10 Financial Tools You Can't Afford to Ignore for Your Small Business
Introduction:
Managing money in a small business can be tough. Keeping track of bills, spending, employee pay, and taxes can take a lot of time. Luckily, in today's digital world, there are many simple financial tools that can help small business owners take control of their money.
Accounting Software: QuickBooks and Others
For small business money management,
QuickBooks is well-liked. Newer choices like Xero also have good features. Look
for things like making invoices, tracking spending, keeping contacts organized,
automating bills, preparing taxes, and being able to use it on your phone. It's
a bonus if it can work with other software.
Budgeting Tools: Staying on Budget
Making and sticking to a budget is really
important for financial success. Many accounting software options have
budgeting features. There are also separate tools like PlanGuru that can help
you plan your finances carefully.
Simplified Payroll Management: Streamlining Your Payroll Management
Paying your employees can be time-consuming
and full of mistakes. Make it easier with systems like Gusto (which used to be
ZenPayroll) or Zenefits. They work well with other financial and business
tools, making payroll simple.
Faster Billing: Getting Paid Faster
Sending out bills quickly means you get paid faster and have more cash. Online billing systems like FreshBooks and Bill.com make billing faster and make your customers happier. These agile billing tools also reduce delays in getting paid.
Financial Dashboard: Keeping an Eye on Performance
Use a financial dashboard like LivePlan or InDinero to see how your business is doing financially. Keep an eye on important numbers and notice financial problems early so you can fix them.
Cash Flow Analysis: Planning Ahead
Check how much money is coming in and going out regularly to keep your finances stable. Use tools in your accounting software or special ones like Float to predict your financial future based on past numbers.
Inventory Management: Making Operations Smoother
Keep track of your inventory from when you buy it to when you sell it. Cloud-based solutions like SOS Inventory and Scout's top Shelf help with tracking inventory, making sales reports, warning you when your inventory is running low, and handling orders and shipping.
Expense Tracking: Handling Small Costs
Small business costs like gas, meals, and travel expenses can add up. Use a tool like Expensify for easily scanning receipts and uploading expenses from your phone. This makes tracking expenses and getting reimbursed simpler.
Business Credit Card: Building Credit and Keeping Everyone Happy
A business credit card can help to improve your credit history, give you higher credit limits, and offer rewards for business expenses. Managing employee cards with already set spending limits makes it easier to cover expenses and keeps everyone happy.
Online Shopping Help: Meeting What Customers Want
In today's world, online shopping is really important. People want easy and quick ways to pay. Apps like Apple Pay, Square, and PayPal help stores meet these needs. Websites like Stitch and Vend make selling online, keeping track of what's in stock, and handling orders easy.
Conclusion:
These ten money tools are helpful for small stores that want to be better at handling their cash. By using computer programs for money, tools to plan spending, systems for paying employees, making invoices fast, charts to look at your cash, keeping track of what you have to sell, recording expenses, using business credit cards, and online shopping help, you can make your business smoother, keep your money steady, and focus on making your store grow. Use these tools, and handling your small store's money gets easier and less scary.
