When it comes to small business financial management, there are a number of options available and each has a wide array of features and distinctions that separate it from the competition. It would be impossible to review every single small business financial management tool available, but below are some of the basics about the most prominent tools available.
Tax Tools: Turbo Tax and H&R Block
These are two of the biggest developers of tax software that will guide you through the tax process, even as a small business. If you have worked with one before it may be best to stick with it in order to eliminate any learning curve. Turbo Tax is a bit more versatile and can be used more effectively in a variety of different platforms, while H&R Block’s software has the backing of a company that knows a thing or two about handling returns.
Accounting Tools: QuickBooks
It is now available in a wide variety of platforms, but QuickBooks remains one of, if not the best, pieces of accounting software available. It goes a lot more in depth than you may need to go, so it is important to have a good understanding of how it works before you get started in order to save some time. It may be worthwhile to get a quick lesson in QuickBooks before you get started in order to save some time. Once tax season rolls around, you may be able to export all of your information from QuickBooks and save time.
One nice feature is that QuickBooks is available in an online-only platform that provides “anywhere” access that may be a bit more accessible for you than buying the “stand-alone” version of the software package.
Invoicera for Invoicing and Tracking
This is a very cool website that enables you to set up invoices for your clients, accept payment through a variety of online gateways and track your work with each client. It can set up recurring invoices, alert you and your clients when payments are past due, and it provides a variety of different reporting tools.
Summary
There are so many tools available now that you should be able to find something that is an ideal fit for compiling the information that is most important for your small business financial management. These are some of the most popular options, but if they don’t fit as well as you’d like there are hundreds of options these days.
Remember, running a business successfully does not need to be complicated. Keep it simple!
For more valuable articles to help you successfully manage the challenges of growing your business profitably, please search our blog at our website www.portalcfo.com.
Manny Skevofilax is a consultant, speaker, and author who helps business owners maximize profits and overcome growth challenges to achieve financial freedom. An expert in strategic planning, financial statement analysis, and business operations, he’s been achieving extraordinary outcomes for his clients since 2003. Prior to starting his consultancy, he was a vice president with Comerica Bank, a U.S.-based commercial lending institution. His new book is Ultimate Profit Management: Maximizing Profitability as You Grow Your Business which was published by Taylor & Francis.
Learn more at portalcfo.com. Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.
