Managing the financial side of a business can be challenging, especially when the entrepreneur lacks the necessary financial tools. These challenges may range from daily invoices to dealing with tax forms. Fortunately, technological innovations have come up with tools that can help small business owners manage their businesses efficiently. The following are financial tools that can help an entrepreneur.
Accounting Software
For a long time, QuickBooks has always been the gold standard of accounting, but new online accounting solutions are slowly gaining traction. Solutions like Xero are easy and flexible to use. Entrepreneurs should look for a variety of features when they are choosing a financial tool. These features may include aspects such as expense tracking, invoicing, payroll processing, and tax preparation.
Budgeting Tools
Entrepreneurs should create a realistic budget and stick to it. Financial tools should allow entrepreneurs to create budgets on one tool and without needing another. Mint is the go-to for many entrepreneurs, as well as other professionals. It is even intuitive enough for the home budgeter.
Agile Billing
Payroll management can be tiresome and time-consuming. Experts recommend the use of tools such as Zenefits and ZenPayroll when streamlining the payroll process. These tools also help in eliminating costly inefficiencies. SurePayroll is also efficient at calculating federal and state payroll taxes.
Cash Flow Analysis
Financial tools such as in-house spreadsheets and programs like Float can help in tracking regular cash flow in small businesses. The analysis of cash flow helps entrepreneurs to forecast their financial future.
Financial Dashboard
Implementing a dashboard such as InDinero and LivePlan helps entrepreneurs in assessing their financial health. Sabrina Parsons, the CEO of Palo Alto Software (PAS) asserts that such programs help in tracking key performance indicators such as client retention percentages or profit margins.
Inventory Management
Online financial tools such as Scout’s TopShelf helps entrepreneurs to track the business inventory right from the purchase to when the product is delivered to the customer. In addition, these tools can also help to manage packing and shipping procedures.
Business Credit Card
Anita Campbell has recommended opening credit cards to improve business history and to gain higher credit limits. Business cards also help in managing employee cards easily, as charges go to the main account.
E-commerce Solutions
E-commerce has recently gained popularity. Clients continue their desire to be able to buy products online, whether via their mobile phones or on websites. Entrepreneurs should integrate tools such as PayPal and Apple Pay in their e-commerce solutions to broaden their customer base.