Despite the magnanimity of any business, financial management stands as a crucial element. Because no matter how brilliant a business strategy is, it can never work without adequate monetary support!
Especially when the context comes of a small business, managing finances gets even more challenging, with all the other work hanging around! In such cases, financial tools help a lot to track, manage, record, and analyze daily transactions effectively.
In this blog, we are going to discuss the various financial tools that can help you ditch the overwhelming paperwork and manage small business finances effortlessly.
What Are The Best Financial Tools Available?
Well, there are a lot of options out there! We have zeroed in on some of the best online financial tools for you.
Let’s have a look-
1. Xero- The Accounting Tool
Having good accounting software at your perusal is like having your financial autopilot! Xero is a lightweight software that helps in tracking income, and expenses, and generates invoices with each transaction automatically. Added to that, it also helps generate reports and seamlessly integrates with other tools to form a centralized hub. So, you can easily regard it as one of the best accounting tools for small businesses.
2. PlanGuru- The Budgeting And Forecasting Tool
For small businesses, creating and adhering strictly to a budget plan at times becomes kind of challenging. PlanGuru acts like a crystal ball of finance that analyzes your budget based on income statements, expenses, and overall financial health. It also helps you spot potential shortcomings before they snowball into something major and irrevocable, thereby positioning itself as one of the best financial tools for budgeting!
3. Expensify- The Expense Tracking Tool
In a business tracking everyday income and especially everyday expenses is a tedious job! But it has to be done, or else a business will go bankrupt in no time! Expensify is like Superman in such cases! People can simply scan receipts and upload cash transactions from their mobiles. Expensify helps to streamline reimbursements and simultaneously provides you with clear spending backgrounds.
4. TurboTax- The Tax Preparation Tool
Does the word “tax” scare you? You’re not alone, it happens with many small business owners! That’s why tax preparation software like TurboTax comes in handy. It is specially designed for individual taxpayers and small businesses alike. It acts as a guide throughout the tax filing process, makes tax calculations on-point, and offers an electronic filing system for faster returns. So, no more worries for the upcoming tax season!
5. Gusto- The Payroll Management Tool
Gusto is a well-known payroll management software. It is known and acclaimed widely by businesses for possessing an extremely user-friendly interface. Added to that, it also has an array of features that are customized to fit the requirements of businesses sized from small to medium. Gusto is responsible for streamlining payroll for SMBs, automating taxes & calculations, and offering employee self-service for paystubs.
6. Sift- The Fraud Detection And Prevention Tool
Sift is an essential tool that businesses must consider incorporating. It is popular to detect fraudulent transactions and offers effective ways to prevent them from happening. It uses machine learning and assists in spotting any kind of suspicious activity in real time! The tool has a vast global network, and hence it stays one step ahead of newly-evolving fraud schemes and helps in offering multi-layer protection against payment frauds.
Important Note: Are you one of those with a never-ending passion for finance? Stay updated on the latest trends in the finance world. Click here!
Technical advancements and automation have changed the face of businesses radically. So why are you stuck on traditional paperwork? Choose from the above-mentioned financial advisor tools, and streamline your business processes today!
Amilia Brown is a seasoned business writer & strategist who simplifies complex business concepts and turn them into engaging narratives. As a trusted business writer, she delivers actionable insights with precision.
