Small businesses have helped keep the economy running in times of hardship. As we enter the New Year of 2023, there are new trends and ways for small business owners to utilize to optimize their small business.
Small businesses have helped keep the economy running in times of hardship. As we enter the New Year of 2023, there are new trends and ways for small business owners to utilize to optimize their small business. Financial tools and software are an important part of financial management for any business. Financial management tools for small business are also helpful for simplifying many everyday tasks including payroll, invoicing, paying bills, and taxes. "Examples of business finance tools are accounting software like QuickBooks or FreshBooks that can help a small-business owner with any accounting-related tasks, including invoicing, expense management, sales, payroll, taxes, and inventory management" (American Express, 2022).
According to American Express, the six financial management tools that can help businesses save time and money by keeping you organized is as follows:
Accounting Software may save you time and money. There are many to choose from and it is important to choose the right accounting software according to your business needs. Information management software may be found here.
Expense tracking is valuable to utilize on its own to separate reimbursements and may be related to accounting software. Not all accounting softwares come with expense tracking and reports, so if this is important to you or you travel a lot, look for one built in or separate expense tracking softwares may be found here.
Budgeting is incredibly important when it comes to managing cash flow. Budgeting tools help you plan for upcoming months accordingly.
As a small-medium sized business owner, you will want payroll solutions that scale and grow your business. Looks for Payroll Management that may integrate with your accounting software. Also, the type of employees you have will determine the correct solution.
"When it comes to the payroll process, it should include every single detail of how the process works" (Alilimano,2023).
If you decide to get an online software, it is important to get a solution with flexible payment and robust set of features. Additionally, it is essential to get a solution with the ability to create invoices, track expenses, and time.
There are many tools available to track profits/losses but what about inventory management? This may be trickier as you grow larger, more products, more facilities, etc. You will need powerful tools to help automate inventory monitoring and tracking as it will save you time and money.
"Since we are now way past the era of using computers, all of these solutions have Mobile Apps to perform all the necessary functions on your smartphone. This makes payroll management simpler, easier, and less time-consuming. These apps also offer various training capabilities that can be used to provide training to employees anytime, anywhere" (Demotix, 2023).
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US Capital Source makes the application process seamless and available to every Business owner.
Submit all the necessary information to a number of potential lenders in one place! We eliminate the need to fill out multiple applications and allow you to compareloan options from different lenders. Reduce the risk of errors and time to secure a loan, as all the necessary information is collected in one application.
By submitting all the required information in one place, businesses can speed up the loan application process and receive a loan decision much faster so you can start to grow your business, more quickly.
Interest rates and repayment timeline tailored to your chosen offer. Help finance the expansion of your business.
With relationships across the country, US Credit Source is able to provide quick Lines of Credit less than two points above WSP Prime
Access working capital quick and on short-terms so you can pay back your financing sooner. Use what you need, when you need it. US Credit Source has various options for all Business Owners
Upgrade your Business with financing for Business Equipment. Equipment keeps the busy running and US Credit Source has access to fast capital for all your equipment financing needs
Receive invoice factoring and provide your business with a source of working capital to fund operations and growth.
A Government Grant program under the CARES Act. US Credit Source has helped thousands of Business Owners receive employee tax credit from 2020 and 2021
