New York (Washington Insider Magazine) -Keeping up with the financial side of your small business is a never-ending job. You have to deal with invoices and expenses. The day-to-day accounting and dealing with the IRS can also be stressful tasks. Entrepreneurs find it hard to deal with the tasks of providing finance for the production of goods or services.
Fortunately, technology has allowed small business owners to make their job easy. There is a multitude of tools that are invented to save small business owners time and headaches on their daily financial tasks.
7 Financial Tools For Small Businesses In The USA
If you want to streamline your financial management process, then you must look for efficient tools that can make your job easy. Check out these 7 financial tools for small businesses in US that are perfect for your small business.
Accounting Software
It is best to work with QuickBooks to maintain your finance and accounts. This has always been a gold standard for small business accounting. The accounting software will provide you with the best online accounting solutions.
Tools such as Xero are gaining traction and have helped many small business owners. Whatever program you choose to deal with your small business accounting you can make it work for you to deal with your finance. It is important to find a financial tool that is robust and as flexible as possible.
Budgeting Tools
Creating a realistic budget and also sticking to it is crucial to your small business’s financial success. It depends on the accounting software, as it allows you to create budgets for your business efficiently. You don’t need a separate tool as a stand-alone budgeting tool like PlanGuru can help you to do the job for you.
Payroll Management System
Payroll management can be time-consuming and prone to mistakes. The payroll/HR systems Gusto (formerly ZenPayroll) and Zenefits will allow you to streamline the payroll process. It can also help you to eliminate costly inefficiencies.
These are just two of many payroll management tools that will help you to integrate with other accounting tools that you are using. SurePayroll also helps you to calculate the automatically pay local, state, and federal payroll taxes.
Agile Billing
The smoother your billing process, it becomes easier for you to make quicker payments. Your payments will be made and processed and you will also be able to get them faster. These tools also help with the cash flow of your business. It is a quick, cloud-based billing system and will smooth your business transactions.
It is recommended to try FreshBooks or Bill.com as this can shorten the billing process and also increase customer satisfaction. It is a great idea to implement the agile billing tools and processes, as you will be able to improve the customer experiences and also shorten accounts receivables delays.
Financial Dashboard
A dashboard such as LivePlan or InDinero will allow you to see a snapshot of your small business’s financial health. These are some of the best tools that will help to track key performance. They are great indicators (KPIs) that will make it easier for you to measure whether your business is “thriving or just surviving,”
You can also keep tabs on these important financial measurements and do all of it under one platform. It will also give you the chance to get clear visuals and see them immediately. You can also check whether you are going off a financial course and also help with planning the steps that will get you back on track.
Cash Flow Analysis
If you are using accounting software’s cash flow statement capability, then a cash flow-specific tracking tool like Float is one of the best choices for you. It is a simple spreadsheet that helps with accurately measuring your cash flow.
You can measure the cash flow regularly as it is crucial to keeping your business prepared for some kind of urgent financial eventuality. The Cash flow analysis will also help you to keep track of any kind of weather ups and downs in your cash balance. You can also use past patterns in data to forecast your financial future.
Read More: US Economy Generate 315,000 Job Despite Slowdown In Hiring
Inventory Management
The inventory management tools can help you to efficiently track your inventory. You can do so with your purchase of resale items to the customer’s order fulfillment. These are the best cloud-based solutions and can help your small business to grow.
Tools like SOS Inventory or Scout’s topShelf are the best choice. In addition to tracking your goods, you can also use these tools to generate sales reports and set up automatic low inventory alerts. You can also manage the order packing and shipping.
