To many small business owners, managing finances can often seem like another full-time job. On one side there are various aspects of small business financing, whether it’s through online business lending or a merchant cash advance or a small business loan. On the other side, there are major tasks like accounting, bookkeeping, invoicing and payroll that require time, resources, and constant supervision, leaving little time to focus on the business. This is frequently the reason why many small business owners have to employ someone to execute these financial duties. In fact, according to an article by the Wall Street Journal, 50% of small businesses have a Chief Financial Officer or a Controller managing their financial accounts.
According to an article by the Wall Street Journal, 50% of small businesses have a Chief Financial Officer or a Controller managing their financial accounts.
Fortunately, with the latest innovations in technology and the addition of online platforms and applications, small business owners can now manage those task-oriented finance duties with easy-to-use, inexpensive, and secure digital tools. But where to begin? We’ve done the research, and put together a list of four of the best digital tools to help you manage your business’ finances.
According to a 2015 study by Wasp Barcode, a survey of nearly 400 small business owners concluded that accounting is one of their biggest challenges. Known as one of the best software for small business accounting, QuickBooks provides one of the most affordable and manageable platforms for any type of business. For those businesses just starting out, QuickBooks provides a basic interface with all of the necessary accounting features such as tracking of income and expenses, reporting, transaction downloads, automatic backups, and quarterly and year-end tax preparation and filing. For those businesses looking to expand and scale, QuickBooks has additional features that can be added onto the account and customized with advanced capabilities. With this platform’s ease of use, timesaving features, and customer support, QuickBooks is a necessary and seamless financial management tool for your small business.
QuickBooks provides one of the most affordable and manageable platforms for any type of business.
Accepting credit card payments was once a tedious and expensive process for small business owners. As technology has evolved, more and more businesses expect to be paid instantly for providing their products and services. Fortunately, today it is easier and more efficient with credit card processing tools like Square. Listed as one of the best mobile card readers by Digital Trends, Square provides users with a simple and straightforward interface and pricing model. Even though it’s one of the oldest card readers on the market, its features have become more advanced in that the platform can integrate with a range of POS systems and also manage orders, inventory and invoices. With its minimalistic design, straightforward pricing options and advanced capabilities, Square is an excellent financial management tool for those who are just starting their businesses or those who have been in business for years.
[Square’s] features have become more advanced in that the platform can integrate with a range of POS systems and also manage orders, inventory and invoices.
While FreshBooks is considered an accounting platform, the area in which the software truly shines is within invoicing. Considered one of the top invoicing software available on the Internet, small businesses can easily create and send invoices, track time, manage their expenses and get paid online. The main benefit of this system is that all invoice communication is internally tracked, so that business owners are no longer wondering whether or not their customers are receiving their bills. According to the platform, FreshBooks customers “double their revenue in the first 24 months” and are “paid an average of five days faster.” With a free trial as part of its signup process, users get to experience and experiment with the software before agreeing to sign on. Whether you are sending your first invoice or your hundredth, Freshbooks is an exceptional financial management tool for your invoicing needs.
According to the platform, FreshBooks customers “double their revenue in the first 24 months” and are “paid an average of five days faster.”
Making payroll is hard enough for small business owners, but adding the complexity of tax withholding, check processing and benefits integration requires the need for a payroll management tool. Enter Gusto. Formerly ZenPayroll, Gusto has expanded beyond payroll and into benefits, such as health insurance and workers compensation. The expansion was a result of customer demand, in which 86% of its customers requested a single point solution to payroll and benefits, according to an article by TechCrunch. Gusto takes the guesswork, effort and time out of filing local, state and federal payroll taxes, preparing and sending payroll checks, and integrating benefits and workers compensation. They do it all within their software, making it easy for small business owners to track and manage the finances associated with payroll in one place. For small businesses with employees, the automation of enrollment and administration through this financial management tool saves them time, money and resources.
Formerly ZenPayroll, Gusto has expanded beyond payroll and into benefits, such as health insurance and workers compensation.
Because of the complexity within financial management, applications and software like these are essential to the successful operation and overall viability of a small business. Tasks such as accounting, bookkeeping, invoicing and payroll are no longer tedious and time-consuming with the addition and consistent advancement of these financial management tools. Utilizing these tools, and understanding the various aspects related to small business funding, can help you become efficient and profitable. With this list of our top four financial management tools for your small business, you can now focus more on your bottom line and watch your small business thrive.