It is quite challenging to keep track of the financial aspect of your business. Right from expenses to invoices to everyday accounting including handling efficiently the IRS, everything could prove to be overwhelming for small business owners as they have to necessarily devote time to manufacturing their unique products and providing seamless services.
Thanks to the technological revolution, the market is flooded with a plethora of tools for helping entrepreneurs in saving valuable time while catering to everyday financial tasks. For streamlining your entire financial management process, so that you could focus your attention more on other important jobs relating to your business, you must examine the following competent financial tools meant specifically for small businesses.
TurboTax for Tax Preparation
As per https://www.forbes.com, doing and calculating taxes is an integral part of your financial life. However, tax calculations and analysis could be extremely overpowering and could prove to be a nightmare. In such a scenario, Turbo Tax comes as a pleasant surprise. It is an old substitute for effectively doing taxes online. Turbo Tax boasts of having user-friendly and intuitive features and it seamlessly guides you throughout the complicated tax filing process.
Tax Turbo would be asking you a host of questions in a typical interview-like style. The efficient tool would be automatically making all your complex tax calculations depending on your responses. Users have the liberty of importing their tax forms and E-file straightaway into this amazing tax tool once their returns are completed. Turbo Tax would be double-checking your return and assure maximum tax refunds. This surely is an efficient tool.
Venmo for Personal Payments
We understand that during the second quarter of the current year, the net payment volume of Venmo amounted to nearly 24 billion USD and that represents a 70% year-on-year progress as per Statista.com. This is a highly popular P2P or Peer-to-Peer money transfer service and it is gaining traction by the day. You could easily request or send money to your friends with only a few clicks. If you are in the habit of splitting a dinner bill maybe with a huge group of friends or relatives, Venmo could come to your aid and prove to be your lifesaver. Users could simply sign up for this amazing money transfer tool by linking effectively their Facebook profiles and all their bank information that makes things easier to locate friends on this wonderful app.
Once you decide to pay someone, you simply need to identify the name, and then start typing in the precise amount and the exact reason for transferring the money to the chosen person. The simply click send. We understand that the money would be transferred successfully to your friend’s account in just two days or so. This popular ‘digital wallet service’ could prove to be an easy and successful way of sending money directly to someone. Seek expert lending services and solutions from a reputed agency such as Liberty Lending.
QuickBooks for Accounting
QuickBooks has proved to be ‘the gold standard in accounting for small businesses’. However, we understand that online accounting solutions like Xero are also becoming popular in recent times. No matter what accounting program you pick for the accounting purpose, ensure that it works perfectly for you by selecting a tool that is supposed to be flexible yet quite a robust one. This is supposed to be the best for specifically the new era business. It is high time you powered your small business with QuickBooks, your GST accounting software.
Since all your accounting data would be kept organized properly on the cloud, it becomes easier for you to keep tracking sales, creating and sending invoices, and knowing how your business is performing at any time. It’s a great way of getting a perfect real-time view of the cash flow. You could go about automatically importing and categorizing transactions by simply connecting your bank account. Furthermore, you could consider syncing with certain popular apps and snap pictures of your receipts easily for storing them securely with QuickBooks Mobile.
Thanks to QuickBooks, you could stay updated anywhere and anytime. The app boasts of great invoicing features like payment reminders and invoice tracking etc. You could easily access dozens of important reports and effectively manage all your expenses. This amazing solution is power-packed with powerful features. QuickBooks Mobile could be utilized for managing your business while on the go. Most importantly, this app promises ease-of-use and you do not necessarily have to be finance or accounting expert to use this versatile app.
ReadyForZero for Debt Elimination
ReadyForZero assists people from getting out of the debt trap. This effective tool would be creating an individualized plan for conquering debt whether its student loans, credit card debts, auto loans, mortgages, medical debt, etc. Users are required to link their accounts and chalk out a customized debt payoff plan, go about tracking their progress, money savings, repayment due dates, account changes, and more. It provides expert recommendations of ways to minimize debt like making additional payments for saving on interest or even consolidating loans.
As 50% of the people in the United States are grappling with intense credit card debts, ReadyForZero could guide them on the right track towards debt elimination. It helps to develop a specific and customized debt payoff strategy for you. The tool uses the debt avalanche technique. You would be listing all your debts right from the highest rate of interest to the lowest rate of interest. You must prioritize repaying the debt with the highest rate of interest first. The best thing about ReadyForZero is simply that it could make slight modifications to your plan and so you must accordingly see what the repercussions would be.
Expensify for Expense Tracking
Little business expenses like meals, gas, and cabs tend to add up rapidly and they are quite difficult to track. If you start using an effective expense report tool like Expensify your employees could keep scanning receipts and going on adding cash expenses straight away from the mobile devices. These cash expenses and receipts are uploaded so that you could import all the information easily for rebilling, approval, reimbursement, and expense accounting.
Conclusions
If anything needs to be fixed, you would require the perfect tools. In the financial scenario, both businesses and individuals require effective money and financial tools for helping them save, spend, and even invest money. Choose from a plethora of brilliant financial tools. You may use one or more of the versatile financial and money tools discussed above.
