Financial management can be tricky and frustrating to undertake on a daily basis, particularly when there are so many other jobs that need doing. There, seemingly, aren’t enough hours in a single week to get everything completed, let alone doing such tasks in one day. There must be a simple answer, surely? Technology is an incredibly invaluable tool for modern businesses and, these days, there are few things that can’t be completed by a particular tool, piece of software, or application. Financial management is easier than ever to keep on top of, as long as businesses know where to look…
Financial management tools of the trade
Modern businesses have so much to keep on top of from day-to-day, including accounting, bookkeeping, invoicing, payroll, and administration – and those are just aspects of financial management. With everything else that companies must accomplish, including building relationships with clients, networking, and operating simple business functions, it’s incredibly easy for them to run out of time to complete even the most basic of financial tasks, such as keeping a track of cash and assets, preparing timely and succinct invoices and ensuring that all employees are on the payroll. A business’s financial status can become very complicated if left to its own devices, but there are now more ways than ever for managers to keep abreast…
Accountancy software
Accountancy software such as Xero provides companies with an easy-to-use, intuitive system that manages day-to-day financial planning, monitor forecasts and cash flow, and deals with payroll. It is, essentially, a financial project manager, which is what small businesses and start-ups need in order to provide an efficient, reliable, and professional service to customers, and to compete with bigger companies. Similarly, a financial dashboard, upon which several aspects of management are contained, can prove invaluable; with everything contained in one place, companies needn’t fear getting muddled any more.
Printable invoices
Invoicing templates, such as those provided by Invoice Home, can take away a lot of the stress that comes with creating and formatting these essential financial documents. Without them companies cannot expect to be paid in a timely fashion, yet their creation can cause frustration; templates, then, are vital for many small businesses. Invoices are integral to client payment requests, and also provide a professional face for even the smallest business; the more professional a company looks, the more likely a client is to take their invoice seriously and pay quickly. Invoices, then, become part of client interaction.
Management systems
Management systems do just that; they manage every aspect of business, with financial management systems, such as SurePayroll, handling employees’ information, financial details, and tax implications to make sure that everybody is paid on time, and within the law. An inventory management system like SOS Inventory, meanwhile, monitors stock, analyses a business’s performance, and can automatically re-order anything that’s needed. Having such systems in place will a free a manager to lead, rather than juggling paperwork.
Apps
Apps have become an integral part of modern business; managers can now access every aspect of their business finances with the click of a button, or the swipe of a finger. Gusto, for example, tackles the complexities of payroll, processes payments, and manages tax, while payment processing apps such as PayPal and Square make it easy for businesses to accept purchases via credit and debit card, particularly if a sales representative is on the move. Any money that is received can then be taken into account immediately, increasing flexibility, reducing the need for a specific point of sale, and making a business’s financial management so much easier to handle.
Budgeting Tools
Budgeting tools are designed exclusively to ensure companies stick to their designated budgets; it really is as simple as that. Operating a business can be difficult at the best of times, and adding budgeting into the mix can further confusion. With such a tool managers needn’t worry they’ll overspend and can even use the programme to determine what their budget should be based on cash flow and expenditure. Using tools such as PlanGuru and Expensify, budgets can be tracked and adjusted as required.
Companies concerned about the daunting task of financial management needn’t be concerned. There are so many different financial management tools, software programs, and apps available these days that even the smallest business will be able to tackle the complex issue of balancing the books, while building a loyal client base. For the first time SMEs and big brand companies can compete on the same stage, which is great for both businesses and their consumers; where once the tricky task of management could be hindered by a lack of experience or time, now technology makes it easier than ever for everybody to keep up. Many businesses will now find themselves with a far greater capacity for management, while consumers can be assured of an efficient, reliable, and, most importantly, reputable service from whomever they approach, regardless of that business’s size.