Financial tools can help you track your growth to see if you’re on the right track.
Consider these top financial tools to implement in your business.
When owning a small business, one of the biggest obstacles is trying to keep up with the financial side. There are so many different components that you need to be on top of including invoices, expenses, day-to-day accounting and taxes. It’s incredible that entrepreneurs are able to keep their business afloat while handling all of this. Luckily, in today’s technological age, there are many tools available that can help entrepreneurs conquer this enormous task. Here are some top financial tools that can help you manage your small business.
Payroll Systems
It’s one thing to focus on your own finances but it’s another thing when you need to make sure your employees’ money is managed correctly. Managing payrolls can be very tedious and error prone. With payroll systems like ZenPayroll and Zenefits, you can streamline this process and ensure that the process is more efficient for both you and your employees. You can also leverage tools such as SurePayroll to calculate and automatically pay taxes on the local, state, and federal level.
Accounting Software
Keeping your expenses organized in an accounting system has many benefits. For example, QuickBooks has been a staple for many small business accounting because of its easy to use features and accessibility. If you’re looking for a more cloud based solution, Xero is an emerging tool that a lot of startups have started to look into. Experts recommend that you should look out for the following features when choosing the best accounting software for your firm: basic accounting tasks including expense tracking, vendor management, and invoicing, billing and recurring payments automation, quote and estimate creation, tax preparation, payroll processing, mobile assess, and easy integration with other software. With these features, you’ll be able to make it through accounting even the tax season!
Inventory Management
Inventory management is essential for every business, no matter the size. Whether you’re in wholesale, e-commerce, service or any other industry, you’ll need to keep track of your products. With inventory management software, you can effectively and efficiently track inventory with the best software available in the market. These solutions can also help you generate sales reports, manage order packing and shipping, as well as alert you about low inventory.
Invoicing Tools
Invoicing can be such a tedious task because of all of the billing that is necessary to complete the task. Invoicing software can help you streamline the process and cut down on human error, meaning that fewer payments will be missed and late payments will be closely monitored. Every small business owner can benefit from leveraging a cloud based invoicing tool. For example, with an efficient validation process, companies can perform quicker automated validations of line items. Businesses are typically required to list out information such as the account number, purchase order number, and cost code. With a cloud based invoicing tool, these fields can be generated automatically, allowing the finance teams to quickly identify the goods and services. With an invoicing tool, you don’t need to dread the process any longer.
