Finance management is one of the key factors that separates a successful business from a struggling one. Keeping up with ongoing business transactions really does feel like a never-ending task and some tools and services can help you ease your struggle in managing your business finances.
To minimise manual errors, and complex processes, and save yourself from time-consuming, you could always turn to some tools and services that can help you with all those challenges that come with managing business finances. You can find a tool that can help you manage payroll, accounting, and everything else in one place, or you can hire an accounting firm in London that provides services like accounting, tax advisory, payroll, bookkeeping, bank account set up, company registration, and AT.
There are several types of financial tools and services which assist in certain areas of business. These tools provide services including:
- Accounting software
- Business planning
- Budgeting tools
- Billing
- Tax preparation
- Payroll management
- Cash flow management
- Expense tracking
Here is a compact list of the top 6 tools and services to help you manage your business finances more efficiently.
1.Xero (accounting software):
Xero is accounting software that offers you a way to simplify financial transactions for clients and employees alike. It provides report generations, expense calculation, invoicing, and automated record keeping. It is lightweight software that is easily compatible with devices and easy to use interface.
2. Prophix (business planning):
No one can predict the future. However, you can foretell financial outcomes by crunching the numbers. It has a developed software system that helps you analyze business performance. It also has smaller applications for other business-related issues like management analysis, employment planning, and net income planning.
3.Planguru (budgeting):
Planguru has a cashflow statement, income statement, and integrated balance sheet with 20 more effective forecasting methods that includes backup data projection for up to 10 years.
4.FreshBooks (billing and tax preparation):
FreshBooks can provide perfection with a smooth billing process, better cash flow, and sales management. FreshBooks automates accounting tasks, and the cloud-based billing system offers you access to your data from anywhere you go.
5.Brightpay (payroll management):
Payroll management can be challenging, and you are more likely to make errors when doing it with standard excel payroll management systems. Brightpay offers you improved efficiency for salary distribution and other payment-related operations. It also helps in managing the pensions of employees.
6.Expensify (expensive tracking):
Small business expenses like gas, meals, cabs etc. are hard to track and can add up quickly with every minute passing depending on how busy your business is. With Expensify, employees can easily add expenses either manually or by scanning receipts with their mobile phones. It makes life easier when small expenses like these are automated.
With the help of these business finance tools, storing, collecting, spending, and funding have been faster, easier, and more efficient than ever. These will help you provide clarity, and transparency, and give you control.
