution with investor reporting in mind and aims to give companies a comprehensive overview of their finances.
Feature overview
Rillet breaks its features into a few distinct categories, including:
- Customized SaaS metrics: This platform does a lot of the legwork required to figure out if your SaaS company is on the right track. It has built-in retention cohort functionality for easier analysis, for example, along with ARR bridge features to keep a finger on the pulse of changes in that critical metric. Rillet can also calculate your magic number, which measures your sales efficiency by comparing your ARR to your sales and marketing spend.
- Automated contract-to-cash tracking: Close your books faster thanks to Rillet’s real-time syncing with your customer relationship management (CRM) platform. The tool can automatically create revenue waterfall and deferred revenue schedules, complete with custom revenue patterns.
- Invoicing: Rillet also allows for customizable invoice patterns. The tool can send reminders and payment links to make it easier for customers to pay and to remind them when they haven’t.
- Bank reconciliation: This platform connects to more than 11,000 banks and credit unions. Then, it applies AI to automatically categorize more than 90% of transactions.
- Functionality across entities and currencies: Within Rillet, you can consolidate data from multiple entities and various currencies into one view. You still have the ability to drill down into subsidiary views, too.
- Custom reporting categories: To help businesses get insights into their finances, Rillet allows for customized categories, including by cost centers, products, and events.
- Closing: To streamline the process, Rillet includes built-in closing checklists, scheduling for prepaid costs, and variance analysis.
Native integrations
Rillet has built its own integrations with a range of other solutions, including:
- Stripe
- Avalara
- Anrok
- Mercury Bank
- Chase
- US Bank
- Ramp
- Brex
- Bill.com
- Expensify
- HubSpot
- Salesforce
- Gusto
- Justworks
- Rippling
- Snowflake
Rillet
While Rillet offers three different pricing tiers, it doesn’t disclose the pricing information for any of them.
These are just a few of the solutions that companies can leverage to streamline their accounting and financial reporting. If you want help choosing the right one for your business’s specific needs, talk with our team.
