Irrespective of the size and type of business you are establishing, it is essential to manage your finances well if you wish to achieve your organization’s success. As it is an overwhelming proposition to keep track of your financial activity on your own, it is mandatory to avail some competent financial tools and resources which could help you manage your finances more competently and without any hassle. Once you choose the right tools they could prove to be immensely helpful in defining company processes, boosting productivity, bumping up profit margins, and reducing costs.
It is a challenging task to manage the finances when you have numerous other things to keep up with as a business owner. Right from expenses to invoices to handling the IRS and day-to-day accounting, entrepreneurs would be stuck with finance management and hardly any time for manufacturing products or providing services.
Fortunately, with the advent of the digital era, we have witnessed a technological leap that has introduced a host of tools on everyday financial tasks for small businesses. You may examine the financial tools discussed below to streamline your business’s entire financial management process.
Accounting Software
We understand that QuickBooks has always been regarded as the gold standard, as far as, small business accounting is concerned. It is supposed to be a comprehensive and effective financial management tool just right for medium and small businesses and accountants. It proves to be quite efficient in terms of bank reconciliation, tracking expenses, invoices, advanced reporting, and payroll. You could avail both on-premise and cloud solutions. Moreover, online accounting solutions like Xero are gaining traction of late.
Xero is supposed to be excellent accounting software that comes with all sorts of tools that you require for building a smarter and stronger business. Xero is today, helping small business owners worldwide to be efficient, mobile, fast, and clever. It is able to automatically handle all those tasks that are time-consuming right from sending invoice reminders to importing bank transactions. Xero would keep all your information stored in a single place and so it becomes easy and convenient for you to get a perfect snapshot of precisely how your business is progressing. You have the liberty of inviting your bookkeeper or accountant into Xero to make sure that you fulfill your tax obligations on time. Whatever accounting tools you are choosing, opt for a tool that is flexible and robust so that it works best for you.
While choosing an accounting tool you must look for certain attributes and features. The tool must have basic accounting tasks like expense tracking, invoicing, automation of billing, recurring payments, vendor or client contact management, tax preparation, estimate generation, payroll processing, multiple-user access, mobile access, credit card processing, integration with Google Apps, etc. You may consider browsing reliable sites such as Nationaldebtreliefprograms.com for perfect debt solutions.
Budgeting Tools
Chalking out a realistic budget and religiously following it or sticking to it is critical for your business’s overall success. Depending on the features of your accounting software, it is possible for you to chalk out your business budget without requiring a separate tool. However, if you need a separate budgeting tool, it is a good idea to opt for PlanGuru. They provide a turn-key service, where they help in building and maintaining your budget/ forecast, and they consistently provide you with all the ongoing reports that you would be requiring for making better business decisions. PlanGuru helps in financial analytics and budgeting. It helps in analyzing financial performance in a practical and timely manner that actually drives better decisions.
Invoice Factoring
As per https://retailminded.com, “Positive cash flow is everything when running a business, and when your money is held up due to late payments or credit issues, it can make affording operational costs a lot more challenging. This is especially true for those who work in the trucking industry. Often stuck waiting for clients to pay for loads; they end up falling behind financially.” Luckily there are competent service providers such as TBS Factoring that is helpful in freeing up your cash to some extent. Truckers have the option of selling their outstanding invoices and receive cash from the factoring company.
Payroll Management System
Payroll management could be pretty time-consuming and very much prone to errors. Experts recommend ZenPayroll and Zenefits for helping you in streamlining the entire payroll process and eliminating costly inefficiencies. There are many such efficient payroll management tools. Most of these payroll management tools integrate easily and frequently with some competent storefront or accounting tools you already seem to be using. You may use SurePayroll that could calculate accurately and pay automatically the federal, local, and state payroll taxes.
Expense Tracking
Little business expenses like meals, gas, and cabs generally add up pretty fast and are quite difficult to track. With the help of a competent expense report tool like Xpenditure or Expensify, employees could effectively scan receipts, or even consider adding cash expenses directly from mobile devices. They could then upload them and then the information could easily be imported by you for approval, expense accounting, rebilling, and reimbursement.
Inventory Management
Thanks to the effective cloud-based solutions such as Scout’s topShelf and SOS Inventory now you could effectively track your entire inventory throughout the entire journey right from the purchasing of resale goods to the order client’s fulfillment. These tools are adept in not only tracking your goods but also in generating efficiently sales reports, managing customer order packing and even shipping, and setting up low inventory alerts automatically. Scout’s topShelf is a fantastic mobile warehouse management provider that lets you successfully automate most of its tedious tasks.
Cash Flow Analysis
An efficient cash flow-oriented tracking tool like Float or just a simple spreadsheet that is instrumental in accurately measuring all your cash flow consistently is critical to keeping your organization well-prepared to encounter any financial eventuality. Thanks to the competent cash flow analysis you could successfully tackle ups and downs in your overall cash balance simply by utilizing past patterns in information and data for forecasting your financial future.
Conclusion
All entrepreneurs are well aware of the fact that finances are an integral aspect of their business and the success of a business would primarily depend on the perfect financial management. Remember capital is certainly regarded as the lifeline of your organization and business. You may start using one or some of these tools for emerging victorious.
Author Bio
Isabella Rossellini is a marketing and communication expert. She also serves as content developer with many years of experience. She has previously covered an extensive range of topics in her posts, including business and start-ups.
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