Financial tools can transform the way a business operates. With the right financial tools, business owners can improve operational efficiency, reduce errors, and increase productivity.
On a day-to-day basis there are a lot of facets a business owner has to manage like payables, receivables, and the investments made. And to encourage better growth, you should insist on a streamlined approached
Efficient business management tools can help create value and strengthen the relationship with potential investors and clients. Here are few popular tools that can assist in day-to-day business and make your financial processes easier.
Accounting Software for Small Business Growth
Reliable accounting software can be an excellent value addition to small businesses to simplify, automate, and track key financial data. By automating accounting processes, businesses can significantly reduce the number of errors made, especially in recurring operations like budgeting. Also, most accounting software enables you to capture data on daily financial transactions with greater speed and accuracy.
Tools like Freshbooks and Xero are some of the popular accounting software used. Fast and reliable, Freshbooks simplifies complex accounting operations, saves billing time, streamlines invoicing, and offers enterprise-grade customization.
Xero, a robust online accounting software, comes with a simple and intuitive interface. From simple data entry tasks to complex financial operations, this software is designed to support tasks of any magnitude. This tool also supports real-time financing reports, cloud collaboration, and much more.
Cash Flow Management Software
SMEs are still seen citing cash flow as a top reason for their failure, and it’s true. According to the study by financial services company U.S. Bank, as many as 82% of startups and small businesses fail due to poor cash-flow management.
Cash flow problems can push business owners into bad decisions, making cash flow management a critical skill. Using Cash Flow Management software can help and keep business owners prepared for unforeseen eventualities.
Some of the best tools to forecast and manage cash flow are Float, Pulse, and QuickBooks.
Float, with its simple interface, can help in forecasting, budgeting, and cash flow management. This software features built-in tools and is designed to sync easily with many accounting software.
With Pulse, you can generate a report for income, expenses, and various other categories and also track cash flow on a monthly, weekly, or daily basis. QuickBooks is a well-known powerful tool too by allowing you to efficiently generate week-by-week cash flow forecasts. Also, QuickBooks offers a variety of other features that might be right for your small business.
Inventory Management Software for Small Businesses
Inventory management software helps you figure out how much inventory you need which can help you avoid products from getting obsolete. You can also monitor and track slow-moving items in real-time and improve business efficiency.
Moving from traditional spreadsheets or books to inventory management software gives you a greater control over inventory requirements. Unleashed, Ordoro, and Inflow are the some of the popular widely used software available.
Expense Tracking Tools and Software
It is very important to track expenses if you are trying to budget and get financial awareness. An easy way to track expenses is using an application or software.
Using software, track day-to-day credits and debits in real-time and stay on top of your receipts. Next, you can cut in the areas where you are overspending and reduce the time spent on preparing tax returns.
Xpenditure, simple, end-to-end expense tracking software comes with OCR technology, multiple accounting software support, and multi-lingual interfaces. Similarly, Expensify, an automated user-friendly tool, assists small business owners in expense report management, and receipt tracking in real time.
Financial Dashboards to Track Financial Health of Small Businesses
By measuring key financial performance indicators, you get a better insight into your business performance. It’s easier to take appropriate measures and improve financial performance once you get a clear view of your Business Finances. And a financial dashboard can certainly help you do that with less effort.
Flare, cloud-based online software is a great option to get total visibility into the financial health of your business. With these cloud-based tools, you can access the tool from anywhere and get a glance at key-performance indicators with the press of a button on your laptop or mobile.
Budgeting Tools for Small Businesses
The complexity of creating and keeping a detailed budget can be simplified by using budgeting software. You can track all the expenses and organize and categorize spending. By doing so, you will get a clear picture where your money is being spent and you will have all key details ready on a dashboard for your budget plan.
With software tools like YNAB, Mint, and Spreadsheet, it’s easier to review your budget frequently. YNAB budgeting software is a cloud sync tool that gives you the facility to keep the budget up-to-date across multiple devices in real time. It is simple, fast, and easy-to-setup. One more productive tool, Spreadsheet comes with formula embedded templates that make budget calculations quick and easy.