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29 Financial Tools for Small Businesses

April 23rd, 2018

Financial wellness is extremely important to the success of a small business. But keeping up with bills, taxes, payroll and the like can be a big challenge.

We’ve previously stressed the importance of tools that can help automate regular business tasks. And those tools are a great starting point, but for small and mid-size business owners who are looking for a full array of financial tools that cover a wide spectrum of business needs, we have a more comprehensive list of tools.

Whether you’re in need of accounting help, inventory management, a way to start e-commerce operations or just keep an eye on your budget and expenditures, these financial tools for small businesses can help.

29 Time- and Money-Saving Financial Tools for Small Businesses

Accounting/Taxes

  1. FreshBooks: FreshBooks is a wide but easy-to-use suite of accounting and other small-business tools that has racked up 10 million users over its life. You can use FreshBooks for invoicing, payments, time tracking, estimates and more. This cloud-based software supports access from just about every kind of device – from desktops to tablets to phones.
  2. InDinero: InDinero “automates day-to-day bookkeeping tasks while also making critical financial information available at your fingertips.” Features include simple visualizations of financial data, an interactive tax portal, credit card processing via integration with Stripe and even inventory management.
  3. Intuit Quickbooks: Quickbooks is one of the most comprehensive accounting tools on the planet. Its tax abilities go far beyond simple filing tools, and instead allows business owners to maximize business deductions and track sales tax. Quickbooks also offers such features as invoicing, tracking expenses, managing bills, tracking inventory and accepting payments. This is not a free tool, however. While Intuit does offer a 30-day free trial, regular use is a pay-to-play affair. However, self-employed freelancers can start at $5 per month, and small-business plans start at $10 monthly.
  4. Sage One: Sage One is an international suite of software that provides easy cloud accounting and invoicing. Features include sales invoices, check printing, as well as reports such as P&L, trial balances and balance sheets. Users can get several basic features for a $10 monthly subscription, or add additional features such as cashflow forecasts and inventory management in the $25/monthly subscription.
  5. Xero: Xero, like many of these other choices, offers a wide range of features including invoicing, payroll, inventory, bank reconciliation, bill pay and expenses. However, the app also heavily focuses on data reliability and safety, boasting direct feeds from banks, alerts when issues are detected and multiple levels of privacy and security.

Billing/Invoicing

  1. Bill.com: Bill.com works in concert with tools such as Netsuite, Xero, Sage Intacct and Quickbooks to automate billing and receiving payments. It includes support for ePayment, ACH, credit card or PayPal both ways – whether you’re paying bills, or accepting money yourself. The software also automatically updates your accounting software and bank account.
  2. Invoicely: Invoicely specializes in invoicing, though it also includes other accounting tools. Its software allows you to create estimates and invoices in multiple languages; tracks time, expenses and mileage, and helps you accept online payments from a variety of vendors, including PayPal, Stripe, WePay and Mollie.
  3. TSheets: TSheets is a QuickBooks product that focuses on time tracking, scheduling and interactive reports, including overtime and PTO. Some of its time tracking tools include GPS time stamping and a “Who’s Working?” tool that allows you to check in on specific groups.
  4. Sighted: Sighted is a 100% free online invoicing tool that provides basic features such as time tracking, expensing, invoicing and professional quotes. The software is web-based and mobile-friendly, and includes integrated online payments via credit and debit cards and PayPal.

Budgeting/Financial Analysis

  1. Float: Float automatically updates cash flow forecasts using data from accounting platforms including Intuit QuickBooks, FreeAgent and Xero. This software will help business owners forecast, drill down into the data and even create scenarios to help you determine how good the best-case scenario will be, and whether you can survive the worst-case.
  2. PlanGuru: PlanGuru’s solutions include core budgeting and forecasting software that features things such as income statements/balance sheets/cash flow statements, as well as forecasting for up to 10 years; analytics for high-level KPIs and detailed financial performance; and an Excel-based add-in that allows you to create advanced reports using PlanGuru analyses.
  3. Score.org: Score.org offers a number of different business planning and finance templates that cover everything from cash flow and P&L to loan amortization and bank loan requests. The startup template, for instance, includes sections such as executive summary, products and services, startup expenses & capitalization and financial plan.

Business Plans

  1. LivePlan: LivePlan’s business plan software, which is used by more than 500,000 customers, lets you pitch business ideas, collaborate and share ideas with team members, test out financial projections, work on funding requests and track your progress against your forecasts.
  2. SBA Business Plan Tool: The U.S. Small Business Administration has a business-plan tool that helps business owners set up a road map – including making projections for revenue and more – for the next three to five years. The tool includes a step-by-step guide for even the most novice of small business owners.

E-Commerce

  1. BounceX: BounceX’s cloud-based solutions help businesses identify more of their users, which then allows companies to use “people-based marketing” to serve up more effective messages and offers to customers. The software also helps determine what a customers’ intent is and where they are in the “buyer journey” to maximize selling success and improve revenues.
  2. Crazy Egg: Crazy Egg’s tool allows you to better understand who your website visitors are, where they’re coming from and what content they enjoy. It also can help you A/B test different images, colors and copy so you can optimize your website to make the most conversions possible.
  3. Google AdWords: Google AdWords is one of the most powerful online tools, as it helps connect businesses with potential customers using ads across Google search, Gmail and YouTube – some of the most widely used programs on the planet. Google AdWords also offers first-class testing that allows users to optimize marketing campaigns and precisely engage with the exact target audience they hope to reach.
  4. Optimizely: Optimizely, as the name implies, allows companies to experiment extensively online to produce the best possible user experience – and convert the most sales. Users can A/B test across any sort of device and experience, and they can also harness data to provide tailored experiences to individual users, improving the chances that they’ll punch the “buy” button.
  5. Vend: Vend is a retail-focused software company that offers point-of-sale and inventory management solutions. Not only can you accept payments via Vend, but you can also build a customer database, get detailed reporting and insights, produce barcodes and manage a central product catalog.

Expenses

  1. Expensify: Expensify’s software automates expense management with features such as one-click receipt scanning, automatic approval workflows and next-day reimbursement via ACH direct deposit. It also boasts integrations with dozens of programs, from Bill.com, Sage, Xero and Oracle (accounting & finance) to WorkDay and Zenefits (human resources).
  2. Neat: More than 100,000 small businesses use Neat to automate their bookkeeping via features such as mobile receipt scanning, document imports and ecen InDocument Identification Technology that takes words and numbers on the page and turns them into meaningful data.
  3. Xpenditure: Xpenditure supports features such as snapping receipts on the go, integration with accounting and ERP software and real-time expense management. Its mobile features include mileage, approval and receipt upload. Xpenditure also has a new MAYA travel experience designed for next-gen business travelers including booking and even travel policy configurations that can lower costs.

Inventory Management

  1. SOS Inventory: SOS Inventory’s inventory order management and manufacturing software is deeply integrated with QuickBooks Online, including monitoring of synchronization issues and contact with developers in the event that problems arise. The software’s laundry list of covered areas includes sales orders, backorder tracking, serial numbers, multi-currency, barcodes, rule-based workflow and automated order processing.
  2. Stitch: Stitch inventory management software allows you to sync sales channels, orders, warehouses and accounting technologies, as well as create forecasting and velocity reports to better manage inventory needs. This software gives users better visibility control over their inventory, and provides real-time data to help drive better decisions.
  3. TopShelf (By Scout): TopShelf includes several inventory management features, including receiving, picking, packing and shipping via mobile, real-time product quantity updating, product and bin barcode printing and detailed reporting functions. Its software also integrates with e-commerce, CRM and accounting software.

Payroll

  1. Gusto: Gusto might seem expensive for a payroll service given that plans start at $45 per month, but it’s actually far more than just payroll. Gusto supports full-service payroll functions across all 50 states, plus federal and local taxes; benefits selection and management; and HR functions including employee onboarding and compliance. Among its accomplishments, Gusto boasts that four out of five customers have fewer payroll errors, and that customers spend 75% less time on payroll, after switching.
  2. SurePayroll: SurePayroll offers one of the best trials in the game – a full two months without paying a cent. Its payroll features include mobile apps, accounting integration and federal/state labor law compliance. Users also can feel confident that they won’t be left in the lurch, as its customer service is U.S.-based and available evenings and weekends.
  3. WagePoint: WagePoint’s payroll software tackles all the basics: federal, state and local taxes, direct deposits and forms such as W2s and 1099s. The software also lets employees access their own paystubs and forms, and even includes an auto-approve feature that lets you run payroll “even when you’re sipping mai tais on the beach.”
  4. Zenefits: Zenefits, like Gusto, is a full-service suite of tools that goes past traditional payroll and integrates everything including HR, benefits, compliance and time tracking. Zenefits can even help you integrate HR and benefits with other payroll tools including OnPay, Paychex and (you guessed it) Gusto.

While online tools are useful and have become essential for small and mid-size businesses, you still can’t get by without a little human expertise. McManamon & Co.’s experts provide a wide range of services, such as comprehensive tax services and financial general consulting (including strategic planning, recruiting and more), that online programs simply can’t provide.

We pick up where online financial tools leave off. Call us at 440.892.9088 or contact us online to find out about the wide swath of ways we can help you improve your small business.

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