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6 essential finance tools to manage business finances!

finance tools
Business

6 essential finance tools to manage business finances!

Finance tools needed for our business!

Managing finances is a significant practice that everyone should learn in their lives. Every person needs to know how to manage their personal finances in order to survive and live a good life. When it comes to business financial affairs, the business owner should learn about how to both manage his/her personal finances as well as his/her business finance! In this situation managing both of them together may be hard and challenging for us, especially if we are not familiar with business financial affairs. However, with today’s technologies, these struggles and challenges can be countered easily with effective finance tools. If you are one of those entrepreneurs who is currently struggling to control his business in financial terms, then you should definitely follow this article. Here you will learn what these tools are about, what are they needed for and why should we choose them along with explaining the 6 essential financial management tools!

Table of content


What are finance tools?
  • How do our businesses benefit from finance tools?
The 6 essential finance tools for our business!
  • Bonus: more finance tools for e-commerce businesses!
Important points for using the most suitable financial tools!
Blog at a glance

What are finance tools?

finance tools

First of all, we need to have a clear understanding of what finance tools are and then we’ll proceed to their importance in the business world. As we know the finance definition stands for the study, creation, and most importantly managing our money. Hence, the tools and platforms that are coded to facilitate financial affairs management are called the finance tools. There are different tools out there that can help us in managing our personal money or managing our business finances. But why would we need these financial management tools for our business?

How do our businesses benefit from finance tools?

A business needs cash flow to survive. It acts as blood circulating throughout its veins. However, the cash that flows into the business and the cash that flows out of the business need to be managed and controlled. There are different financial tasks within a company that control and manage the money circulating into the business. These tasks include budgeting, accounting, controlling expenses, controlling payrolls, etc. Managing these tasks for owners of small businesses or financial managers and analysts of bigger companies would be challenging and time-consuming if they are handled manually. Handling these activities manually would result in repetitive writings and records, a high possibility of errors, harder analysis and control along with taking up so much time! Finance tools provide easy-to-use online and digital platforms that are coded with highly accurate algorithms that will facilitate managing the financial affairs of our company. Instead of handling financial activities manually, it will automate them. This would result in faster, more integrated, and easier financial affairs being controlled and managed in a company with a highly reduced amount of errors!
If you are managing the finances of your business or you have financial managers doing it for you, at this point you may be considering to start using financial tools for your business. If so, here are some of the important tools you would need for your financial affairs.
Did you know?

According to a survey implemented by NSBA, 25% of businesses that participated, had limitations on the growth of their business because they were not able to receive the funding they required!

The 6 essential finance tools for our business!

<img class=”aligncenter wp-image-8160 size-full” title=”Illustration by Olha Khomich from Ouch!” src=”https://uniqmaster.com/wp-content/uploads/2021/10/business-3d-bitcoin-advisor.png” alt=”essential finance tools” width=”500″ height=”675″>

The finance universe is so broad! In fact, it covers every single activity that involves money. In a business, there are many different parts that money is involved with. On the other hand, almost every other part of the business is dependent on these financial activities. Therefore, different tools for different parts or single tools covering different areas of financial affairs would be needed for our business. Hence, we would need to understand the finance tools needed for every financial part of the business and integrate them to make our business run better.
  1. Accounting tools
Accounting may be challenging and boring for many people, yet it is one of the important sections in financial affairs. Different accounting tasks such as recording payable and receivable accounts, transactions, balancing business checkbooks, reviewing sales tax, and many others would seem tedious to be handled manually. Therefore different finance accounting tools for businesses are made to make everything done more smooth with the least errors. As you know errors in accounting activities can cause serious problems for our company.
One of the useful accounting finance tools for small businesses is “Freshbooks”, which provides easy-to-use and simple accounting tools that will help us in our accounting activities.
Another useful finance platform for entrepreneurs is “Xero” that makes accounting easier for our business. It is highly recommended for companies that have multiple users in their accounting department.
  1. Budgeting tools
Allocating capital for different parts of the business is one of the vital activities for every business. It is one of the significant factors in success for our business. However, sometimes budgeting precisely would be challenging for us. It involves analyzing the business’ cash flow, predicting upon them, and then plan for allocating budgets for different parts of the business. Different finance tools can help us get more organized and precise in our budgeting, reducing most of the mistakes done in manual planning such as excel and other spreadsheets!
Many accounting software provides budgeting tools within them that can help us in planning for our budgets. However, there are some platforms that specialize in budgeting tools that can facilitate our cash flow management and budgeting activities.
“Float” is one of those useful financial management tools that helps business owners and financial analysts in cash flow forecasting and budgeting projections. One of the benefits of this platform is that it can get integrated easily with other finance tools such as Xero mentioned earlier!
Another useful budgeting tool is “Centage”, which provides tools for having a financial dashboard, comprehensive analytics, budgeting and planning, etc. In fact, it is a more complete financial management platform!
  1. Expense tools
Apart from the main expenditures in the business, there are some other small expenses that we would need to monitor. Small expenses such as the transportation and meals cost of our employees when they are outside the company for business. Tracking these expenses may be out of control and hard. Expense tools will help us monitor and control them easier and faster.
Good examples for expense tracking finance tools are “Expensify” and “Bench”.
Expensify is an expense tracking tool that is so much useful for businesses that have many employees who go on business trips. It provides an easy-to-use platform that enables users to submit their receipts online and makes it easier for the financial department to track them. The interesting point about this tool is that it will integrate with most accounting tools!
Bench is another example of expense tracking platforms that not only provides tools for monitoring expenses but it also provides some tools for tax preparations and cash flow sections of business finances!
  1. Invoicing tools
Another important section in the financial activities of a company is invoicing. Creating and sending invoices, managing the bills, tracking the unpaid bills, as well as other affairs regarding payments and billing can sometimes be tedious and out of control. Invoicing platforms can help us sort and manage them easier and more effectively.
Just like budgeting tools, tools for invoicing are available in many accounting platforms too.
Besides them, there are other platforms for the billing section too, such as “Wave” and “OneUp”.
Wave is one of the best finance tools for small business companies that tracks income and expenses along with receipt scanning tools and bank connections, enables the users to create and customize invoices so fast, automating billing as well as other activities. The interesting point about this platform is that it is free of charge!
Another useful online financial tool is OneUp. It allows its users to create and customize invoices along with sending them in seconds, syncs with bank accounts, shows which invoices are due soon, automatically puts the invoice into the customers’ inbox once it’s ready, etc. This platform is recommended for medium to larger businesses.
  1. Inventory tracking tools
When we are selling products, it is important to monitor our inventory. It is an important point to track the products in our inventory and check to see what’s in stock, in order to take things under our control. This is where inventory tracking tools come in handy and help us track our inventory from purchase order to sale, monitor expiry dates on products, integrating multiple warehouses, as well as helping us in other parts of inventory activities. These are in fact essential finance tools especially for e-commerce businesses alongside other types of businesses.
One of the best inventory tracking platforms that is useful for almost every type of business (including startups and medium-size to large companies) is “Orderhive”. It provides a wide range of features such as recording and removing products in bulk, managing serial and batch numbers along with expiry dates, low and out of stocks warnings plus so much more. One of the interesting features that come in handy for e-commerce business owners is the availability of more than 10 e-commerce automation tools!
Another useful inventory tool for businesses is “inFlow” which provides features such as inventory reports, scanning and generating barcodes, creating B2B showrooms, etc. This platform can be used by different types of businesses such as manufacturers and retailers. However, it is the most useful for B2B businesses!
  1. Payroll management tools
Managing the payments for our employees, whether they are full-time employees or freelancers working with us, is hard and challenging. The number of errors made in this section of financial affairs are usually high and costly. It is an inseparable section of the financial activities of a company. Thus, useful finance tools have been made by finance platform developers to encounter these problems business owners and financial managers have with payroll management. These platforms help the accounting department to easily set direct payments to the employees, record their payment history, make payments on time, manage taxes, and so on!
The “QuickBooks Payroll” is one of the good options when we want to consider having a payroll platform for our business. QuickBooks Payroll offers simple, fast, and useful payroll services integrated together to facilitate our payroll management. The positive point about this platform is that QuickBooks also offers accounting platforms for businesses. Therefore we can use them both together to unify our financial activities in order to increase the efficiency of our finance department!
Another good example of payroll tools is “Gusto”, which provides different payroll and HR (human resource) features such as tools for direct deposits and check for payments, tracking taxes, and recording payments. In fact, it offers a fully automated payroll system that can help businesses in managing their salary payments.

Bonus: more finance tools for e-commerce businesses!

Today the industry of e-commerce businesses is growing so much. With the increase in demand for online shopping and improvements made in the online universe, more e-commerce businesses are being established every day. To keep our e-commerce business ahead of the competition we need to make our user experience simpler and much faster. One of the parts which we can work on is the financial section of our business. Using finance tools such as “Paypal” and “Vend” for our e-commerce businesses can help the users to make easy online orders as well as easily paying for them on the go!
Did you know?

More than 75% of financial institutions have executed a fintech partnership. (fintech are businesses that focus on technologies regarding financial activities)

Important points for using the most suitable financial tools!

<img class=”aligncenter wp-image-8161 size-full” title=”Illustration by Olha Khomich from Ouch!” src=”https://uniqmaster.com/wp-content/uploads/2021/10/business-3d-309.png” alt=”suitable finance tools” width=”500″ height=”364″>
There are a wide variety of different business types that each of them have needs in different areas of their activities. This is not an exception in our financial affairs too. Since there are numerous financial platforms out there, we need to consider some important points before starting to use these finance tools.
  • First of all, we need to identify the areas that we have struggles in. As a result, we can understand what type of financial tool we need.
  • After that, we need to plan for the budget we are considering to spend on those platforms. This includes everything from paying the subscription fees to service providers to training the employees on how to use them!
  • Then, we should figure out which type of tools we want, either cloud-based (everything is online and stored in clouds) or on-premise (that will run on devices and works locally).
  • After that, we should check for the tools that have high securities with capabilities of controlling which users can access different parts of the platform.
  • And then, we should make sure which finance tools are better for our specific business types. Meaning which one has better tools specialized for our type of business. (startup, small business, large corporation,…)
  • Finally, we should identify the best platform that has the capability of getting more advanced as our business grows. This is to make sure everything develops the right way!

Blog at a glance

Finance is an important field in many different parts of people’s lives. In business terms, financial affairs have significant roles that help our businesses grow and succeed. Hence, as a remarkable need for many business owners and financial managers that want to develop the financial activities of their companies, I have explained the different types of finance tools needed for a business. Meanwhile, here you can find some examples of remarkable financial platforms that you can use for your business. And as a reminder, do not forget to check the important points needed to be considered before choosing the right financial management platform.

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