Let’s be honest. Maintaining the financial aspect of your business and improving its profitability is challenging, time-consuming and stressful. It’s a lot of work to deal with the day-to-day accounting, invoicing, budgeting, tracking expenses, complying with the IRS requirements, and so many more endless responsibilities involved in running a business.
However, take note that how well your finances are being managed is a pivotal factor between a lucrative business and a struggling one. As a matter of fact, investors and lenders favourably look upon a company with a sound financial management system. Why? Because this creates an aura of confidence and a positive signal, indicating that you can be trusted to handle financial resources responsibly and will be less likely to commit financial errors than your competitors.
That said, whether you own a large corporation or an SME company, it is crucial to have solid financial management in place. The good news is, advancements in technology have resulted in a multitude of business financing tools that can help you increase your income streams, reduce costs, boost productivity and enhance the overall functioning of your business so that it can keep running like a well-oiled machine. Today, we will review the different business financial tools available in the market and the significance of using them.
Let’s begin!
Importance of Financial Tools For Your Business
Time Efficient
Investing in good financial tools can help you streamline your business processes and save you valuable hours each day. Automating tedious financial tasks can free up your time to focus on more important aspects of your business. This can improve productivity and lead to increased profits.
No Complicated Processes
There’s no need to spend hours poring over financial statements or crunching numbers in order to keep your business afloat. Having reliable financial tools can help simplify complicated processes so you can easily stay on top of your finances without all the hassle.
Scalability
The use of financial tools can help your business grow and scale efficiently. With the ability to track spending, analyse trends, and forecast future needs, you can make informed decisions that will support the long-term success of your business.
Better Visibility
Financial tools provide your business with better visibility into its financial position and performance. This information can help you make better decisions about where to allocate resources and help you identify potential risks or problems early on.
Reduce Human Errors
Human errors are costly and can often lead to financial misinterpretation or even fraud. By automating your finance procedures, you can reduce the likelihood of any human error occurring and ensure accurate financial records. This will improve efficiency and accuracy in your business.
Safe and Secure
Your business could quickly become vulnerable if your sensitive financial information is not kept safe and secure. Thankfully, financial tools can help protect your company from fraudulent activity, risky investments, and other threats. For example, cloud-based accounting software can keep your financial data in the cloud, making it extremely difficult for hackers to access.
10 Tools That Can Increase Your Business Finances
Moolamore
First on the list is a cost-effective and world-class financial management tool that specialises in managing and forecasting cash flow. Moolamore has everything right at your fingertips. It is designed to support and provide solutions to all your business financial needs as you plan for a bigger and brighter future.
Here are the following cutting-edge features of Moolamore and why it’s truly a game changer for your business:
- With its intuitive navigation and user-friendly dashboards, Moolamore makes cash flow management easier for you.
- Moolamore helps decision-makers like you gain critical insights into the financial health of your business. The scenario builders and forecasting capabilities of Moolamore will enable you to make strategic and informed decisions and keep your business resilient and future-proof.
- Real-time view of your cash inflows and outflows at any period
- Moolamore utilises comparative analysis, where you can create reports and demonstrate opportunities and risks with real-time financial data.
- Moolamore supports multi-currency conversion, so if you are a business owner with multi-currency entities, you can now convert and consolidate your financial data and gain insights into your global cash position.
- Integrates seamlessly with major cloud accounting software—Xero, Quickbooks and MYOB
- With Moolamore, you can collaborate on plans to strengthen trust and business relationships.
- Accessible, convenient and mobile-enabled, which can be downloaded on both Android and iOS
- Safe and secured because Moolamore’s servers and databases are hosted in the cloud
Xero
A cloud-based accounting software primarily for small-mid market businesses. With Xero, you can get real-time access to your cash flow, track and pay bills on time, send invoices, accept payments, claim expenses, categorise and reconcile bank account transactions, store your files, capture data, generate up-to-date accounting reports, manage inventory, calculate sales tax and sync bank accounts. What’s more? This accounting software offers an intuitive dashboard interface and supports unlimited users.
QuickBooks
Another cloud accounting and financial management tool that enables you to monitor the financial data and records of your business, analyse your inbound and outbound sales, track your inventory and expenses, process your payrolls and tax payments and develop your financial statements. QuickBooks has an intuitive user interface and is incredibly easy to use.
MYOB
MYOB is a business accounting software developed to help manage and protect your business’ invoices, reporting, GST, expenses & payroll. Likewise, this software also saves you time, fosters your productivity, and helps you stay up to date with ATO obligations.
Expensify
From smart scanning of receipts, GPS mileage tracking and quick reimbursement, Expensify is designed to automate your business’ expense management in real-time and simplify the entire pre-accounting process of your business. Moreover, Expensify coincides perfectly with both QuickBooks and Xero.
Plan Guru
All-in-one budgeting, forecasting and strategic planning software that’s best for small business owners and non-profits worldwide. Its projection method allows you to budget and forecast for up to 10 years. It can likewise help you obtain cash flow analytics, financial ratios and other metrics to assess and enhance your business’ performance. Plan Guru is compatible with Xero, QuickBooks and Excel.
Gusto
Here’s a mobile-enabled financial tool that provides you access to handle the human resource side of your business and helps you streamline the payroll process through payroll automation, automatic tax filing, payroll compliance and employee compensation systems.
Approve.com
Aimed at medium-to-large businesses, Approve.com is a spend management tool that’s easy to use and integrates seamlessly with existing Enterprise Resource Planning (ERP), SSO, and HR systems. This tool can help your business control spending pipelines and create unified and accessible visible spending.
Wave
A go-to financial tool for bookkeeping. Wave offers easy-to-use dashboards, custom invoicing, unlimited bank account linking, income and expense tracking and financial reporting, which can be accessed online or on the mobile app. Furthermore, this financial tool integrates easily with Etsy, Shoeboxed, Paypal and more.
SOS Inventory
Ideal for small to medium-sized businesses, SOS Inventory is a robust inventory management software that can help streamline your business order management through sales orders and enables you to track items by serial number and track the cost history for each specific item. In addition, this software also provides full support for multiple locations and integrates your picking, packing, and shipping process with QuickBooks online.
Wrapping Up
No doubt! Having a sound financial management system plays a crucial role in optimising the financial health and performance of your business. So, make sure you leverage the different business financial tools listed above to improve your profitability and achieve smooth sailing finances!
Boost your finances with Moolamore! A perfect cash flow tool that can help you establish a solid financial management system for your business. Request a demo with us now!
