Any small business needs to be able to manage their finances.
Whether you’re just one person working alone or you’ve put together a small team, there are several different financial management tasks you need to cover.
Deciding what sort of tools you need to use to watch over your business’s money isn’t always as straightforward as you would like.
If you’re a very small business, you probably don’t want to invest a lot of money in a variety of tools you might not need.
Fortunately, there is a range of useful software to choose from so you can use the tools that suit your needs best.
Spreadsheet Tools
Spreadsheets can be a simple way to track finances and other things. With more advanced skills, you can also go beyond their basic functions. One of the main pieces of software for creating spreadsheets is Microsoft Excel. Companies like Training Connection can teach you how to make the most of it. You need to be able to use the program’s basic functions and know some formulas if you want to make tracking your finances easy. More advanced courses can teach you how to customise workbooks, import data, and more. Other spreadsheet programs are available too, such as OpenOffice.
Accounting Software
If you want something that’s designed specifically for accounting, there are many options for accounting software. QuickBooks is one of the most popular tools for small businesses.
With cloud computing growing in popularity, online solutions for accounting are being used more and more. They’re often ideal for small businesses because subscription-based services are easily scalable, and you have a choice of plans you can pay for.
Accounting software can often be tied into other tools, such as point-of-sale software. This helps to keep everything organised and accessible in one place.
Payroll Management
If you have any employees, you need to make sure they’re paid on time, and that you’re paying them the right amounts.
Whether or not you have someone who specifically manages your payroll, it can be helpful to use payroll management tools to take care of it.
Using software for payroll management can reduce the time it takes, as well as lowering the chances of making mistakes. HMRC provides basic PAYE tools, but there are also other HMRC-approved tools to use.
If you have fewer than 10 employees, free software is available, such as EnrolPay, or you can use a paid-for tool like Sage.
Inventory Management Tools
Managing your inventory helps you to track your business finances. Inventory software will keep track of your stock, as well as producing sales reports.
It can also help with managing postage and packaging to keep costs down. A better grasp on your inventory helps to ensure you don’t order stock you don’t need, and make sure you don’t lose sales by being out of stock of the things people want most.
Having the right tools to manage your business’s finances will help you stay on top of everything. Manage your cash flow and expenses, and know where all your money goes with tools that work for you.
