I have been a small business owner since I finished my college. I started with helping my friends with setting up their businesses. And now have transformed it into my dream company where I help business from beginning their journey to growing it ahead. I have always loved being an entrepreneur and I would recommend it to anyone thinking of creating a business. But, you must always keep in mind that creating and running a business is no picnic. There are so many things that have to be taken care of and it usually lies on your shoulders.
Managing your Finances is a major part of it!
I understand Financial management may not be one of the most glamorous parts of starting up as well as managing a business, rather it can be cold and hard. However, for the effective utilization of those hard-earned funds, the management becomes very important.
Of all my current experience if there is one thing that I can advise to you as a business owner, it would be to make sure you understand how to do the accounting. When you are a small business, you should be able to handle all of the accounting.
It’s pretty simple if you’re running a fairly simple business, why do you need an accountant on the first day? If you feel the need, you might need an accountant for advice, because you usually need advice once you get going, and that’s okay.
That’s how I started.
Don’t worry about hiring someone in the beginning. All you need to do is turn to the virtual world for financial management, and you’ll have access to the various apps and websites available to help you. Here is a list of the top tools entrepreneurs across the globe use to manage their finances.
Tool 1: BodeTree
If you Google BodeTree, the search results will show “BodeTree Is A Financial Tool For People Who Hate Finance”, “BodeTree: A Huge Help to Entrepreneurs, or A Pretty Distraction”, and more. It is a tool available online with a monthly subscription. BodeTree was launched to help small business owners make better sense of their financial data. You can easily request a demo from their website to see if it works well for you.
Once you register on this tool, you’ll receive daily updates on available cash balances. Using the cash tracker option, you can have a look at your incomes, expenses, and profit. However, all this information depends on the date you enter, so make sure your data entry is accurate. Use this tool to set financial goals, and compare yourself with other firms in your industry.
They also offer a full suite of financial insights to help you set goals, calculate your company’s valuation, industry comparisons, and build a strategic road-map that covers a number of areas of building a successful business.
Tool 2: Bench
Looking for bookkeeping tools? Then this is one of the best websites to help you with basic bookkeeping for your startup. It is a safe website that provides secure banking synchronization and paperless personal and professional bookkeeping. It also provides tax support for your firm.
Basically, you can easily say, it is an online bookkeeping service that provides your business with its own personal, professional bookkeeper. They offer free paperless bookkeeping, bank level security of your financial information, and tax time support to help lower your business-related stress levels.
Even if you don’t know what bookkeeping is yet, Bench is the right team with the right support level to get you up and running. Bench have four main packages to choose from. Each package comes with monthly cash-basis income statements and a balance sheet, as well as ongoing communication with the team.
Tool 3: Abukai
If you are just attracted to the name of this website, then log on to it to find its features even more attractive. It is the quickest and easiest way to create expense reports. The best feature of this tool is that it helps to create daily status reports of your finances.
The process of creating these reports is also very easy. All you need to do is upload photos of your invoices, and then the tool will compile all of them and come up with your report for the day. They will send you the finished expense report with cost categorization, date, vendor and all the other information already filled in for you.
This tool offers its basic package with 12 reports per year for free. The rest of the packages come with yearly subscriptions you can check on their website.
Tool 4: Shoeboxed
Tired of maintaining too many papers and receipts? Turn to Shoeboxed, which will solve all your problems and turn all your disorganized papers into organized paperless finances. You can simply scan all your invoices and receipts and upload them onto this website. Add business cards in this card, and transfer all your business online. If your clients are sending your receipts online, you can directly sync your email to it.
This service offers various pricing options, including a bare-bones free version. You can use Shoeboxed if you’re outside of the US, but the pre-paid envelopes are only sent to users in the United States. International users can sign up for the Lite plan but if you’re not in the US, you’ll need to call to get upgraded to a Classic or Business plan if that’s your desired plan.
The sign-up process only gives options for the US, Canada, and Australia but I checked with Shoeboxed Support, and they confirmed that users from other countries (like the UK) are able to sign up if they give them a call support to set up the account.
Tool 5: Salesforce Invoice and Payment Platform
This new tool from Salesforce, in partnership with Taulia, lets you quickly and easily track invoices, payment status, and choose early payment options. It’s a completely free and fully integrated platform. It also facilitates early payments, which allows you to get paid earlier in exchange for offering invoice discounts, allowing them to access and manage their finances anywhere, anytime and on any device.
Plus, if you are looking for more information on basics of finance management, feel free to download my Free E-Book!
Lastly, While concluding I would like to say, understanding your critical financial numbers may not be as exciting as making a big sale, but keeping an eye on these must-know figures will give you precious peace of mind and a glimpse of what the future holds for your business.
Check out the apps listed above and then, go with one which you like the most.
Share your views in the comments below!
I help business owners Build their Brands and make them irresistible, profitable & simple to run.
I want to help you build your social media and it's marketing, business growth and digital strategy with confidence, so they're not just successful, but authentic as well as reliable.
If you are not a Business owner, don't worry for you I have services like Finance Management, Retirement Planning and much more to offer!
Other than work I'm someone, who love's 2 enjoy life, I love to keep things sweet n simple just like me!!!
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