Owning a small business and managing the finances can seem like an endless task. From invoices to expenses to day-to-day accounting and dealing with the IRS, it’s a wonder that entrepreneurs ever find the time to deal with actually producing goods or providing services.
Fortunately, technology has created a wide range of solutions that can help small business owners with daily financial responsibilities by saving them time and hassle. Check out these 10 financial tools for your small business to simplify your financial management procedure so you can get back to your actual job.
10 must-have financial tools for your small business
1. Accounting software
The industry standard for small business accounting has long been QuickBooks, but recently, online accounting programs like Xero have gained popularity. Make your accounting software work for you by selecting a financial instrument that is as reliable and adaptable as feasible.
MCDA CCG, Inc advises you to look for the following features: automation of billing and recurring payments, quote and estimate creation, tax preparation, multiple-user access, payroll processing, mobile access, and integration with tools like point-of-sale software, credit card processing, and Google Apps. Basic accounting tasks like invoicing, expense tracking, and client/vendor contact management are also recommended.
2. Budgeting tools
For your small business to be financially successful, it is essential to develop and adhere to a realistic budget. You might not require a different tool if your accounting software allows you to establish budgets for your company right there. PlanGuru is a great option to consider if you do require a standalone, distinct budgeting program.
3. Payroll management system
Time-consuming and prone to errors, payroll management takes a lot of effort. To help you automate the payroll process and get rid of expensive inefficiencies, MCDA CCG, Inc. recommends the HR/payroll systems Gusto (formerly ZenPayroll) and Zenefits. There are various payroll administration applications, and these are just two of them. Frequently, these programs link with other accounting or storefront programs you already use without any problems. Even local, state, and federal payroll taxes can be calculated and paid automatically with SurePayroll. Payroll couldn’t be much simpler, right?
4. Agile billing
Your firm will get payments and have them processed more quickly and have more money flowing into it when your billing procedure is efficient and speedy. You may speed up the invoicing process and even boost customer satisfaction with a rapid, cloud-based billing solution (try FreshBooks or Bill.com).
You’ll enhance customer experiences and reduce accounts receivables delays by introducing agile billing tools and procedures.
5. Financial dashboard
Use a dashboard, such as LivePlan or InDinero, to get an overview of the financial situation of your small business. To determine whether your company is thriving and not merely surviving, you can use these apps to track key performance indicators (KPIs).
And by keeping track of these crucial financial metrics in one location with understandable visualizations, you’ll be able to see any financial deviations right away and take action to correct them.
6. Cash flow analysis
Measuring your cash flow accurately on a regular basis is essential to keeping your company ready for any financial situation, whether you use the cash flow statement feature in your accounting software, a cash flow-specific monitoring tool like Float, or a straightforward spreadsheet. Cash flow analysis helps you to weather ups and downs in your cash balance by using past patterns in data to forecast your financial future.
7. Inventory management
Utilize cloud-based inventory management tools like SOS Inventory or Scout’s topShelf to effectively track your inventory from the time you buy things for resale until the time you fulfill a customer’s request. These solutions can generate sales data, set up automatic low inventory alerts, handle order packing and shipping, and track your goods in addition to tracking them.
8. Expense tracking
Small company expenses like meals, cabs, and gas may pile up rapidly and are challenging to keep track of. Employees can scan receipts or add cash charges from their mobile devices and upload them using an expense report tool like Expensify. You can then quickly import the data for approval, rebilling, expense accounting, and reimbursement.
9. Business credit card
Opening a business credit card is advised by MCDA CCG, Inc in order to build your company’s credit history, have access to greater credit limits for borrowing purposes, and benefit from business-specific benefits and savings.
Many business owners discovered a benefit when they choose a business credit card account with the ability to conveniently manage employee cards (with relatively low credit limits). This approach improved morale while also making it easier for businesses to pay for employees’ expenses like travel.
10. E-commerce solutions
E-commerce is quickly becoming crucial for all types of enterprises. More and more clients need the ability to make rapid payments for goods and services (whether using credit cards or from their mobile device). Customers can make mobile payments using a variety of banking methods, including Apple Pay, Square, and PayPal.
Customers also want to be able to find your company online and buy from you. Stitch and Vend are two tools that make it simple to make sales, whether offline or online, while also keeping track of inventory, expediting order fulfillment, and collecting sales statistics. The Holy Grail, of course, is a powerful, integrated system that can control a lot of these variables at once.
CashierLive is a solution for managing everything for retail firms, including inventory tracking, payroll, and internet sales. Other companies might want to test out QuickBooks Online with Payroll or Sage 50. Both are comprehensive systems for handling payroll, billing, profit and sales reporting, costs, and other tasks.
Contact MCDA CCG, Inc today with any financial questions about your business!