Many small business entrepreneurs find it challenging to deal with the numerous financial management tasks required to keep a company operational. These include bookkeeping, accounting, invoicing and managing the payroll.
In spite of its obvious challenges, financial management is a vital skill for every business owner. How you manage your business’s money can make all the difference between success and failure. Thanks to technology, you now have a wide range of tools that can go a long way towards helping you manage your business finances. These tools can save you both time and money, whilst keeping your firm in smooth operation.
We have come up with the following financial management tools and software for your small business:
When looking for good accounting software, look out for one that carries out basic functions such as expense tracking, quote and estimate creation, payroll processing, budget creation and tax preparation. The really good ones also allow multiple-user access as well as mobile access, allowing you to easily integrate credit card processing, point-of-sale software and other apps into the system. Traditional accounting software such as QuickBooks are gradually giving way to newer ones. Xero is one such modern software designed to provide small firms with a simple system for handling their business accounts.
Professional-looking invoices can improve your standing with your suppliers and can ensure that you get paid more reliably. An online invoicing tool such as Invoice Home allows you to easily create and customise business invoices using attractive templates. Check out the numerous invoicing templates available at https://invoicehome.com/.
Payroll management systems
As your business grows, you will have to deal with payroll management, which can be quite tedious and time-consuming. Thankfully, you can use software such as Gusto to streamline the payroll process. Gusto has a provision for processing payroll cheques as well as managing withholding taxes, making the whole process a breeze.
Your business will need a reliable e-commerce solution that enables your customers to instantly pay for your products. You need to ensure that the payment system you use is secure to prevent your customers’ financial data from landing in the wrong hands. You can use tried and tested e-commerce tools such as PayPal, Square or Apple Pay to get the job done.
Expense tracking software
All the hassle involved in running a small business can easily make you lose track of your company’s expenses. These can quickly pile up and create problems if they don’t get tracked. Tools such as Xpenditure and Expensify allow employees to use their mobile devices to scan receipts or add cash expenses and then upload them to a central system. You can then import all this information and use it to balance your accounts.
From the examples above, you can see that there are tools and software for literally all the processes involved in financial management. Find those that you can integrate into your business and use them to efficiently manage your finances.