Great Tools To Manage Your Business Finances That You Should Know

Your Business Finances
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Many small business owners agree that it’s a frustrating experience when it comes to managing finances. Many business owners are specialists in developing a winning product. However, they face significant challenges when it comes to handling complex financial transactions as their businesses grow.

The good news is that there’s a host of cloud-based tools that make managing your finances a breeze. Whether you’re having problems budgeting, bookkeeping, or tracking your invoices, you can rest easy. Did you even know that cloud-based business loan calculators can help you analyze the viability of business loans? 

Business would have been less stressful if your legal operations team had used some of these tools earlier. But it’s never too late. Let’s dive in.

The Importance Of Managing Your Business Finances

  • You get an accurate appreciation of the company’s proper financial position.
  • Clear company goals help drive performance to achieve business targets.
  • Proper forecasting of cash flows leads to more prudent cash flow management to ensure the business can meet its obligations when they fall due.
  • You can make better decisions based on substantive data from the business. Decisions regarding business expansion, operations, incurring debt, and investments are hinged on a solid business position, not assumptions.
  • A business that has well-managed finances is attractive to investors. Investors are willing to inject a company with a clear financial road map. 
  • Provides a more accurate valuation of your enterprise if you’re considering selling it.
  • It’s possible to review past performance accurately.
  • You can realistically forecast future performance based on available data. 
  • Since a  budget dictates the allocation of resources in an organization, it results in the efficient use of its resources.
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Best Finance Tools To Organize Your Business Finances

1. Accounting tools 

While we have bp fuel cards numerous accounting software in the market, you need to select a tool that easily integrates with the other tools you’ll be working with. For instance, when you prepare your business for taxes, your accounting software should work seamlessly with the device you use to.
Examples: Zoho Books, FreshBooks, Quickbooks

2. Budgeting software

A budget provides an overview of what’s coming in and what’s going out from a business. A budgeting tool allocates funds to items ahead of time and helps keep your business on course in its spending. It ensures the inflows and outflows are as per plan. 

Examples: Float, Quickbooks Online

3. Expense tracking tools

This tool automates the tracking of various expenses in the business. It helps you keep tabs on employee expenses such as mileage that need to be reimbursed. Simple tracking software that can integrate well with your core accounting software will do the job for many small businesses. Larger corporates may need to deploy more robust tools to suit their more sophisticated requirements. For more on this, click here: https://www.coupa.com/products/procurement/source-to-pay

Examples: Abacus, Certify, SAP Concur, QuickBooks

4. Payroll management tools

The need for automation becomes obvious as your payroll grows. It gets even more confusing if your employees consist of W2 employees and freelance workers who handle specific projects. Adopt a payroll management tool that’s sufficiently flexible to accommodate such a diverse workforce while interfacing seamlessly with your accounting software.

Examples: Xero, Gusto, ADP Workforce Now, Dayforce HCM

5. Billing software

Pick a billing tool that’s easy to work with for your small business. 

Example: Netsuite ERP, Sage Business Cloud Accounting, Quickbooks Online, Zola Suite.

6. Business loan calculators

It is possible to analyze the borrowing costs of loans in the market by using business loan calculators. This allows you to stay within your budget and get the most affordable and useful loan offers for your business, which can be a business loan or a business line of credit, among others.

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Examples: Nerdwallet, Camino Financial

7. Tax software programs

Tax programs help out when you’re preparing to file your federal and state taxes. A number of these cloud-based tools are available for free and are easy to use even if you’re a newbie in filing taxes.

Examples: TaxSlayer, Drake Tax, TurboTax

Extra Tips To Being A Great Manager Of Your Business

  • Be visionary and be able to articulate the vision of the business 
  • Be an inspirational leader; not just a manager focussed on outcomes
  • Empathize with others in your communication
  • Develop talent
  • Commit to continual education for self-improvement
  • Be comfortable delegating duties.

Conclusion

There’s a vast array of tools that can make managing your finances a less-than-stressful affair. These tools will help with accounting, expense tracking, payroll management, billing, inventory tracking, budgeting, and business loan calculation. Download the most appropriate tools for the needs of your business and enjoy better control of your finances.