Running a small business can be exhausting, and even the most comprehensive plan can’t foresee every hurdle. Most of the time, the problem boils down to the same thing: finances. Not just the ability to pay the bills, but also how to manage all finances correctly. Since 20% of small businesses don’t survive the first year, it’s important not to make any mistakes. That’s why using the right financial software is a good idea. Investing in software to run your taxes, payroll, expenses, and more means you’re far less likely to be hit by an unexpected fine. Not to mention the losses that can happen by not effectively managing your inventory. Fortunately, there are reasonably priced services that will help your business avoid costly mistakes and thrive in the future.
By taking advantage of the best financial software, small businesses reduce the risk of making expensive mistakes and avoid hours of stressful paperwork. But there are a lot of different solutions to choose from, so we’ve recommended some of the best to help your business thrive.
FreshBooks was founded in 2003 in Canada as an invoicing, billing and time tracking software, but over the past years it became a full-fledged online accounting solution ideal for sole proprietors and smaller businesses. With this neat cloud-based software, which underwent a thorough overhaul in 2016, you can easily and quickly create and customize invoices (whether using the desktop account or the Android/iPhone apps), record expenses, plan and realize projects, and track your time. You can integrate a decent amount of third party applications and services, and check reports FreshBooks automatically creates for you. You also have the option to enable fast online payments, set up recurring invoices, and even customize your account. Regardless of your chosen plan, almost all features remain available during and after the 30-day trial period. Furthermore, you also get unlimited customer support with your subscription, which can be as low as $15 per month. So if you need an accounting solution that includes all major functions and you work with a small number of clients and employees/contractors, then FreshBooks is your choice.
If there is one thing people can’t stand it’s doing their taxes. Going through all those different documents that seem like they have been worded by aliens is pure torture for anyone. So it’s not surprising that once taxpayers find a solution that prepares their taxes and explains the process in plain English, they stick to that solution no matter what. This is the secret behind TurboTax‘s success, a company that has been helping people deal with those pesky tax returns since the 80s. TurboTax Online, the company’s online tax prep solution, provides everything that a taxpayer needs to create accurate returns. The user-friendly interface of the software is particularly important, but so too are the thorough interview questions. There are a number of additional extras, too, all of which will help you receive the biggest possible refund in the end. And this, believe it or not, is just the surface, since not only is TurboTax fully supported on mobile platforms but it’s also very safe to use thanks to the outstanding built-in and optional security settings.
Justworks is a PEO and EOR service that revolutionizes how businesses look after their employees. It covers all things HR, from benefits administration to medical insurance – but where it really shines is its payroll software.
The company has been a rising star since its launch in 2012, expanding and developing its services to cater to a whole range of businesses operating both locally and globally.
Even though Justworks is a powerhouse that provides a comprehensive list of features, the platform is intuitive and easy to use. Plus, with a browser version, desktop program, and mobile app, both HR and employees can make the most of Justwork wherever they are.
Best Reviews’ exclusive deal allows you to try the software for free for an entire month, and users can earn up to $10,000 with its referral program.
Melio is a B2B payment gateway catering to small and medium businesses, enhancing cash flow and financial operations with instant payments. It provides businesses with an intuitive option for dealing with vendor and supplier payments worldwide, including ACH bank transfers, credit cards, paper checks.
In addition to several payment options, Melio provides bill management, workflows, vendor management, and handy account receivables features. Melio has five subscriptions, including a free tier limited to one user. On top of this, paid plans include a 30-day free trial and discounts of up to 25% with annual subscriptions.
Airwallex is a payment and financial service platform that simplifies international financial operations for businesses. It offers features that allow companies to efficiently manage international payments, foreign exchange, and multi-currency accounts, making it best suited for businesses looking to streamline global transactions.
With robust security features, reliable compliance with regulations, and several integrations with major third-party apps, this service is a strong contender for anyone looking to send payments overseas.
Airwallex offers a free business account with no setup or maintenance fees, and has flexible pricing based on payment volumes. Plus, direct debit, company and employee cards, and bill pay are also free.
Online accounting isn’t easy, and sometimes it can be overwhelming. With so many menus full of complicated features, it can be challenging for beginners. That’s something that 1-800Accountant avoids by offering a simple yet functional tool that helps small businesses tackle online accounting head-on. Based in New York and established in 1999, 1-800Accountant offers a user-friendly dashboard that is stripped down to the basics, making accounting painless. You can also use the software to do your personal taxes, and the company even guarantees that you’ll get every dollar you’re entitled to. If that wasn’t enough, 1-800Accountant also offers a human touch by providing you with dedicated experts that not only help you along the way but who actually feel like they’re part of your team. With prices starting at $125 a month, this online accounting firm has many features for accounting and business registration services. To top it all off, you can also get up to a 90% refund of the service within 30 days of signing up if you decide that it isn’t for you.
Dealing with the many financial procedures is often the dullest part of building a small business. The aim is to strive for efficiency to avoid wasting precious time on bureaucracy. Founded in 2015, FinancePal acts as a one-stop-shop for everything finance-related by offering a dedicated team of experts to handle complex bookkeeping and accounting tasks. But that’s not all, as the company provides a comprehensive list of services that includes sales tax filing, payroll, business formation, and more – all made available through major business management apps like Quickbooks and Gusto. Since it’s geared towards small companies, FinancePal likes to shape its services and prices around each business’s needs. Customers can discuss a custom quote directly with a representative, but normal prices start at $150.
In order to operate effectively, businesses need to pay certain expenses, such as taxes, deliveries, and traveling costs. Unfortunately, traditional banks may take a while to process payments – not to mention that red tape makes banking a nightmare. Relay Financial is an online banking platform that aims to make your money management as easy as possible by helping you keep track of cash flow from all sources in one place. It also aids in day-to-day administration by categorizing all your expenses and incomes, and collaborating with your team members and financial advisors is straightforward. On top of that, the service helps you manage the finances of every business you own. All this comes for free with Relay Standard. But if you’re looking for that bit extra, then Relay Financial’s paid subscription comes with additional features for an even more seamless banking experience. Although Relay Financial lacks a few financial tools, such as payroll management, it allows you to integrate third-party services that make banking even more convenient.
During childhood, taking care of our finances usually involved saving up spare change throughout the week to indulge in candy every Friday. As a teen, pocket money was carefully budgeted to ensure a weekend escape to the movies.
Our lifelong relationship with money has naturally led us to fear what old age may bring and dream of a safety net to ensure those golden years can be enjoyed. With Empower‘s wealth management tools, planning for retirement is reassuringly easy.
Renowned for its comprehensive financial dashboard, Empower is a hybrid wealth management service that offers an array of free tools for retirement planning, net worth tracking, and budgeting, as well as paid portfolio reviews for users with over $100,000 in investments. The company was founded in 1891 with everyday investors in mind and has since become one of the biggest retirement planning providers in the U.S. It’s important to mention that Empower provides many other services in addition to its wealth management services, such as IRAs and investment accounts.
Anyone who sets up a small business knows that there are many challenges you have to face along the way – like taxes. It’s important for your business to stay tax compliant, but that’s incredibly difficult when you have to make sure you send all the right forms on time without making a single mistake. For example, it’s easy to mix up business and personal expenses or suffer from poor record keeping. Mistakes can result in large penalties, which make a huge impact on small businesses.
Similarly, unexpected issues can be costly when it comes to your cash flow, like fees or delays. Then there’s inventory management, where 46% of small businesses don’t even have a system to track goods – a sure-fire way to lose money and something software easily solves. But no matter how well you plan, you can never prepare for everything. So, to make sure you don’t become one of the many small businesses that fail, it’s vital to stay on top of all your finances by managing them efficiently.
Every small business should invest in financial software, but of course not every startup has the capability to do so. For example, running payroll by yourself when you have just a few employees is a relatively quick (if tricky) process. However, as your business expands, this may end up taking hours and hours. At that point, the time saved by payroll software will more than recoup the investment.
Indeed, time is often an issue for small business owners, and if you find that you’re spending what seems like forever staring at Excel spreadsheets to manage your cash flow or work out your taxes, then you’re ready to make the most of financial software. Accounting software that comes with inventory management is invaluable to avoid losses. As your company grows so too will your inventory, making it particularly important to know everything is in the right place.
Once you’ve invested in financial software, you’ll see all the benefits. Automating these processes means cash flow, payroll, and taxes will become a breeze.
Financial software isn’t going to solve every problem a small business will face. If your company works remotely, then you’re going to need the right software to set up a home office, communicate efficiently, and keep your company data secure online. The right software can also help your team stay as productive as possible for maximum efficiency, and set up marketing campaigns to help your business get its name out there and perhaps not stay small for long.
* The bonus payment is a part of the Blackcatcard loyalty program provided by FINTECH ASSETS OÜ.
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