Management February 6, 2017 Last updated February 2nd, 2017 785 Reads share

6 Financial Tools for Every Small Business

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Without proper financial management, it’s hard to keep a company running, much less reach a point where you’re profitable. However, as a small business managing revenue, payroll and taxes can seem like a daunting task because you have limited time and resources to get things done. It’s especially stressful if no one on your small team has financial experience.

Unfortunately, the reality is, you need to figure it out: “You must know your numbers inside and out. Integrating the financial performance and metrics of your business into everything you do is a must! If you don’t know how to do that, hire someone who does and learn,” says

#1. QuickBooks

If you have yet to invest in cloud-based accounting software, the time is now. Cloud-based software, such as QuickBooks, is an error-free, hassle-free way to get real-time insights from wherever you are. Whether you’re starting a new business, or streamlining an existing one, QuickBooks can help you easily manage all of your data in one place.

With a suite of user-friendly tools you can store, track and access data from your computer, smartphone or tablet. You’re also able to generate reports, do banking online, and manage invoices. Plus, it’s more affordable than a personal accountant and available to you 24/7.

Don’t forget to download their mobile app, from which you can send invoices, take photos of receipts, access customer information and more. It’s available for both Apple and Android, tablet and phone. 

#2. Cyfe

Do you spend half of your day switching back and forth between various websites, checking on the progress of your business? Most business owners wear a variety of hats, so this multi-tasking is nearly inevitable.

Cyfe helps you reduce this back and forth thanks to its comprehensive dashboard. With this tool, you can link all of your data and view it from one screen, saving time and future headaches—seeing the big picture allows you to fix problems as they occur, not after it’s too late.

You can customize your dashboard and add widgets from an endless array of websites including QuickBooks, PayPal, Shopify, Xero, most social media platforms, Google Analytics, project management data from Basecamp, CRM data from Salesforce, etc. 

#3. Mint MyBusiness

Mint is one of the most well known tools for personal financial tracking. Many people, however, may not know that their business tool is just as valuable. With Mint MyBusiness, you’re able to track your entire financial picture, both personal and business, in one place.

It connects to all of your bank accounts, pulls past spending reports, separates expenses by category, and even suggests budgets per category based on spending.

Tax season can be a nightmare for small business owners but Mint MyBusiness provides an easy way to stay organized throughout the year from the convenience of your smart phone. At just $4.99/month, there are schedule C categorizations available as well as mileage tracking and receipt storage.

#4. Couponbox’s Coupon Calculator

At first glance, this Coupon Calculator may not sound as valuable as some of the other tools listed, but quite the contrary—it can save your business a lot of money. Coupons are a great way to drive sales as a new, small business because they help you market new products, spread awareness, and attract new customers.

However, when offering a great coupon deal, it’s important that it’s beneficial to both you and your customers. Because you’re offering a discounted rate on something, you need to sell more to make the same amount as you would without the markdown. This is where the calculator comes into play.

With it, you can determine how much you have to sell to reach the same amount of revenue. As a new business with minimal funds, losing money is bad. This calculator helps you ensure that you don’t—or if you do, that you’re prepared for it.

#5. Trigger

If you run a small business, it’s not uncommon to have part-time employees, contractors or freelance workers. And tracking them all is just another tedious task on your daily to-do list. Trigger makes this easier by streamlining the management of projects and tasks either at the company level or employee level.

The tool can be integrated with a number of accounting products and has a user-friendly interface so everyone will be able to log in and find their way around. Use Trigger to keep an eye on budgets, billing, and employee productivity, all of which makes life as a business owner much easier. With a built-in task timer and the ability to break down client work into various projects and tasks, every member of your team can log accurate times and track their progress here. 

#6. TurboTax Home & Business

Tax season can be stressful for anyone, but for those who own a business, it’s something you need to get right the first time—mistakes can lead to costly fees.

TurboTax, from Intuit, offers an app for small businesses that costs $99.99 per year, which includes the cost of one e-file of a tax return. According to Small Biz Trends, the app can help to identify how to get the most money for your tax deductions. In addition, you can create W2 and 1099 forms for all of your employees and track your expenses all year long—saving time, money and stress once tax season rolls around.

These six tools are not the end-all, be-all for every small business. However, they do provide a lot of value for a business owner who’s running the show and trying to manage finances at the same time. Consider which ones would be beneficial for your financial needs and reach out for a free trial if there’s a fee for use.

Image: Shutterstock

Jessica Thiefels

Jessica Thiefels

Jessica Thiefels is founder and CEO of Jessica Thiefels Consulting, a small business focused on content marketing. She’s been writing for more than 10 years and has been featured in top publications like Forbes and Business2Community. She also regularly contributes to Virgin, Business Insider, Glassdoor, Score.org and more.

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