As a small business owner, you can find that most of your day is spent doing monotonous tasks that make sure the company ticks over nicely. One of the most time-consuming of these is accounts and finances.
However, there are simple solutions that can make your finance management more productive, easier or just less like a never-ending nightmare.
QuickBooks is an accountancy app that promises to save you eight hours a month, which, over time, adds up to incredible savings for small businesses. Each user is given a simple dashboard that shows information about profits and expenses, as well as invoice details and visibility over outgoing transactions. This means you can easily see what position your company is in financially, as well as what invoices are due. You can also compile reports from the app for more detailed insights.
Entrepreneur Cash Flow Calculator
Understanding your cash flow is the most accurate way of determining whether you can afford to expand or may be heading into financial difficulties. The Cash Flow Calculator helps you to get a clear picture of where your business is at and help you plan for the future. With its in-depth analysis, you can easily see what improvements may be needed to boost your cash flow with finance management.
Sorting out expenses can be a particular nightmare for small business owners, but Expensify simplifies the entire process. Users can easily input billable expenses, add cash expenses, scan receipts, and automate duplicate expenses. This significantly reduces the chance of expenses slipping through the net.
You may think budgeting apps are just for frivolous individuals, but Mint proves otherwise. Its simple dashboard pulls together information from all your bank and credit accounts and gives you weekly reports. You can also set yourself goals and budgets to stick to; for example, you might only want to spend £300 per month on expenses. The app will analyze your activity and see whether there are simple ways you can boost your cash flow.
From the minds behind Quickbooks, Turbotax has a version specifically designed to help small business owners get their head around tax. This doesn't just help you save time on filing your accounts, but can also save you money by ensuring that you're not paying more tax than you need to.