How to manage business finances? As a financial advisor, you get to manage other people’s money and finances. But how about your own? How do you manage business finances? One of the most important things in running your own business is managing your own business finances. Believe it or not, you can have a wonderful and profitable business but lose it all due to poor money management. If you don’t manage your cash flow and responsibilities correctly and properly, it can lead to the end of your business. To help you out, here are five apps or tools you can use to manage business finances.
- FreshBooks – This is typically known as an accounting app, but it is really an invoicing app with some project management features like teams and time tracking. It can also let clients sign in and look at what is happening with their time, and more. If you want to have the full accounting features. You will have to export to QuickBooks. There are also numerous other third party apps which you can connect to it with, too. FreshBooks is simply easy to understand and use.
- Shoeboxed – All business owners have to keep track of their receipts to get ready for tax season. Admittedly, it can be one of the hardest things to keep organized but we all have to go through it. However, if you don’t do it, 3 things can happen: 1) you can lose out on deductions, or 2) you risk taking a deduction without proof and 3) you then lose that deduction in an audit. With the help of Shoeboxed, you can keep your receipts better filed and organized so you won’t have to worry about them getting lost.
- PayPal – PayPal has become quite ubiquitous and if you use it for your business, you’ll likely increase your income if you offer payment methods that are easy to use, are accepted, respected, and can provide the customers with many options. Payments can be made through this app, or they can pay using credit card for those with PayPal for Business.
- QuickBooks – This app is more often than not thought of as the gold standard of accounting and financial management especially as a software for business. QuickBooks Online is so affordable with all its features that you might want for your businesses, whether big or small.
In addition to finding the right tools to help you manage business finances, you can also hire a virtual assistant to help you out to avoid overwhelm. Also, it is important to read about small business finances – even if you choose to hire a professional CPA and VA to help. Because after all, it is your signature and business on the line if something goes wrong.