If you’re a small business owner, then there are plenty of financial tools out there to help you stay organised and in control.
Running a small business can be challenging. Without an accounts department, dedicated payroll staff or years of bookkeeping experience behind you, it’s often the financial side of things that fall behind.
That’s why with Small Business Saturday on December 1st we’re looking at five of the top-rated financial tools to help keep your small business on track.
Financial tools for small businesses
Running a small business is hugely rewarding but it isn’t always easy.
One of the trickiest parts of keeping your little enterprise afloat is ensuring that you’ve got all the financial aspects right – from payroll to invoicing and submitting those dreaded tax returns.
While some of us are blessed with a head for numbers, others got into business because we have a passion for our chosen subject and not because we love pouring over spreadsheets.
Do the financial elements of running a small business get you flustered?
Worry not, because there are tons of tools out there to help keep you right.
The top 5 financial tools for small businesses
One of the most crucial aspects of running any business is generating a healthy cash flow, which means invoicing customers and ensuring that those invoices get paid.
When you’re running a small business, however, time is particularly precious.
You’re often on the go. You probably don’t have a dedicated accounts department that can take care of all those important financial matters for you.
Popular online accounting platform, Quickbooks, offers everything that you need including invoicing, payroll, help with self-assessment, cash flow insights and much more.
Linking to your bank accounts and your mobile phone, take care of your company finances while on the go, all from as little as £3 per month for the first six months.
Budgeting and proper money management are just as important for your small business as they are for your personal finances. The mint app takes care of both.
The MyBusiness function organises your spending into categories and provides helpful insights into business trends and overall business performance.
It also includes online storage of receipts, mileage tracking and free credit scoring and signing up is free.
Similar to Mint, Goodbudget has earned a great reputation for helping with preparing financial reports and analysing expenditure.
Along with monitoring upcoming bills and setting up categories for expenses, all transactions and data are also uploaded to the cloud.
Allowing you to sync with multiple devices, you can share important financial information with your colleagues and stay on top of your business finances.
The app offers both a demo and paid version.
Nobody loves doing their expenses but many small business owners love Expensify.
The Expensify app was created by a developer who wanted a better way and they achieved a user-friendly experience that makes expenses reports simple.
Integrating with apps, such as Uber, it records expenses instantly. You can also input manual expenses, which are all consolidated and split into categories, so you can quickly identify areas of overspend.
There’s a free version allowing for up to 10 free smart scans a month and unlimited storage for receipts. The premium version from just £4 a month allows unlimited scans, basic expenses approval and integration with other finance tools, like Quickbooks.
Make invoicing easier with helpful small business tool Freshbooks.
Allowing you to create professional looking client invoices in seconds, Freshbooks even follows up on payments – helping ensure that you get paid faster.
The super easy to use platform includes other handy financial tools too, including tracking expenses and recording time spent on client projects.
It all lives in the cloud so you can stay on top of everything from your phone or laptop where ever you are.
Try it for free for 30 days and then opt for the best monthly plan for you, from around £12 per month.