Driving a quantum system periodically in time can profoundly alter its long-time dynamics and trigger topological order. Such schemes are particularly promising for generating nontrivial energy bands and gauge structures in quantum-matter systems. Here, we develop a general formalism that captures the essential features ruling the dynamics: the effective Hamiltonian, but also the effects related to the initial phase of the modulation and the micromotion. This framework allows for the identification of driving schemes, based on general N-step modulations, which lead to configurations relevant for quantum simulation. In particular, we explore methods to generate synthetic spin-orbit couplings and magnetic fields in cold-atom setups.