There are many solutions out there to help you manage your finances; we’re often asked what should we use or what’s the best out there for me? Well, as you can imagine, it’s not that easy. Below are five important tools you should have with some recommended applications to use. Test them out, see which one best fits your needs as a small business owner, and then create a good habit by tracking away to grow your business.
- A budgeting tool. Creating a realistic budget is important to your business’ financial success. If you need or want a budgeting tool, take a look at these: PlanGuru, Budget Maestro, and MoData. If you are already have accounting software, many come with a feature for budgeting – check it out!
- Efficient billing. Getting paid is a priority for everyone! You and your customers will appreciate the efficiency of an automated billing solution. Most accounting softwares have this as a feature, but if you don’t have one or want a standalone, here are some solutions: Due, Sighted, Harvest, and Hiveage.
- Cash flow analysis. Understanding your cash flow is daunting, but important for the future of your business. These apps provide current cashflow insights and future cashflow forecasting. Check them out! They could be the tool you’ve been searching for to understand the financial pulse of your business: Float, Cushion, Pulse, and Concur.
- Expense tracking. Expense tracking can be easy – if you let it. With expense tool reports from Expensify or Xpenditure, you and your team can track all of your expenses from a mobile app. You can then import the information for approval, rebilling, expense accounting and reimbursements.
- Accounting software. You know accounting software is important to your business for many reasons, so carefully consider your options. Consider if it provides: basic accounting tasks, automation of billing and payments, quote and estimate creation, tax preparation, multiple user access, payroll processing, mobile access, integration with a point of sale software, credit card processing, and Google apps. Quickbooks is the industry leader, but you have options. Check out Quickbooks Online, XERO, Freshbooks, Wave, Zoho Books.
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