When it comes to your business, you want to make sure that you keep track of your finances. There are a number of tools that can help you stay on top of your finances whether you are a one-person operation of a multi-office company. Here are the top 5 tools you should use to keep track of your finances.
1). Budgeting tools
The first thing that you need to do is create a budget for your business. There are a number of tools that will help make it easy to budget and save time. One of the top budgeting tools available is Planguru. This tool will allow you to integrate your income statement, balance sheet, and cash flow statement into one spreadsheet. This saves you some serious time and money. Also, this budgeting tool allows you to easily share the information with the rest of your team.
2). Payroll management system
Payroll management can be one of the most time-consuming tasks in a business. Let’s face it, you don’t want to waste hours on this job when there are more important things to get done. That’s why you will want to automate your payroll with a payroll management system. These systems are designed to streamline the entire payroll management process and remove costly inefficiencies. These payroll management systems will allow you to quickly calculate and pay local, state, and federal payroll taxes.
Some of the top payroll management system tools available include ZenPayroll and Zenefits. These payroll management systems can be integrated with storefront tools that you may already be using.
3). Financial dashboard
There are lots of moving parts when it comes to your company’s financial health. Therefore, you will want to have a quick snapshot look at your business. One of the best ways to gauge the financial health of your business is by using a financial dashboard. This software can measure your business’s key performance indicators (KPI’s) to see if your business is in a good place when it comes to cash flow and cash on hand.
By having a top financial dashboard, on a platform like onestream, you can easily explain to your partners where the company is going financially and what areas need to be addressed. The financial dashboard can also come in handy if you are also looking to add a new partner to the business or sell a part of the company.
4). Inventory management
If your business carries inventory, then you will want to make sure that you are staying on top of every item in your fulfillment center. With a top inventory management tool, you will be able to better control orders. This will allow you to always stay in stock of your most in-demand items and get orders out of the door more quickly. There are a number of top cloud-based inventory management systems including SOS Inventory or Scout’s topShelf. Many of these inventory management tools offer handy features such as low inventory alert, automatic sales reports, and inventory tracking to make your life easier.
5). Expense tracking
You will want to keep a close eye on the money that is flowing out of your pockets. If you are a large business it may even be helpful to hire someone that can keep track of expenses for you. You can hire a virtual CFO to keep track of your businesses earnings and expenditures. For smaller expenses it is a good idea to use a top expense tracking tool. These tools will be able to track all expenses from gas to food to hotel bills. This will allow you to control your spending and save you some serious time. With top expense tracking tools such as Expensify or Xpenditure, employees can scan receipts on their mobile devices and upload them onto the expense tracking tool. This will automate much of the process. From there, all other tasks such as approval, rebilling, expense accounting, and reimbursement are much easier to get done.
Staying on top of your business finances
Keeping track of your finances is key to having a healthy company. That’s why you will want to have the following financial tools in your business: budgeting tools, payroll management, a financial dashboard, inventory management, and expense tracking. Try to integrate as many of these tools as possible in your business. You will not only save time by automating many of these tasks, but you will also know exactly where all your money is going. This will keep your business on the right track.
Samantha Higgins is a professional writer with a passion for research, observation, and innovation. She is nurturing a growing family of twin boys in Portland, Oregon with her husband. She loves kayaking and reading creative non-fiction.