Tools To Manage Your Small Business Finances

Monday, November 4, 2013, AM | Leave Comment

To be able to take a business off the ground an entrepreneur would need more than just his own passion and dedication. The consumer market is a very tough market to penetrate therefore if you are planning to start a business and stay in business for as long as possible you will need to have a product or a service that is truly unique.

Once it has taken off the ground you will need a reliable and practical method of keeping track of every transaction that you make. After all, the only way to know if you are successful in business is to know if you are already earning profit.

Fortunately, for most tech-savvy young entrepreneurs, there are now easier and not to mention, inexpensive ways of keeping track of one’s cash flow. Small business finance software are now easily available in stores and downloadable online.

If you are on the cusp of starting your own business make sure first that you already have a software that you know how to use in order to manage your budget and your spending.

Any start-up business would need meticulous tracking and computing of every single dollar that comes in and out therefore having an application that is reliable can actually make or break your business.

What do you need to look for in finance software?

The first thing that you need to do before deciding on which software to invest on is to be financially literate.

You cannot just buy any software, install it in your computer and then expect that it will be easy to understand and use if you do not know the basic principles of accounting.

Do your research, understand government regulations regarding taxes, and study everything that you need to know about finances. There are short courses available online or in your nearby community college that can help you with this.

Once you have a strong grasp and an in-depth understanding, you may now start to research about possible small business finance software that you can use.

These are the qualities to look for in any finance software or program:

  1. Your program should address both your managerial and financial needs. You need to take your time with this because you would not want to buy software only to realize later on that you need to change it. It is going to be a waste of your time and money.

  2. Look for software that is affordable but do not sacrifice quality over savings.

  3. Analyze the type of business that you run and make sure that the software you choose is compatible with your needs. If you are in the manufacturing industry choose a program that has modules for inventory keeping and handling. For retailers you need software that has a reliable point-of-sale program.

Top three small business finance programs

After doing extensive research and after doing a lot of studying on your own it is now time for you to choose the tools that you believe is going to suit your needs.

Here are some of the best software available in the market today:

  1. FreshBooks

    This easy-to-use program lets you create invoices and helps you to bill your customers right on time. With this program you will be able to handle your billing chores easily and you can track your employees’ time so that they can be billed to your clients accurately. It also comes with an online service that automatically follows up customers when their bill is due.

  2. Intuit QuickBooks Pro 2010

    This software has been around for 20 years now yet it is still the go-to program for budding young business men and women. It offer a wide range of features that are extremely easy to use especially if you are running a small business. It lets you track income sales and expenses, print checks, pay bills and manage payroll. It can even let you accept credit and debit card payments which is most useful to those who are running their businesses online.

  3. Mint

    Mint’s personal financial management system is designed to help entrepreneurs see at a glance how much they are spending so that they can set goals and balance their budgets properly. Since setting a budget is a very important part of running a business, Mint’s services can be of great help. This software lets you track your monthly budget and even one-time irregular expenses.

Author Bio

Joshua Turner is a writer who creates informative articles in relation to business. In this article, he describes tools for small businesses and aims to encourage further study with an Online Masters in Management Information Systems.

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