The right technology can make all the difference when it comes to keeping track of your small business finances. And let’s be honest—you need that help. Your time is limited and you’re focused on what’s going to help you grow. Figuring out which tools to use can be daunting. To get you started, we’ve put together a list of five areas where you can streamline your small business finances with a financial tool, along with a company in the space that’s doing each one well.
1. Employee Expenses (Divvy)
Office supplies, lunch for a board meeting, social media ads… To make your sales goals, your company will have to spend money. Empowering employees to make those purchases is an important step of the process, but it brings a dreaded adversary with it—receipts. Filing expense reports can be a hassle, especially when it requires employees to save their crumpled receipts, tape them to a piece of paper, and then manually enter them into a spreadsheet.
Does this sound familiar? Get excited because there is a tool that can liberate you from this administrative torment. Divvy has reimagined the way companies approach expenses by pairing credit cards to the reporting system. Employers can give their employees Divvy cards pre-loaded with an approved budget. When employees use the cards for purchases, they are automatically prompted to categorize the expense in the app. A few clicks and they’re back to doing what you hired them to do.
2. Time Tracking (Harvest)
Tracking your employees’ hours is (naturally) a key part of your payroll process. To make this process more seamless, consider using time tracking software. Additionally, these time tracking apps can help you get a sense of how you’re using resources across the business.
A bonus of using time tracking software is that many solutions rely on the mobile devices your employees already carry around with them, which is especially appealing for teams working with remote employees.
Harvest is a tool that lets you schedule employees and keep track of timesheets. You can also track time spent on different projects within Harvest. This helps you see which projects you’re dedicating the most resources to, and you can adjust as needed based upon your business goals.
3. Payroll (Gusto)
Now that you’ve figured out how to take the headache out of time-tracking for employees, why not make paying them even easier? You’re on a roll, so you might as well keep going. A number of easy-to-use software options make paying your employees a breeze.
Gusto can manage your company’s payroll, tax, and benefits. Unlike most of the other software on this list, Gusto doesn’t offer a mobile app, but where Gusto really shines is that it factors in local taxes in addition to state and federal taxes. Managing payroll, tax and benefits under one platform can be a key way to streamline your small business finances.
4. Mobile Payments (ShopKeep)
With fewer Americans paying with cash, mobile payment software is more important than ever. ShopKeep makes managing the point-of-sale (POS) for your business simple and chic (not necessary, but always an added bonus), and it’s fueled by powerful software.
ShopKeep is the top-rated POS system because of the way it allows businesses to simplify transactions, track inventory, manage transactions, and more. Because ShopKeep operates using a tablet, this POS system doesn’t require the costly purchase of a computer to operate, and you have added mobility, meaning you can close a sale anywhere, any time. Whether you operate a traditional retail establishment, charge for client services on-location, or sell handmade jewelry out of the back of your car, ShopKeep transactions are quick and easy.
5. Accounting Software (Sunrise)
If you’re trying to maximize your business growth, you have to keep your accounting organized rather than relying on a once-a-year Marie Kondo for your business finances. Stay on top of your Accounts Receivable and Payable by finding an accounting software that works for you.
Sunrise lets you easily categorize your expenses, create reports, and get paid faster with customizable resources. Plus, Sunrise offers a free version of their software if you’re looking for an introduction into the world of accounting software. If you’d rather outsource your accounting altogether, Sunrise also offers professional bookkeeping services.
Now that you know how to streamline your small business finances, you have to figure out to do with all the time you’ve saved. Launch a new product? Open a second location? Finally get some well-deserved R&R? The sky’s the limit!