Managing the finances of a small business can be overwhelming, but with the right tools, it becomes much easier. We’ve gathered insights from business leaders to share some of the best financial management tools for small businesses.
QuickBooks is a top choice for small businesses because it provides a full suite of financial tools. You can handle expenses, invoicing, and financial reporting all from one place, simplifying decision-making and tax management. Its user-friendly interface is perfect for new entrepreneurs, allowing you to automate payroll and track billable hours easily.
Mint often goes unnoticed but is an excellent tool for financial management. It brings all your financial data into one place, offering a detailed look at your bills, spending, credit score, and overall budget. This transparency helps in making smarter financial choices. You can set financial goals, sync your information with other apps, and track your investments.
Paycor is a standout choice for payroll and HR management. It combines time tracking with payroll processing and HR management, which helps eliminate manual data entry errors. Paycor also assists with taxes through automated updates and compliance reports.
For hassle-free expense management, Expensify is incredibly handy. It simplifies expense tracking by allowing receipt scanning and cash expense logging right from your phone. It’s compatible with tools like QuickBooks and includes features like GPS-based mileage tracking, although some users note it can be a bit tricky to use at first.
Gusto is our go-to for tax management and payroll services. It streamlines tax deductions and automates payroll, easing the burden of financial paperwork. Gusto also manages federal and state tax filings along with healthcare requirements.
Float is essential for cash flow forecasting. It connects to your accounting software and gives real-time insights, allowing you to prepare for changes, like hiring or big expenses, effectively.
For real estate businesses, tools like LivePlan and BudgetPulse are invaluable. They help track financials with features tailored to complex budgeting and forecasting needs. Many in the industry also find Bonsai helpful for accounting and Realtyzam for taxes due to their specialized approach.
SAP Business One is a great ERP solution for small businesses. It integrates financial management, sales, customer management, and more, providing insights for decision-making and growth.
Zoho Books has proved to be a surprisingly effective tool for invoicing and business integration. Its intuitive interface makes invoicing simple, and it integrates well with other Zoho apps.
Cushion is favored by freelancers for financial planning as it helps anticipate work schedules and financial goals. It’s excellent for spotting payment trends and coordinating with tools like FreshBooks and Xero.
Having a line of credit is a safety net for businesses with fluctuating cash flow. It’s particularly useful for handling periods of low cash flow while maintaining scheduled payrolls.
Virtual cards are a practical way to control employee spending. Businesses can issue these cards to employees for purchases, keeping expenditures in check via a dashboard.
FinancialForce is a comprehensive FMS ERP tool on Salesforce’s platform. It integrates both front-end and back-end processes, providing a customer-centered view and promoting efficient workflow.
Wave is a fantastic free option for service businesses. It manages accounting tasks such as expense tracking and invoicing with ease through web and mobile apps, although payroll and payment processing are extra.
Lastly, FreshBooks is perfect for freelancers with its customizable invoicing and expense tracking features, making financial management straightforward.
