4 Tools for Running a Top-Notch Financial Firm

4 Tools for Running a Top-Notch Financial Firm

efilecabinet-4-tools-icons-06A carpenter can’t build a house without the proper tools. The same rule applies if you’re going to run a topnotch financial firm—you need the proper tools to get the job done right. But what are those tools? We asked four experienced finance professionals what their favorite tools are for running their businesses, and we’ve compiled them into this guide.

The tools listed here range from the basic to the technologically advanced, but all are a vital part of running an efficient business. This guide will help you in selecting the best tools to use in your financial firm.

Cloud-Based Project Management Software

“When it comes to great financial tools, there’s nothing that compares to a good, cloud-based project management system. In finance, you’ve always got a lot of projects that you’re working on at the same time, and you need to stay organized to stay on top of all of your projects and their statuses. Getting a cloud-based system just makes it easier, because you can update projects and statuses from anywhere, and anyone else who works in your office can do the same thing. So people can communicate about a project and get the most recent information on a case right away. No matter what other tools you have or what skills you bring to the table, if you can’t stay organized, you can’t get the job done right. That’s why nothing compares to having a cloud-based project management system.”

efilecabinet-4-tools-icons-01As Mr. D’Angelo told us, few things compare to the convenience and efficiency of working in a cloud-based system. The alternative involves getting constant status updates from employees, sharing information on paper or through email, and trying to keep track of deadlines on a separate calendar. When all of your projects are in the cloud, you are able to get things done more efficiently and with fewer errors caused by lapses in communication.

This is especially important if you have a team working on your projects. With the cloud, there is one central location where everyone can view progress, communicate about any issues, and follow up to make sure things get done.

Paperless Document Management System

“If you’re still running a financial firm with all paper files, you’re behind the times. A good document management system is one of the best tools you can get for your business, because it makes you more efficient, and it makes it easier for your clients to share and see documents. Since I started using document management software, my job has gotten a lot easier. I don’t have to travel with four to six suitcases of paperwork anymore. I just bring my one suitcase and my laptop, and I have everything I need. And my clients are happier too, because I can get them answers right away. Instead of having to say, ‘I’ll call you back’ when they call with a question, I can look up their documents in the software and get them an answer right away.”

efilecabinet-4-tools-icons-04Mr. DiFusco is right—keeping physical copies of all of your accounting documents is old hack. Using an electronic document management system is the new best practice for all accounting firms; if you’re not using one, then you’re not going to stay competitive in the industry for long. After all, the name of the accounting game is efficiency, and document management systems are made to keep you as efficient as possible, from their basic structure to their smallest functions. The features included in these kinds of software make you more efficient at your job—instant document sharing, quick searches of information, storage of all client data, access from multiple devices, etc. You can imagine how these kinds of features will save you hours of time that would otherwise be spent sifting through, reading, and filing physical paperwork.

The features included in these kinds of software make you more efficient at your job—instant document sharing, quick searches of information, storage of all client data, access from multiple devices, etc. You can imagine how these kinds of features will save you hours of time that would otherwise be spent sifting through, reading, and filing physical paperwork.

A Fast, Efficient Computer

“Working in finance, my computer is my business, so I need it to be as fast and efficient as possible. Sure, you need the tax software and the document management software and all that, but you can’t actually do anything with that software if your computer doesn’t run it right. If you don’t have the memory or the processing capabilities, you can’t use all that software, so you have to have the right computer first. Your computer is the foundation for all of those other things that you need to run a successful practice, so it’s one of the most important tools you can have. You can’t neglect it.”

efilecabinet-4-tools-icons-03We rely on our computers for so much these days, but are you paying enough attention to what your computer needs? You give your car regular tune-ups and maintenance, but few people realize that their computer needs the same thing. If you want your computer to be reliable and to run all of its software efficiently, you need to treat it right.

You should be doing regular cleanups of your computer by removing old information that is no longer needed; this frees up memory to help your computer run more efficiently. Additionally, avoid putting unnecessary documents on your computer that will slow it down; as we’ve mentioned, using a cloud system will help greatly with this. You should also have antivirus software installed to protect your computer, and do regular “scrubs” to remove any malicious software that may have attached itself to your computer. You should also make sure to install updates for your computer whenever they are available.

The Basic Kit

“This might make me sound old, given all the technology available for finances these days, but I still think my favorite tool is a basic bundle of three items: a good calculator, plenty of yellow notepads, and a box of good, sharp pencils. When it comes down to it, finance is about catching all the details, and you can’t solely rely on a piece of software to do that for you. You’ve got to be able to take good notes about the files you’re working on, and you sometimes have to double check stuff by hand if there’s a discrepancy. Never underestimate the value of good, old-fashioned, by-hand work every now and then.”

efilecabinet-4-tools-icons-02We love the idea of holding onto some of the basics, even with all of the advanced technology out there. When it comes down to it, your clients are coming to you because of your knowledge and expertise, not because of the technology you use.

In the end, your experience and the knowledge that you have really are the best tools you can bring to the table. Still, it doesn’t hurt to have a few extra tools in the kit to help you build a great business.


At the end of the day, the tools you use to run your financial firm shouldn’t just make your job possible—they should make your job easier, and should make you better at it. Think again about a carpenter building a house. Sure, he may be able to build that house with a hammer and a handsaw, but wouldn’t a nail gun and a rotary saw get the job done faster and do it better?

The tools listed in this guide are some great recommendations, and they’ll give you a number of benefits—improved efficiency, greater accuracy, better client communication, etc. They will help improve your business while making your job just a bit easier. With these tools in your kit, and your knowledge and experience, you’re well on your way to running a top-notch financial firm.

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