6 Tools for Smarter Budgeting for your Business
There’s a lot to consider when running your own small business. From building brand awareness to attracting and retaining customers, a business owner’s to-do list is never ending. But, one thing is for certain, if you're not budgeting correctly, it doesn’t matter how beautiful your logo is, and how many customers you have, making poor financial decisions will hinder your success. Learning how to budget comes with experience, but as we settle into the digital age, businesses today can avoid making mistakes made by companies in the past. Here are 6 tools that are designed to help small businesses get their feet on the ground and get control over their finances.
While there’s a lot of software out there that gets the job done, perhaps one of the most reliable and noteworthy examples of accounting software is Quickbooks. Designed not only for freelancers and accountants, small businesses can greatly benefit from the Quickbooks, as it provides tools and support to help companies to better manage their money. While it doesn’t allow you to budget forecast (yet) the accounting software can help you plan year by year, which is great for business that are just starting out.
2. Budgeting expert
Consulting an expert may not be a tool in the traditional sense, but budgeting experts have a wealth of knowledge, which will help your business manage finances successfully in the long run. Business today have access to wider professional networks due to the rise of the freelance economy and can rest easy knowing that many freelance job platforms only work with the best of the best.
Designed specifically to take care of basic accounting tasks, in addition to time and expense tracking, Freshbooks is an excellent tool for businesses of any size. In the case that you have multiple clients, Freshbooks offers several client management options, in addition to providing the option to issue multiple currency invoices. The intuitive accounting software also helps businesses improve cash flow by sending out automated payment reminders, which helps you make cash flow management simple and efficient.
Managing payroll is essential if your business is going to optimize company finances. SurePayroll is an efficient tool that helps your business save time when payday comes around. Managing employee salaries can be time-consuming, especially when it’s tax season. SurePayroll not only allows you to automate employee payments but automatically files and pays federal, state and local taxes. User-friendly and intuitive, businesses that are just getting started can rely on SurePayroll’s professional support.
Not your average accounting software, InDinero comes with a whole team of financial experts that are dedicated to helping you keep on top of your company finances. Popular with entrepreneurs and small business founders, InDinero provides various comprehensive financial management tools that keep you up to date on everything from your latest financial insights, in addition to providing tax planning support that ensures your business in good health.
They don’t have the word “guru” in their name for nothing. The all-knowing financial planner software helps business budget for the future. PlanGuru offers an expansive range of financial management tools, including forecasting software, a web-based analytics dashboard, advanced Excel reporting, in addition to training and support. A valuable tool for young companies that are in need of detailed financial reports, PlanGuru not only provides the necessary tools to access your KPIs and budgeting reports but helps you analyze the information as well.
The rapid acceleration of technology in addition to a growing workforce that values innovation and entrepreneurship has created a rich ecosystem where small businesses can thrive. While this is encouraging for founders and startups everywhere, it’s vital that you work out a budget for your business that will encourage long-term growth and stability in the future.