Many times financial tools are overlooked as a way to help increase a company’s bottom line. Financial tools have the ability to transform a company’s operations, improve productivity, reduce costs and increase profit margins. It’s essential for small business owners to take advantage of the right tools and resources to more effectively plan for the future and overall success of the business.
Here are the top ten financial tools for small business owners, according to the SBA.
- Accounting Software – Organizing your business expenses in a computerized accounting system rather than paper-based accounting offers numerous benefits. With accounting software such as Intuit QuickBooks™; a business can free up time by simplifying, automating, and tracking its key financial data. This is especially useful when tax season comes around.
- Business Plan Software – Whether you aim to present a plan to an investor, creating a plan to get your ideas in order, or planning for growth or expansion, the business plan software you select should be simple to use and help you reach your goals. SBA’s Business Plan Tool provides a step-by-step guide to help you get started.
- Financial Analysis – Knowing your numbers is the key to managing a successful business. By keeping tabs on your profit and loss statement, cash flow statement and balance sheet all in one place, you will be able to see where your business stands – and take steps to stay profitable. Explore Score’s library of financial statement templates to get started.
- Inventory Management – Every business needs an inventory management system. Whether you’re in wholesale, retail, service or basically any other industry, you have to keep track of your products. You can efficiently track inventory with cloud-based solutions available in the marketplace. Be sure to do your due diligence when choosing the right inventory tracking software for your business.
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