Every business owner wants to see their business thrive and
grow. To do that, they need to keep their business's finances healthy.
Luckily, over the years, technology has made it easier to
keep your finances in check. With the help of these apps and tools, tasks can
be executed more efficiently. You and your finance team can have a better
handle on your money and at the end of the day, you can run your business more
smoothly.
5 Apps and Tools To Make Business Finance Management Easier
Managing your business's finances is critical to its current
and future state. It's more than just improving business cash flow too. You
have to deal with tasks big and small like sending invoices, collection,
recording credit card transactions, and preparing financial projections.
When selecting a financial management tool, keep in mind
your business's needs, budget, and the tool's scalability. It should also have
resources and support available to make sure everyone in your team knows how to
efficiently use the tool's features to get the most out of it.
Integrating apps and software that help streamline these
tasks can be of great help to your finance department. Through time, you and
your team can find out what does and doesn't work for your business. In the
end, you're able to build an intelligent business solution and efficient system
that your finance department will thank you for.
1. Wave Bookkeeping
Wave Bookkeeping is a great beginner's choice for small- to
medium-sized businesses that are new to integrating finance apps and software.
It is one of the best free bookkeeping apps on
the market.
It is a 100% web-based platform, making it incredibly easy
to access. This is perfect for cross-department functions between Accounting
and Finance.
With Wave, you can track your income and expenses with the
use of double-entry accounting, a common practice used by most businesses. You
can also link unlimited bank accounts, allowing you to have an overview of
everything in one place. You don't need to worry about your receipts either. Just
snap a photo of them and upload it to Wave.
Custom invoicing is also possible with Wave. The drawback
with the free app is you can't track your accounts receivables or your accounts
payable. It also does not have any payroll functions or allow for online
payments.
You have the option to buy additional services for your
business, as well as work with Wave advisors to help you with your taxes.
2. Zoho Books
If you're looking for accounting software that can grow with
your business, Zoho Books is a great option. The basic plan starts at $9 per
month and adjusts with your business's needs as it grows.
The cloud-based software is intuitive, containing all the
necessary features a business owner will need. You can perform tasks like
sending out recurring invoices, payment reminders, accounts receivable,
tracking inventory, and so much more. Being able to automate these tasks can
improve business cash flow.
Because everything is in one system, your financial records
are neatly kept. This is perfect for your Finance Department, as it makes
gathering the business's data so much easier for financial analysis and
projections.
3. QuickBooks
QuickBooks is one of the more well-known bookkeeping and
accounting tools. It's also available as a mobile app, making it easy to access
your business's numbers on the go.
It has a four-tiered pricing plan starting at $25 a month
working up to $150 for the advanced tools and features every bookkeeper or
accountant would ever need.
This powerful accounting app can track both income and
expenses, send and track invoices, connect to your bank accounts, send out
payroll with penalty protection, manage inventory, track employee time, and
more.
For small businesses without a permanent accountant,
QuickBooks also lets you connect with an online bookkeeper to keep everything
managed correctly.
4. PlanGuru
Planning a budget and executing a budget can sometimes be a
little tricky to do. However, it is vital to create and stick to a realistic
budget if you want to keep your business's finances healthy.
A lot of accounting software has tools to track your
expenses, manage cash flow, and make financial projections. That may be enough
for some businesses but if you think your business could improve on its budget
management, this may be the platform for you.
With PlanGuru, you can first analyze your budget to see
where your business can improve. It analyzes data from your cash flow records,
balance sheets, and income statements. Pinpointing your financial shortcoming
before they become serious problems is a great first step to getting a handle
on your budget.
If you're already a QuickBooks user, integration to PlanGuru
is pretty easy. The drawback to this platform is it's only compatible with
Windows. And if you want to have a cloud-based version of PlanGuru, it's locked
behind a paywall.
PlanGuru offers a 30-day free trial. After that, it's $99 a
month.
5. FinancialForce
Focusing more on financial planning, Financial Force is an
Enterprise Resource Planning (ERP) tool that tracks spending, profitability,
and resource availability, and keeps positive sales and customer numbers through its customer-centric approach.
This Chief Finacial Officer tool is easy to use. It makes
financial records easy to access as well as integrates easily to the Salesforce
platform, a customer relationship management software.
Having a financial management tool like FinancialForce can
make it incredibly easy to plan annual financial targets and create realistic
budgets. You're also able to better monitor assets and active capital, making
it easier to protect your business's financial future.
It may take some time to have the initial implementation set
up. Some also find the financial reporting function to have a learning curve.
Technology Integration for Your Business's Financial Health
Good financial management is the key to running a thriving
business. One of the best ways to do that is by having solid systems and tools
to help your team run smoothly.
Integrating technology into your business's financial tasks can have so many benefits. You can keep all your data neat and organized, making it easier to access and collate for any analysis, reports, and projections. You can also automate a lot of tasks, allowing your team to focus on other duties that can further enrich the business's financial health.
Today's markets are fast-paced and your business should be able to keep up. Continue to grow your business by using technology to propel you forward.
