Staying on track of the financial aspects of owning a business is a relentless task, and if it hasn’t been a priority for you, it should definitely be a goal for the new year.
Thankfully, modern technology has allowed this process to become much easier via complex tools that handle everything, from invoices to simple accounting and beyond. The plethora of tools available for small business owners makes it possible for technology to take care of practically everything.
Here are six financial tools to help your small business succeed.
- Effective Accounting Software
Small business accounting software has been ruled by QuickBooks for a while now, but other accounting options exist. Xero is gaining popularity as an alternative solution. This newer software features basic accounting duties, such as billing, payments, payroll processing, and expense tracking. You can find advanced accounting features, such as tax preparation and estimate creation using Xero. Accounting software is also useful for independent contractors who need to develop quotes for potential clients quickly.
- Quality Background Check Software
As you gain new employees or investors, you want to remember to do your research and conduct sufficient background checks on anyone that is going to be working with the company. So, what is a background check?
Background checks allow employers to look at the financial and employment history of potential new-hires and any other important figures that may become involved with the company. Employers conduct background checks for security purposes as business owners want to make sure that newcomers and financial influencers are who they say they are.
- Smart Budgeting Tools
Find a budgeting template that allows you to see your finances on a projected timeline. You should be able to track your current expenses, purchases, and any money you’ve happened to save all in one place. Take your time selecting the right budgeting tools, and know that you can always lean on a spreadsheet to keep you organized if nothing else seems to fit. However, you may want to check out PlanGuru, as this budgeting tool allows you to manage both accounting and budgeting simultaneously.
Just remember, your business financing tools must be able to multitask as there are many different aspects to your business. You need tools that reflect these complex needs.
- A Financial Dashboard
The right financial dashboard will give you an accurate idea of your financial situation all in one place. Digital applications like LivePlan let you view your financial health and give you ways to track your performance using KPIs. Having a visual representation of your company’s financial circumstances will help everyone stay on track of their goals and be more mindful of their responsibilities within the company.
- Business Credit Cards
Businesses often have to make unexpected purchases to handle their clients’ needs. It looks more professional to have a business credit card established so that transactions related to client needs and travel are contained under the business’s name. Additionally, having a business credit card will allow the company to receive greater credit towards borrowing. You’ll also be able to redeem rewards and discounts associated with the business.
- Instant Digital Solutions
As e-commerce becomes even more essential to business, people need to pay for products and services right away. Customers and business owners alike have this need in common. Relying on e-commerce solutions, such as PayPal and Apple Pay, are critical financial tools that allow instant payment to commence.
CashierLive is another great tool for businesses in the retail industry specifically. CashierLive lets you manage expenses, payroll, and invoices all in one place. You should consider integrating a cloud-based billing system to speed up the billing process and to keep customers satisfied with the company.
Using practical business tools to organize and manage your business will also help to boost the productivity and flow of the company. The ability to organize and handle payments on the fly is crucial to meeting your financial goals. It may take time to find the right tools for your company’s finances, but the right tools are out there. Get searching!