Running a successful small business involves making sales and ensuring customers return. But it also requires keeping a keen eye on company finances to ensure there’s more money coming in, than going out. With the onset of cloud-based technologies, there has never been a better time to use digital solutions to manage your cashflow.
Here are five cloud-based accounting apps that will help you do just that.
Track your billable time with Toggl. This app is ideal for freelancers, professionals, and business service providers. If you need to keep track of time and ensure the right client is billed for the right amount of hours you’re in luck. An added bonus: it can also be used as a time sheet to calculate how (effectively) team members are spending their time, because we all knowing that managing people is not the easiest task. Now that is what I’d call a smart solution!
If you’re fed up of posting paper receipts at the end of the month to your book-keeper or accountant, this is the app for you. Simply take a picture of the receipt using your smartphone, mark how the expense should be treated, and it automatically plugs into your accounts. Receipt Bank is well on its way to eliminating the paper mountain of receipts and team members can use it for expense management too. So you’ll not only keep track of your expenses, but also support your business in going green.
Probably the fastest growing accounting software of choice for small business, Xero is easy to use and affordable. The cloud-based software enables you to invoice clients, record revenue, keep on top of cash-flow and base company decisions on sound financial data. Over 800,000 small business subscribers benefit from an app marketplace with apps plugging into Xero that include payment tools such as Stripe and iZettle. Inventory management and e-commerce are also useful plugins the app offers.
Make the most of financial data with this app that allows you to forecast for the future and access insights today on your company’s performance. The app plugs into your accounting software to look at trends, profit margins and spend data. You can access all of this on the move, or receive alerts. It’s an efficient way to plan and prosper.
One of the most critical elements of business is ensuring you get paid on time. This is where Chaser comes in. Stating its approach of ‘polite persistence’ Chaser follows up on your behalf with customers that haven’t paid their bills. This app plugs into Xero so it can track when invoices are due and start politely chasing!
Now that you’re facing a new year head on, making effective financial management a part of your 2017 business strategy will help you focus on your core business performance.
Using these apps will ensure you have an accurate view, day by day, of how your company is performing and how time is being spent. Staying on top of books will ensure you stay in business!