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As a small business owner, you will realize that one of the most challenging and time-consuming parts of running a business is managing your finances. This is especially true if you are trying to do it manually.
Thanks to technology, your business can now benefit from a plethora of online financial management tools that make business management much more straightforward.
If you are looking for financial management tools for your business, here are five handy online solutions you may want to consider.
1. Paystub generators
Depending on your state of operation, you may be required by state law to issue your employees with paystubs.
A pay stub is a document indicating an employee’s payment information, including all the statutory deductions made on their gross pay. It serves as proof of income and is usually a requirement when an employee is applying for a loan.
Manually generating pay stubs can be complicated, time-consuming, and sometimes prone to human errors. But you do not have to go through the hassle of manual pay stub generation.
With the help of an online paystub creator, you can quickly and conveniently create professional pay stubs for your employees. All it takes is filling in the employee and company information, choosing the preferred template, and downloading it to print.
QuickBooks online accounting tool ranks high in the list of financial management software for small businesses.
Due to its widespread use, it provides an advantage in that there are many online training resources on how to use it and countless forums to get help whenever needed. Additionally, all its accounting features are conveniently accessible from a single dashboard making its usage more efficient.
The best bit about this software is that it is cloud-based and can be easily accessed via a web browser or a mobile application. It comes in a 30-day trial, after which you may opt for paid subscriptions that may vary in price depending on your needs.
Wave is another online accounting software best suited for sole proprietors and small businesses. It is simple and designed to manage companies that send out simple invoices without keeping track of inventory and doesn’t have employees.
Much like most business managing tools, Wave can be accessed on a browser or via a mobile application and features all the basic accounting features needed by a small business. These include keeping track of your income and expenses, invoicing, financial reporting, and receipt scanning.
While bookkeeping, invoicing, and reporting service is free on Wave, customer payment is a premium service that comes at a cost.
If your business has employees, you may need a payroll management system.
SumoPayroll is one of the best online payroll management tools designed to simplify your business’s payroll calculations, employee performance evaluation, attendance management, and other HR-related responsibilities. The tool provides business owners and managers with a platform for storing employee information in a unified place.
Additionally, SumoPayroll allows you to customize your payroll compensation types according to your business needs. This tool is available for free for businesses with less than ten employees, making it ideal for most small businesses.
If you are a startup, you may want to consider Invoicely as your invoice sending option. Previously known as Invoicable, this online financial tool allows you to send an unlimited number of invoices to customers.
However, as your business grows, you may want to consider adding other features like customization, tracking expenses, tracking billable hours, and adding team members to your account by upgrading to a paid plan.
Managing your business finances can be so much easier, especially if you find the right solution. However, business management tools do not eliminate the need to consult trained financial experts whenever you encounter challenges along the way.