Owning a business is a full-time job that requests a lot of energy and time, especially if you are a small business owner. But with every business comes the burden of keeping up with the finances – which is a time-consuming neverending job.
From invoices to expenses to billing and bookkeeping, dealing with IRS or accountants, each small business owner find themselves stuck in this maze trying desperately to automate this process and make their lives easier.
The good this is that technology these days has given small business owners tools which will help them in the finance part of their business and save them time.
Here is a list of 10 financial tools for your small business:
- Accounting software – Business News Daily’s recommends you look for these features while choosing your Accounting software: basic accounting tasks like as invoicing, expense tracking, and client/vendor contact management; automation of billing and recurring payments, quote and estimate creation, tax preparation, multiple-user access, payroll processing, mobile access, and integration with programs such as point-of-sale software, credit card processing, and Google Apps. Among most popular Accounting software you can choose Xero, Quickbooks or Freshbooks.
- Invoicing software – if you are just starting your business, you offer services to few clients or you are a freelancer, you are in need of only several features like recurring invoices, reports, automatic reminders, create, duplicate, send or download PDF invoices, notifications if an invoice is paid or unpaid and connection with different payment methods. In those cases, you can choose from Invoicly, Envoice, or Wave apps.
- Budgeting Tools – Having a realistic budget — and sticking to it — is one of the most important things when running a small business. The Accounting software can help you create a budget for your business but if you are interested in stand-alone budgeting tool, try out PlanGuru.
- Payroll Management System – if your business has more than 2 employees you need to have a software that can help you with payroll management as it can be time-consuming and you can make lots of mistakes. To avoid this you can use tools like SurePayroll or Zenefits to help you streamline your payroll process.
- Cash Flow Analysis tool – even though you can be using accounting software, there are solutions like Float who can help you keep track on your cash flow on a daily basis, which is a crucial task when you are starting a business. Cash flow analysis helps you track ups and downs in your cash balance on a daily basis making it easier for you to forecast your financial future.
- Inventory Management – when it comes to tracking your goods, generating sales reports, setting up automatic low inventory alerts, and managing order packing and shipping, one of the tools that can make your life easier are SOS Inventory or Scout’s topShelf.
- Expense Tracking – little expenses like meals, cabs rides or gas can be very hard to track when you are running a business and bringing a lot of cash flows. Expense report tool such as Expensify or Xpenditure, can help you scan receipts or add cash expenses from your mobile devices and upload them; easily import the information, do rebilling, do expense accounting, and reimbursement if needed.