Every business needs the right financial tools to organize payments and keep track of cash flow. Five essential tools that all business owners need are accounting software, budgeting tools, expense tracking, payroll management, and a business credit card.
Accounting software allows you to keep track of cash inflows and outflows easily and generate useful financial reports and statements for tax filing. There are plenty of tools available to meet your accounting needs. For example, QuickBooks is an accounting software that allows you to track income and expenses, create and manage invoices, and manage budgets. They provide various packages to meet your business needs and offer a 30-day free trial.
If you’re on a tight budget, Wave and Gnucash are free alternatives you can consider. Wave even provides a convenient receipt scanning feature to help you keep track of your expenses on the go!
When your business starts to grow and take on employees, payroll management is something you need to think about. Tools such as Gusto offer full-service payroll for your business needs. There are also free alternatives you can check out. For example, payroll4free.com offers free payroll services if you employ 25 or fewer people. This could be the perfect fit for a small business with a few employees under its care.
Last but not least, a business credit card. There are benefits to having separate credit cards (and bank accounts) for your business. In addition to the tax deductions discussed in our earlier newsletter, separate credit cards build a credit history for your business. This could help you in securing a business loan, if needed, down the line.
Take some time to explore and figure out which tools work best for your business. Regardless of how big or small your budget is, there are useful financial tools available for you out there. Utilize these tool and organize your finances!