Start-up businesses in any industry are always going to be a volatile position finance wise once they are set-up. Even with careful planning, your finances are going to difficult to manage, in fact, one of the most common issues your IT support team will have is dealing with financial problems.
Whether it’s over spending, tracking sales or dealing with expenses claims (to name just a few) you can soon be overwhelmed trying to deal with an array of finance problems. And if your start-up doesn’t have an support team in place that means it’s up to you to deal with all the problems.
There’s got to be an easier way right? Well, thankfully there is a number of finance tools available that will make dealing with everyday business finances much easier. Let’s take a look at some of the tools you and your team can use to make dealing with your finance a faster more efficient process.
When you hear the term “financial tools” you probably think they’re going to be complicated don’t you? But the truth of the matter is financial tools come in all different kinds and some are very easy to learn and use. Bode Tree is a great example of this, it’s designed to be a complete financial solution for small businesses but is easy to learn and get to grips with.
Bode Tree can be used for a wide array of different things, you can use it deliver in-app messages, produce custom reports, monitor brand awareness and much more. But the main reason Bode Tree is such a useful financial tool is because it gives you real-time access to all your accounts in one place.
This will save you a lot of time and will make things like tracking costs, expenditure and cash flow much more simple. Whether you use it solely for monitoring purposes or for its more advanced features Bode Tree is a useful financial tool any start-up business will benefit from.
Many start-up business owners may understandably not be keen on the idea of buying financial software, which makes sense. If your start-up doesn’t have a big budget then spending money on extra software may seem wasteful.
But one of the great things about GNUCash is that it’s completely free! And free doesn’t always mean bad, while there are certainly some poor quality free financial software programs out there GNUCash isn’t one of them. GNUCash is an open-sourced program designed to help small businesses and accountants.
You can generate a number of common forms with its built-in templates and it also has basic tracking and planning features as well. As your business grows GNUCash is likely going to be a bit too simplistic to use but for start-ups, it’s a very useful tool and designed to be flexible and easy to use. Plus there’s also an app version available for Android devices so you can use it on the go.
We might be living in the digital age these days but one thing small businesses are going to see a lot of is paper. Whether it’s reports or receipts there’s a lot of paper involved in the financial department of a start-up business and it’s something you need to keep on top of. This may sound easy but trust me it’s much harder than it sounds.
Shoeboxed is the perfect financial tool for dealing with receipts and reports and it will ensure you always have a backup copy. With Shoeboxed you can scan reports and receipts to keep digital copies but it doesn’t just stop there. It can take the data from the reports/ receipts and then generate expenses reports.
You can also use Shoeboxed to store business cards and have it set-up to automatically import any emailed receipts. With Shoeboxed you’ll be able to build a faster more organized financial department which will be a huge benefit to your start-up business.
Business expenses can mount up quickly especially for start-up businesses who often will be operating on a strict budget. The other problem with business expenses is that they can be difficult to track even if you get your team involved finding out who spend what can be very difficult.
That’s why an expenses tracker like Xpenditure can be a real benefit to your business. With Xpenditure you can easily track receipts and generate reports, Xpenditure also lets employees scan receipts and expenses from their phones and send them directly to you for clearance.
With Xpenditure you can easily and quickly see all the expense information you need at a glance and you will also be able to approve or refuse any claims. Failing to keep track of your expenses is a real risk for small businesses so a financial tool like Xpenditure is sure to prove incredibly useful.
Budgeting is essential for any business but it’s especially important for start-ups, the number one reason behind the failure of many start-ups is their lack of proper budgeting. PlanGuru is designed for smaller businesses and will help you build and stick to a budget.
With PlanGuru you’ll be able to develop a financial forecasting and review process that can be used to help your business grow. It also has a number of forecasting tools which you can use to get a better idea of the risks and rewards of investments.
With a variety of analysis tools included and compatibility with Excel, QuickBooks, and Xero PlanGuru is a great budgeting platform for start-ups. Budgeting is hugely important to the success of a start-up business and with PlanGuru you’ll be able to build an accurate budget that plans for any eventuality.
The Tools For Success
So that’s five fantastic financial tools that will give any start-up business an extra boost in its early days. Working alongside your internal teams these tools will be sure to benefit your business in a variety of ways. While it’s true some start-up businesses do fail, by using these financial tools you’ll be able to increase the chances of your business growing and finding success.