One of the challenges of running a business, however big or small, has been dealing with financial management tasks like accounting, payroll, bookkeeping and invoicing. Managing money is a task and many business owners are still trying to figure out the right blend of financial management tools to keep their company running smoothly. In fact, there are a lot of opportunities to use online tools to help save time and money when dealing with the day-to-day work of doing basic financial tasks like paying bills.
When used correctly and consistently these tools can improve productivity, reduce costs and increase profit margins. With the right financial reports and processes in place business owners have the ability to make sound and swift decisions that will grow their business and provide them with the time to focus on the matters that are most important to them.
Here are a few of online tools to manage business finance, which can make your life easier:
1. Accounting Software – With accounting software such as QuickBooks & Xero, a business can free up time by simplifying, automating, and tracking its key financial data. This is especially useful when tax season comes around.
2. Financial Analysis – Knowing your numbers is the key to managing a successful business. By keeping tabs on your profit and loss statement, cash flow statement and balance sheet all in one place, you will be able to see where your business stands – and take steps to stay profitable. Outsourced accounting services, such as tempCFO, can also help in this case.
3. Inventory Management – Every business needs an inventory management system. Whether you’re in wholesale, retail, service or basically any other industry, you have to keep track of your products. You can efficiently track inventory with cloud-based solutions available in the marketplace like SOS Inventory or Scout’s Top Shelf.
4. Payroll Management System – Payroll management is time-consuming and prone to mistakes. Platforms and software such as ZenPayroll and Zenefits help streamline the payroll process and eliminate costly inefficiencies. These are just two of many payroll management tools; frequently these systems easily integrate with other accounting or storefront tools you’re already using.
5. Business Credit Card – There are plenty of benefits to using a business credit card versus a personal credit card for your small business. Using a business credit card gives you access to business-specific benefits, such as employee cards, spending controls, and specialty service tailored to meet small businesses’ needs.
In the earlier days, businesses used to be at a disadvantage because they couldn’t afford the powerful financial tools that big companies got to use – or because they couldn’t build up enough scale to find efficiencies in managing everyday tasks like payroll processing and invoicing. However, today, there are excellent online tools for every facet of small business financial management. It’s possible now, more than ever before for small businesses to get big company tools and resources at a small, affordable price – and at a small enough scale that works for the needs of their businesses.