Poor money management can be a huge pitfall for small businesses
For entrepreneurs, the challenges are diverse. From managing a company singlehandedly to finding, training, and overseeing employees – it often feels like juggling 20 balls at once. For most people, though, the biggest challenge of entrepreneurship is financial management.
Poor money management can be a huge pitfall for small businesses, and companies that want to stay afloat need to develop a plan for smart money management. Fortunately, technology can help. Money management tools meant for entrepreneurs are popping up everywhere, and using them can give you the edge you need to ace your finances.
Read on to learn more.
5 Money Management Tools Every Entrepreneur Should be Using
Whether you’re a brand-new founder or an experienced entrepreneur looking to streamline and improve your approach, these five tools can help:
Xero is an online accounting platform designed for small businesses. Meant to simplify accounting and bookkeeping and allow you to keep them in-house, Xero offers real-time cash flow analysis, online invoicing, simple expense claim forms, and compatibility with Mac, PC, phones and tablets. One of the first tools to make it simple to keep your finances in line, Xero is your first stop for better financial management.
Most entrepreneurs know the pain of struggling to remember when bills are due, and how much each bill is. As your business grows, this challenge only becomes more pronounced. Instead of scribbling all your due dates into a calendar, use Mint to track them – and everything else in your financial life.
Designed to integrate seamlessly with all your accounts – including loans, bank accounts, credit cards and investment profiles – Mint tracks all your financial activity from one simple dashboard. Pay bills with the click of a button and keep track of your financial goals with this simple tool.
If you’re not keeping track of your receipts, tax time becomes a real hair-puller. Fortunately, Shoeboxed makes scanning, digitizing and uploading your receipts easy – and allows you to move them from that, ahem, shoebox where you’ve been keeping them.
Featuring human data verification, fully searchable databases and a simple mileage tracking system for entrepreneurs that drive for business, Shoeboxed is a smart way to make tracking company expenses simple and straightforward.
If you have employees to pay, Wave is your tool. Processing an average of 96,255 annual payroll orders each year, Wave is a multi-purpose platform that helps you scan receipts, send invoices, track expenses and accept credit card payments.
Unlike some other tools, however, it also allows you to pay your team – no matter where you are in the world. With guaranteed accuracy, direct deposit and simple online pay stubs, Wave makes payroll easier and more straightforward – for you and your team.
inDinero is the ideal tool for developing a realistic picture of your finances. With a simple, graphic-dense dashboard, inDinero shows you how much income you have, how much you’ve spent and what the difference is at any given moment. It also shows you how much cash you’re predicted to have in a month if your spending habits stay the same. Ideal for anyone who wants to cut back, save more or allocate resources in a different way, inDinero is the go-to tool.
Money Management, Made Simple
While managing your money as an entrepreneur can be complex, these five tools make it a bit easier. By providing push-button simplicity, comprehensive and accurate overviews, and streamlined invoicing and payroll tools, each of these platforms caters to the various needs of an entrepreneur unlike anything else out there. Use them to get a handle on your finances and improve your business in the coming year.