Running your own business sounds like a fabulous idea. The perks are endless, from the personal achievements like being your own boss and not having to report to anyone, to bigger accomplishments like winning new business, making more money than ever before, hiring people and becoming a business leader to reckon with.
However, the struggle to achieve all this is real. And between getting new clients, following-up for payments, and keeping employees happy there is the small issue of managing finance. Pretty simple when you just start out, but very soon the seemingly-easy task mushrooms up and gets out of hand.
Why worry about that, when you already have the business of running your business? Luckily you no longer need to hire a finance expert or outsource your accounting to an external agency. The market is filled with several websites and apps that can look after all your finance management requirements
Here are the top 5 tools that SME India can consider using.
#1 Quickbooks Online
This is one of the most popular and most powerful financial tools for entrepreneurs. One of the earliest SME accounting tools, this tool gives SMEs all the latest technological improvements they could want.
The tool isn’t free, but it is well worth the investment. Depending upon the payment plan, you can get features such as, sending out invoices, tracking inventory, creating profit reports, etc. The tool is entirely web-based and business owners can access their details from anywhere, even when they change their laptop.
There is also a robust desktop version, the original one, which is better for inventory management.
Like its name suggests, Freshbooks gives a fresh perspective to accounting and finance management.
You can do basic stuff like send and receive invoices, track expenses, etc. What sets it apart is some of its unique features, such as tracking your business hours so that you can accurately bill clients where you bill by the hour. Freshbooks can also track clients by the frequency and speed of their payment (or lack of it) and add a late fee to those who delay payments inordinately.
This tool will also cost you a bit, but as a one-time cost, it is definitely worth the money.
If you’re not looking for a heavy-duty accounting tool, then Due is good for you.
You get to do basic stuff like send and receive invoices, and process payments directly from your credit card. Due also claims that it can get payments released faster, especially if it looks like it’s likely to affect your cash flow.
You have the option of free or paid features, where the latter offers you more specialised services.
Say hello to Wave. Perhaps one of the easiest accounting tools, this lets you manage your business finance on the go. There’s a web interface as well as an iPhone app.
Wave has a Pulse features that can show you an income versus expenses chart for the last few months. It also highlights outstanding invoices. Pretty helpful when you have an SME loan installment and need to clear some outstanding payments.
Finally, there’s Gusto. If your business has full-time as well as freelancers, this is the ideal accounting tool for you. It’s a payroll and benefits app that files taxes and handles all payroll needs.
Gusto can also be combined with Quickbooks or Freshbooks if you wish.
No matter the size of your business, after a certain period you need to look for a tool that can take care of your accounting needs, quickly and efficiently. Let us know in your comments what challenges your current account system faces.