Small businesses face plenty of challenges in today’s fast-paced world. Small business owners who work from home or online may seemingly have fewer resources available that are suitable to meet their unique needs compared to their larger business counterparts.
But when it comes to accounting and budgeting tools, there are a few great options available. These five are the cream of the crop.
1) Less Accounting
After all, time is money!
Who doesn’t want to spend less time on accounting? Less Accounting is all about helping you do just that. The company has a goal of saving you at least two hours each week. What can you do with two extra hours?
Less Accounting offers bookkeeping, expense tracking, invoicing, mileage tracking, contact management, data importing, and bookkeeping reports for a low monthly fee.
Mint.com is a great financial and budgeting tool for U.S.-based business owners. It connects to all your financial accounts (including investments, loans, credit cards, and retirement plans – not just the traditional bank and savings accounts).
However, the real bonus is that it automates all aspects of money management so you know where you’re spending your money. It helps you budget your business a little better, while eliminating unnecessary expenses and informing you of expenditures that are getting a little bit out of hand.
This great software is free to use, and there are Android and iPhone apps for it as well. Another advantageous feature of Mint.com is that the site offers suggestions about savings.
QuickBooks is great because it not only allows you to gather all your financial information from your bank and Excel so it’s in one convenient location, but it does the same for your tax information.
From a small business perspective, however, the immediate benefit that helps you actually improve your business is that it allows you to track your income and expenses. Knowing where your money is coming from and how it’s being spent helps you identify areas of strength and weaknesses on both sides of the equation.
4) Harvest Time Tracking
Your time as a small business owner is valuable. The less time you spend tracking your time, the better you can spend that time in more profitable pursuits. That’s where Harvest Time Tracking comes into the picture beautifully.
Even more beautiful is the simplicity of the program. You don’t have to install anything. You can track time on your web browser, mobile phone, or desktop computer with just one click.
Small business owners should harvest their time just as farmers harvest their crops.
GnuCash is free budgeting software available for Windows, Mac, and Linux systems. It allows you to track bank accounts, expenses, income, and even stocks.
Beyond that, GnuCash is a good choice for small businesses that sell products online and deal with multiple currencies, as it allows them to move currencies between accounts.
Getting your business finances under control not only saves you money, but it can also free up your valuable time so you can make more money. Any of these tools can be a real benefit for your small business, whether it’s completely online or run out of your home office.
Elizabeth Magill is a freelance writer who holds a master’s degree. She writes articles, blog posts, news stories, guides, and ebooks on a variety of subjects, including medical, health, and business topics.