Marketing, human resources, operations, procurement, finance, and much more. There is literally so much that one has to handle when running a business. Doesn’t matter if it is your own or you have been employed by someone.
Running a business is hectic and running a successful business is even more hectic. We get it. However, don’t you think that you can simplify a few of your tasks by employing external help? Well, not in terms of manpower, but you can do with software that helps you manage your business finance.
How did accountants maintain data before accounting and finance management software became something used widely? Microsoft excel. Excel has been a king for a long. However, if you are also someone who has worked on Microsoft excel, you would know how hectic that can be.
For all business owners, who want to have all of their financial data secured and accessible whenever required, we may be able to recommend something that would just be the right fit.
(we have put just the best ones on the list)
As said by Peter F. Drucker, “What’s measured improves.” So let’s check a few software that can help you manage your business finances a bit too well.
Most mid-sized businesses use accounting software owing to the bulk data and invoicing they need to take care of.
Freshbooks accounting software can modestly be called an all-rounder when it comes to getting one with power-packed features. Starting from $13.5/month, Freshbooks helps you track time on projects, expenses and even produce financial estimates. Why should you get this? It supports double-entry accounting, comes with a time tracking tool, inventory tracking support, can help you maintain detailed client records, tracks sales tax, sets up accruals and arrears, and gives you a user-friendly experience.
Among other essentials to working from home effectively, accounting software becomes a priority.
Did we tell you that it is also accessible via mobile? You’d just need to install the application.
Businesses have been taking the help of these software more and more these days:
Source: trust radius
Now, this is another in the line. It also comes with the feature of being accessible all around the week. You just need to get it hosted on a cloud server. It also comes with an option to be linked to your bank account, so that’s a plus. What else can it help you with? Bank reconciliation, invoices, tracking expenses, financial reporting, and payroll accounting.
Owing to COIVD-19 and remote work practices, there is an increased need for accounting software that is cloud-based and can help in providing you financial reports rapidly.
Constant tracking and assessment can help you stay on the top of your game.
Worthwhile if you are a novice at accounting, Zoho books can help you with inventory management, sales management, customer management, as well as banking management. Equipping you with a plethora of resources also helps you to get paid virtually.
Scalable, based on your business needs, pay in accordance with your usage. Managing your expenses would become easy with Zoho Books.
Very easy to understand and easy to run, OneUp gives you a financial dashboard helping you to review your financial reports and your overall business finances. Get a detailed profit and loss report, cash flow planning, and the breakdown of income and expenses.
One can also generate mini-reports for periodic management and goal assessment. This also offers the option of connecting it with your bank in order to help update the payments automatically, or you may choose to update it manually.
Oracle Financials Cloud
This is an enterprise resource planning system and does cost more, but it provides good financial management to any business that may be able to afford it. With integrated finance tools, the Oracle Financials Cloud is scalable as per the needs of the business and is suitable for enterprises.
(This one wants you to pay around $600 per month per user)
Budgeting, planning, forecasting, analytics… you name it. A comprehensive budgeting and financial reporting software that can be integrated widely with other accounting tools like QuickBooks and Oneup.
One may have to request in order to obtain its pricing. However, this tool is something that should be integrated with other accounting software in order to perform at its best.
What are the key financial management goals that the software should serve?
When signing up for any software in order to manage business finances, one should ensure that the software is worthwhile and should serve the following purposes:
In the contemporary when people are working from home or have to be geographically dispersed to make the business work, it is important to be able to access all financial data remotely. Any software that can keep all your financial data on a cloud-based server would be the right fit for you.
You should be able to obtain periodic financial reports, be able to produce financial forecasts, and have customizable dashboards that help you see the key figures to evaluate where you stand financially are where you are required to be.
In simpler terms, you should be able to connect it with your bank to help update the data rapidly. This helps in predicting future cash flows and keeping track of trade payables and trade receivables easily.
It should streamline the finances in order to help you calculate taxes and eventually file those.
We know that many of you are working at home. Handling a lot of financial data, tracking trade payables and trade receivables as well as managing to achieve the financial goal can be a tiresome task. Start-ups even use free accounting tools like Hubstaff that do not give you the plethora of services like the others ones this list can; thus, when trying to reduce inefficiencies, why not minimize them as much as possible?
Did you know that companies often lose up to 30% of revenue due to inefficiencies? (Source: FreshBooks)
So, sign up for one of these tools to help you manage your finances efficiently without a worry looming on your head while you take care of the more important tasks such as strategizing for your business to help it grow.