Even though a great product and a strong vision are the central needs of a business, efficient financial management is vital for success and sustenance. However, managing financial resources and activities, even for your small business, can be challenging, especially if you lack the necessary financial knowledge.
Fortunately, there are many finance software options to help ensure efficient financial management, so finding the right solution for your business should be pretty straightforward.
1. Gusto Payroll System
Accurate payroll is vital for business success.
However, managing payroll manually, even if your company only has a few employees, can be overwhelming. You have to find your employer identification number, understand your state’s laws, calculate employee hours and handle deductions all by yourself.
Luckily, Gusto Payroll System is built to help businesses like yours simplify processing workers’ payrolls. With features like time tracking, cashout, onboarding, surveys, payrolls, and benefits, it is easy to enable deductions, 1009s, and W-2s.
Gusto is available for as low as $6 per person.
2. Pay Stub Maker
Pay stubs are important financial documents that employees use to track their finances or prove their income when applying for an auto loan, mortgage, or credit card. Usually, employees get these documents from their employers when receiving paychecks.
However, independent contractors, self-employed individuals, and those who don’t get them from their employers can use paystub maker to create these documents.
The good thing about this tool is that it is super simple to use. All you have to do is enter your employment details, submit and download the pay stub to print or store the electronic record.
Pricing for Pay Stub Maker starts from as low as $8.
3. Fyle Expense Management Tool
It is not easy to submit, track, process employee expenses and reports.
Fortunately, Fyle is an excellent expense management software designed to automate and streamline the tasks of analyzing overall expenses, identifying cost-saving opportunities, and controlling excessive spending. Additionally, this cloud-based platform automates employee expenses reimbursements, meaning workers can access their expense claim reimbursement status in real-time.
One thing that stands out about Fyle is that it bills you only for active users. Simply put, you will only pay for the employees who have created at least one expense report a month, based on your specific user plan; enterprise, business, and standard.
4. Freshbooks Invoicing Tool
FreshBooks is an indispensable productivity tool designed to help businesses simplify the complicated billing and invoicing processes. This simple finance software helps:
- Streamline and automate work expenses and income calculations,
- Calculate taxes.
- Create reports,
- Process and monitor payments,
- Develop customized and professional invoices,
The best bit about the FreshBooks invoicing solution is that it can be installed on different platforms and accessed through a desktop or mobile device.
The price for this tool starts from as low as $15 monthly for a license that is suitable for small and medium-sized businesses.
Last in our rundown for simple finance software is actiTIME, an excellent tool for accounting teams. With features like work scope management, report, and data analysis, this finance tool helps employers understand how their employees spend time work-wise.
What makes this versatile time tracking tool indispensable is that it enables:
- Cost tracking
- Project profitability analysis
- Easy access to custom invoices
- Preparation of employee payroll
actiTIME has a free version for companies with up to 3 members and a 30-day free trial for companies with more members.
The importance of finance tools in any business cannot be overstated. Whether you use it for communication, time tracking, or accounting, the right finance tool will help you improve performance and overall business productivity.