Best Financial Tools for Growing a Business
Running a business comes with many challenges, but managing finances often tops the list. Having the right financial tools in place will give you the support you need at an affordable price. It helps you improve your daily operations and gives you better visibility over your business’s financial health. Whether you want better cash flow management, improved invoice payments, or keep track of budgets, there’s a tool to suit your needs. To get you started, here are some essential financial tools we think every business should have to make life easier.
Cloud Accounting Software
Understanding what payments are coming in and out of your business can be a minefield without the right accounting software. Cloud accounting software, like Xero or QuickBooks, makes this more accessible than ever. By integrating into your business bank account, these tools offer real-time access to your financial data from anywhere, allowing you to stay on top of your business’s performance without being tied to a desk.
One major advantage of cloud accounting is the ease of collaboration. Your accountants can access up-to-date information, reducing errors and ensuring everyone is on the same page. Plus, with automated features for billing and payment reminders, you’ll save time and reduce admin headaches.
Cash Flow Management Tools
Effective cash flow management is crucial for a successful business, and managing it can be tricky without the right tools. Platforms like Float and Fathom provide real-time insights into your cash flow, allowing you to track inflows and outflows, forecast future cash positions, and avoid potential shortfalls. If delayed invoice payments affect your cash flow, Invoice Finance is an essential tool to keep you afloat. Unlocking the cash tied up in unpaid invoices means you’ll have quick access to working capital instead of waiting weeks or months for your clients to pay.
Budgeting and Forecasting Software
Nothing is worse than being hit by large, unexpected payments, especially in a quieter sales month. Budgeting tools like Workday and LivePlan will help you plan for the future so you can adapt and make the best decisions with the correct data. These platforms’ features allow you to set financial goals, forecast revenue and expenses, and monitor performance against your real-time budget. By tracking your finances and identifying potential problems early, you can make more informed and strategic decisions that help your business grow.
Expense Tracking Tools
It’s easy for expenses to pile up, especially if you’re handling everything manually. To keep everything in one place and not worry about paper receipts, you need to look into expense tools like Expensify, PayHawk and Dext. These apps help make tracking your expenses simple. Handy features include taking photos of your receipts (so you can throw away that shoebox of invoices), expense categorisations, and spending limits for the whole team. These apps make tracking and reporting company expenses easier, ensuring nothing is missed and you have clear visibility of your expenditure.
With the right financial tools, you’ll have better control over your finances, making it easier to manage cash flow, plan ahead, and track every penny spent. By incorporating solutions like Invoice Finance, you can ensure that delayed payments won’t hinder your growth, giving you quick access to the cash you need to keep things moving.
Find out how Invoice Finance can be an essential financial tool for your business – contact us today.
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