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8 Essential Financial Tools for Small Businesses

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Handling finances seamlessly is not an easy task for small business owners. The financial tasks of a company that include sending out invoices, tracking expenses and keeping up with taxes and payrolls can be extremely stressful for entrepreneurs especially when they are already preoccupied with growing their businesses.

These financial tasks are essential for the success of your business. Undoubtedly they are monotonous and often require more time and resources more than your capacity. To simplify the entire process, many business tools and apps are available today for both android and IOS users. Unfortunately these tools are often overlooked as an effective way to improve company’s bottom line. They are capable of increasing your business productivity and lifting up your profit margins remarkably.

If you own a small or medium sized business in Canada then, Billah and Associates Inc. – professional accountants & bookkeepers suggest you utilize the following tools for the overall success of your business.

1. Accounting Software

It is always a better idea to track your business expenses in a computerized accounting system rather than depending on papers. With the help of software like QuickBook and Intuit, entrepreneurs can save a lot of time by automating its key financial data. Recently the online accounting solution Xero has gained much popularity.

2. Managing payroll

The task of payroll management requires a lot of time and patience as it is prone to mistakes. Payroll systems ZenPayroll and Zenefits are very helpful to maintain a free flow of the payroll process without errors. Presently known as Gusto, Zenpayroll comes with multiple features. Additionally, it has got a mobile version, making it more convenient for small business owners.

3. Smoother billing

In order to ensure a quick cash flow into your business, you need an agile billing process that will help make and process your payments faster. With the help of billing systems like FreshBooks or Bill.com, you can significantly reduce the hassle of the billing procedure. These tools also have the ability to improve your customer experience.

Also Read: Double-Entry Bookkeeping – A Simple Guide for Accounting

4. Tracking expenses

You can regularly maintain the record of your cashflow with tracking tools like Float or a simple spreadsheet. When it comes to keeping an eye on your business transactions, accuracy is crucial to keep your business ready for any financial eventuality. The transaction analysis gives you an idea of your company’s financial health and its future prospects.

5. Tracking expense

Small business expenditures like gas, cabs and meals add up quickly but are too difficult to track. Expensify or Xpenditure are expense report tools that give employees the facility to scan receipts or include cash expenses with the help of their mobile device and simply upload them for approval.

6. Budget tools

Having a practical budget plan is imperative for the successful financial management of your business. You can always use your accounting software to frame a budget for your business instead of using a separate tool. But if you feel the need of an independent budgeting tool, you can consider PlanGuru.

7. Managing inventories

SOS inventory and Scout’s topShelf are two well known cloud based solutions that help you track your inventories including your purchase of resale goods, customers’ order fulfillment etc efficiently. Apart from this, these tools produce sales report, provides low inventory alert and handle order packaging and shipping.

8. Ecommerce solution

Recently, the concept of ecommerce has gained massive popularity making it an essential part of every business. Due to its world wide acceptance it is expected that more and more customers are getting inclined towards making online payments. Some of the popularly used tools that help consumers pay online are Applepay, Square and PayPal.

There is a tool named CashierLive that handles everything starting from tracking inventory to payroll to online sales, is suitable for retail businesses.