{"id":26602,"date":"2022-05-23T08:42:20","date_gmt":"2022-05-23T07:42:20","guid":{"rendered":"https:\/\/www.lendingstream.co.uk\/blog\/?p=26602"},"modified":"2022-12-19T11:31:49","modified_gmt":"2022-12-19T10:31:49","slug":"best-financial-tools-for-small-business","status":"publish","type":"post","link":"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/","title":{"rendered":"5 Best Financial Tools for Small Business"},"content":{"rendered":"\n<p>Running your own small business can be rewarding. But when it comes to finances, it\u2019s often challenging. There\u2019s a lot to keep on top of, including expenses to keep track of invoices to manage, taxes to pay. As a business owner you should know what money\u2019s coming in and where it\u2019s all going. Having this information at your fingertips will help you with any business decisions you have to make. It\u2019ll help your business run smoother.<\/p>\n\n\n\n<p>If finances aren\u2019t your strong point, there are tools that you can use to help you. We\u2019ve had a look at some of the <strong>best financial tools for your small business<\/strong> and listed the top 5 for you here.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f37c7521fbc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f37c7521fbc\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/#1_accounting_tools\" >1. Accounting Tools<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/#2_payroll_management\" >2. Payroll Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/#3_budgeting_tools\" >3. Budgeting Tools<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/#4_payment_methods_and_e-commerce\" >4. Payment Methods and E-commerce<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-financial-tools-for-small-business\/#5_inventory_management\" >5. Inventory Management<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"1-accounting-tools\"><span class=\"ez-toc-section\" id=\"1_accounting_tools\"><\/span><strong>1. Accounting Tools<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Love it or hate it, accounting is something you have to do when you\u2019re running your own business. It\u2019s essential that you know how much tax you have to pay. These days though, you can get your computer to do the hard work for you. By installing an accounting tool, you just have to enter your income and outgoings. There are programmes that will calculate everything for you.<\/p>\n\n\n\n<p>When you\u2019re choosing which software to use, figure out what you need it to do for your business. Then see which ones do what you want it to. Remember this will be another <strong>business expense<\/strong>, so make sure it\u2019s within your budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"2-payroll-management\"><span class=\"ez-toc-section\" id=\"2_payroll_management\"><\/span><strong>2. Payroll Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you have employees, you\u2019re going to need to give them payslips. Whether you do this electronically or digitally, you must make sure these are accurate. You could use a separate tool to the one that does your accounts for you. But it\u2019ll make life easier if it\u2019s included with your <strong>accounting tool<\/strong>.<\/p>\n\n\n\n<p>Remember when you\u2019re looking for a payroll management tool, check that you can add extra staff onto it. This way, as your business grows, the tool you use can grow with it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"3-budgeting-tools\"><span class=\"ez-toc-section\" id=\"3_budgeting_tools\"><\/span><strong>3. Budgeting Tools<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It\u2019s easy to overspend in some areas of your business when you should be using the money elsewhere. <strong><a href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-budgeting-tips\/\" target=\"_blank\" rel=\"noreferrer noopener\">Creating a budget and sticking to it<\/a><\/strong> is the smart way to run your business. Expense tracking and understanding your cash flow will help you <a href=\"https:\/\/www.lendingstream.co.uk\/blog\/best-ways-to-cut-back-on-expenses\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>predict when you have to cut back<\/strong><\/a> and when you can invest. It\u2019ll help you avoid having to take out <a href=\"https:\/\/www.lendingstream.co.uk\/loans\/short-term-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>short term loans<\/strong><\/a> when your cash flow is low.<\/p>\n\n\n\n<p>Budgeting tools are available to help you plan where your money goes. But don\u2019t forget to see if this can be included in any other tools, you\u2019re using to help reduce your outlay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"4-payment-methods-and-e-commerce\"><span class=\"ez-toc-section\" id=\"4_payment_methods_and_e-commerce\"><\/span><strong>4. Payment Methods and E-commerce<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>With payment methods becoming swifter, it\u2019s important that you keep up with how payments are made. People want to pay on the go. Fast payment solutions like Apply Pay or contactless payments are worth having. Offering other payment options online like <a href=\"https:\/\/www.paypal.com\/uk\/webapps\/mpp\/home\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.paypal.com\/uk\/webapps\/mpp\/home\" rel=\"noreferrer noopener nofollow\"><strong>Paypal<\/strong><\/a> could also help. You want your customers to complete their journey through your checkout without any difficulty. &nbsp;<\/p>\n\n\n\n<p>Make sure you have the right technology to take payments. Go through your own checkout process yourself to see if it\u2019s quick and easy for a customer. A swift checkout process will help to prevent you from losing customers just when it matters.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"5-inventory-management\"><span class=\"ez-toc-section\" id=\"5_inventory_management\"><\/span><strong>5. Inventory Management<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your business sells products, knowing exactly how much you\u2019re selling is important. Keeping stock of what you have matters more than you think too. When your customer decides they want what you sell, they\u2019ll want it straight away. You\u2019re more likely to lose customers to competitors if the item they want from you is out of stock.<\/p>\n\n\n\n<p>Having an inventory management tool helps you predict what products are running low. It&#8217;ll also let you know how far in advance you need to restock. It\u2019ll also tell you what\u2019s not selling and could be offered on sale.<\/p>\n\n\n\n<p>It might take time to enter everything you have initially, but it\u2019ll be worth it. Knowing you can fulfil your customers\u2019 orders and keeping them happy is the lifeline of your business. Your inventory is one your business\u2019 financial assets, look after it.<\/p>\n\n\n\n<p>Running your own business can be demanding. It might feel like you\u2019ve got a lot of balls to juggle. The day to day tasks alone can keep you working long hours. That\u2019s why these must have financial tools we\u2019ve listed here that can help to support you and your small business. Put this technology in place to do some of the essential tasks for you. It&#8217;ll free up your time to focus on other things.<\/p>\n\n\n\n<p>What financial tools will you put in place to help you run your small business?<\/p>\n\n\n\n<p><strong>Disclaimer:<\/strong> Please note, we are not providing financial advice. Our blogs are written for informational purposes only. Also, we are not affiliated or promoting any of the third party websites that are linked in this article. They are for reference only.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Running your own small business can be rewarding. But when it comes to finances, it\u2019s often challenging. There\u2019s a lot to keep on top of, including expenses to keep track of invoices to manage, taxes to pay. As a business owner you should know what money\u2019s coming in and where it\u2019s all going. Having this [&hellip;]<\/p>\n","protected":false},"author":48,"featured_media":26604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[139],"tags":[],"class_list":["post-26602","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money"],"_links":{"self":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26602"}],"collection":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/users\/48"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=26602"}],"version-history":[{"count":2,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26602\/revisions"}],"predecessor-version":[{"id":26605,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/posts\/26602\/revisions\/26605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media\/26604"}],"wp:attachment":[{"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=26602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=26602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lendingstream.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=26602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}