Launching a business is relatively simple, but keeping it alive and kicking is not. If you want to jumpstart your business, you need to be hard-working, creative, and ready to take advantage of all the available resources.
Financial management platforms are one of the critical aspects of the process because they help you handle, control, and adjust business plans on the go. The only problem is to filter through hundreds of more or less similar options and pinpoint tools that your company really needs.
Our goal is to help you select the right financial management platform, so keep reading to see our list of the top nine picks!
The first entry on our list is QuickBooks Online, a user-friendly tool that enables the effortless management of your financial operations. Here’s what it can do for you:
- Make and send an unlimited number of invoices
- Keep an eye on your sales numbers, costs, and revenue
- Store all documents in one place to ensure quick access
- Manage taxes
These and many other functions come with the essential package of QuickBooks Online and they cost $11.5 per month.
Jumpstart Entrepreneur Toolkit
If you are looking for a free all-around tool with tons of useful business resources, then you should definitely check Jumpstart Entrepreneur Toolkit. The platform contains a plethora of financial projection features, but you can also count on other valuable features such as:
- Customer discovery tool
- Go-to-market strategy worksheets
- Investor pitching programs
- Legal guides
Newly-established companies need to hire promising individuals and build their teams in the long-run, so it’s always a good idea to use a tool like Zoho Recruit.
Jake Gardner, a human resource manager at the twiftnews agency, says Zoho Recruit is a cloud-based talent management platform: “It will assist you in finding the most suitable candidates for your firm and make it easier for you to plan and administer their remuneration packages. The platform costs about $50 per user a month.”
Mint brings all your financial accounts together online, automatically categorizes your transactions, lets you set budgets, and helps you achieve your savings goals. Although it’s not suitable for larger companies, Mint is very valuable to smaller units with a relatively narrow scope of financial procedures. You can sign up for free to check the platform’s key functions.
KPMG Spark Bookkeeping
In case you are searching for a comprehensive financial management solution, KPMG Spark Bookkeeping might be your weapon of choice. The tool gives you a wide range of functions that you can use for accurate bookkeeping while making adjustments in real-time.
The only problem with KPMG Spark Bookkeeping is the price as it starts at $195 per month. However, it does come with a superior set of features that are indeed worth a shot.
There is a very simple reason why entrepreneurs love Wave – it offers a full package of service free of charge. There are no hidden fees or trial periods, but rather a fully functional tool that is available 365 days a year. Wave divides its services into three units:
All you need to do is create a Wave account and start using the platform freely.
Zoho Books is online accounting software that manages your finances, automates business workflows, and helps you work collectively across departments. The basic package of Zoho Books costs only $10 a month and it offers you features such as invoicing, expense tracking, financial planning, bank reconciliation, sales management, budgeting, and many more.
Xero is a financial management tool designed for small businesses in particular. The tool is fully functional on all types of browsers and devices, so you can keep track of the business from wherever you want.
Xero allows you to start a free 14-day trial after which you can select the standard package for $30 a month. This plan enables unlimited invoicing and quotes, while you can also enter any number of bills and take care of bank transactions.
If simplicity is your main concern, we recommend using KashFlow. The program is very intuitive and user-friendly, which makes it highly practical even for beginner-level users. However, it does come with a bit heftier price tag compared to other tools on our list as the business package will cost you around $140 plus VAT.
The Bottom Line
Entrepreneurs need to take care of all aspects of the business, but financial management is probably the most challenging part of their work. If you are not accustomed to the rules of budgeting and accounting, you should definitely use a financial management platform to control the process simply and effortlessly. We showed you the nine best solutions currently available online, but now you should test each one to try and find the tool that perfectly matches the needs of your company.
Picutres: Donna James
Author: Donna James
Statements of the author and the interviewee do not necessarily represent the editors and the publisher opinion again.