As a business owner, it’s vital to monitor the pulse of your finances. Still, according to a study performed by the American Productivity and Quality Center (APQC), more than half of all business owners (56%) make decisions without having total access to their financial data. A shocking 80% reported being surprised by sudden changes in cost.
A total business solution can give you greater visibility and lead to strategic decisions. Below are five tools to help you stay out of the red.
The greatest benefit of Google Docs is its cost — it’s 100% free and offers several different user-generated templates you can use for your business finances.
However, these templates require manual updating, which might be cumbersome compared to some of the automated software systems later down this list. Still, Google Docs can help you develop strong financial habits and make better decisions based on your company’s financial data.
Small business owners may already be familiar with QuickBooks for its basic accounting and bookkeeping features. Still, users can also use the program to generate cash flow forecasts, which is incredibly valuable when updating business reports or planning their annual budget.
The only drawback is how many small businesses quickly outgrow the program’s standard features, though it remains a popular choice for startups or solo entrepreneurs. QuickBooks plans start at $26.95 per month.
As the name suggests, Pulse allows you to stay connected to the financial health of your business. With it, you can analyze your cash flow on a daily, weekly, or monthly basis. Additionally, Pulse offers tools to track revenue in multiple currencies, which makes it easier to conduct business internationally.
Furthermore, Pulse also integrates with QuickBooks, which may help you achieve a comprehensive business solution without the hassle of using disconnected programs. Pulse offers plans starting at $29 per month.
If you oversee a large or growing business, you might turn to CashAnalytics to juggle your financial data. The program offers forecasting functions to help you predict your future cash flow and automated features to help you accomplish more without increasing your organizational headcount. When used with Simpay’s total business solutions, it can make it easier and more enjoyable to operate your business.
CashAnalytics offers a variety of customizable options, and their pricing structure reflects as much. If there’s a downside to CashAnalytics, beginning business owners may find its level of detail overkill and may prefer to start with one of the other tools on this list.
Float is a solid choice for many business owners. It may lack the level of detail of CashAnalytics, but it still provides powerful cash flow forecasting features to help your business stay out of the red. It also offers automation to simplify the process, which is great for small teams or solo entrepreneurs.
Float’s plans start at $49, which is a bit pricier than the other options listed above, but the program also offers integrative features which can boost its value and utility.
Finding the right solution for your business takes time, but by evaluating these options, you can find a tool to help your company thrive. You’ll become more equipped to manage your cash flow and avoid potential accounting errors along the way.