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10 Financial Tools Every Small Business Owner Should Have

Martin Castilla            No comments            Jun, 5


Small business owners have a lot on their plate. They juggle their time between handling orders and taking care of customers, while keeping their staff members on track and never neglecting their business’ financial health.

However, one can only do so much in so little time.

With the current state of technology, there are a lot of financial tools available to help increase a small company’s productivity, operations, profit margins, and more. When company owners and managers turn to the right tools, they can effectively plan for success.

Here are some financial tools that can help small business owners take their game to the next level:

  1. Accounting Software

It is important for SME’s expenses to be recorded accurately. While many companies still go for paper-based accounting, having a computerized accounting system offers a lot of benefits, such as better organization and minimizing errors. Take a look at this guide comparing sage 200 vs sage 50 to see which is better for your business!

These accounting software also help cut down a business owner’s time by automating, tracking, and simplifying key data-a benefit especially felt during tax season. Intuit QuickBooks and Xero Accounting are two of the most popular choices among businesses, small and big, today.

  1. Financial Analysis

One can see progress when data and numbers are present. These financial analysis software can help company owners keep track of profits and losses, cash flow statements, balance sheets, and more, so they can direct their resources towards investments that will help increase their bottom-line. A program like Float does just that.

  1. Business Planning Software

Presenting a plan to an investor can be a tedious and intimidating task to do. However, having a business planning software helps small business owners create a plan for expansion that investors will find attractive. There are a number of business planning tools available, which provide a number of assistance from business plan templates to creating legal documents.

  1. Invoicing Software

Billing can be stressful, especially when a person is not trained to handle umbers. Missed or late payments can pose a huge risk in the company’s budget, as it can seriously deplete current cash flow that goes to operational expenses and salaries. Small business owners can benefit from having an invoicing software to keep the money running without missing a beat.

  1. Inventory Management

Businesses, especially those that deal with tangible products, need an inventory management system. Tracking inventory on paper can be messy, but having cloud-based solutions does it effectively. For online business owners, a platform like Shopify can help you track inventories.

  1. Credit Card Payment Processing

Customers always come back to service providers who offer convenient payment options. Businesses that come with mobile credit card readers, terminals, online payments, or POS will have a loyal customer following, thanks to a variety of payment options available.

  1. Business Credit Card

Small businesses owners often get personal loans or transfer credit card balance to jumpstart their businesses. However, keeping track of credit can be a messy thing, especially when personal and company expenses overlap. Having a dedicated credit card for businesses can help owners monitor their work-related spending. They can also have access to other benefits that a personal business card cannot offer.

  1. Business Debit Card

Owning a business debit card also help business owners make purchases in different stores and locations without having to worry about credit payments. Because transactions used with debit cards are outlined in monthly checking account statements, it becomes easier to track.

  1. Business Credit Checks

Small business owners become creditworthy customers when they improve their current credit standing. These credit checks help small business owners make well-informed financial decisions to not hurt their credit standing.

  1. Business Credit Monitoring

A business with a healthy credit score can last for lifetimes. Enrolling in affordable credit monitoring services can help companies review their credit card liabilities, loans, and more.

Starting and maintaining a financially-healthy business takes a lot of resources from any entrepreneur. So, whether it’s finding an accounting software that offers a lot of benefits or getting the right debit card, there are lots of things you can do. With the right tools, small business owners can consistently watch their companies grow in number and performance.


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