Financial management is the critical piece to run a successful business. About 82% of businesses go under because of cash flow issues.
Many small business owners are afraid to look at the books, or they look at their bank accounts to make business decisions.
That’s how you live on the edge, not run a profitable business. You can’t manage your finances by throwing receipts in a shoebox or burying your head in the sand.
You need to invest in software that helps you do the work. What is the best financial software for small business?
Keep reading to learn the best financial management programs for small business.
1. QuickBooks
QuickBooks is still the primary financial management software for small business. It’s bookkeeping and accounting software for everyone from freelancers to enterprise organizations.
You can handle invoicing and payroll with this suite. Accountants use this program regularly, which makes tax time easier for everyone.
It also integrates with a variety of programs like your CRM for efficiency.
2. Wave
Do you like the functionality of QuickBooks, but not the cost? Check out Wave, which is another online accounting tool. The differentiator here is that Wave is free.
You can do bookkeeping, attach receipts to transactions, and invoice customers. How does the company make money? It offers a payment gateway, so you get your payments faster, but for a fee.
The software does have some limitations. For instance, you can’t manage inventory with it. There is a payroll solution, but it’s only available in 14 states.
3. FreshBooks
Service businesses like web developers and freelance writers get paid for their time. FreshBooks is a bookkeeping tool that lets you track your time and apply it to client projects.
You can track your miles, receive payments, send invoices and proposals. You can also track your expenses, attach receipts, and categorize the transactions.
4. International Payroll Software
Do you do business in Australia or other countries? You’ll need to figure out the tax system there, which can bring headaches. Most software tools are only set up to handle one country.
You’ll need to have two software suites to deal with them. You could also outsource to something like payroll services Australia comes with software to help you manage an international business like a pro.
5. Zoho Books
Do you want financial management software that grows with your business? That’s what Zoho Books offers.
There are several tiers of Zoho Books, starting with the free version. This is for businesses that earn less than $50,000 a year and only need one user.
The basic version lets you do everything from expense tracking to invoicing. Higher levels include inventory management, multi-currency transactions, and project profitability.
The Best Financial Software for Small Business
You have a lot of great options to manage your business financials. The ones in this article give you options that are free or very affordable.
Now that you know the best financial software for small business, head over to the financial section of this site for more tips.