There are many things to consider when starting a new business. One of them, and probably the most important, is money management software.
Before you choose the best money management software for your business, you should take into consideration the following things:
Know Your Minimum Cost of Living
Calculate how much money you need to live at a decent level, and take that amount of money from your business income. Invest the rest of the profit back into the company in order for it to grow. Resist the urge to throw money at expensive houses or holidays, at least until the business has passed the start-up phase.
Do Not Hire Staff from the Beginning
First and foremost, your company must sell. So, start from the bottom, create a product or service that is not quite yet perfected, and go out and find your clients. This is the most important thing to accomplish with a new small business. Selling gives you a more detailed view on how your product is perceived in the market.
When things get better and your profits increase along with your load of activities, you can consider hiring new staff. Always make sure that your employees work to their full potential. If not, try to keep them motivated, “selling” them your company’s vision.
Reduce Costs by Implementing the JIT Strategy
JIT is a business and distribution strategy. It comes from the “just-in-time” concept. This means that you must anticipate the costs and the quantity needed in order to reduce carrying expenses.
Besides these three things, you must also consider a number of aspects when it comes to choosing the right money management software for your small business:
- The cost of the software
- How easy it is to use the software
- How many features it has
- Accountant access
- Mobile access and other features
- Customer service
- Reporting capabilities
- How well it connects with other apps
Below, you can find some options for you to consider when choosing the best money management software for your business:
This is a money management software that works on both Mac and Windows. It does more than accounting. It has all-in-one account solutions, covering aspects like finances and inventory. AccountEdge is used by over 100,000 businesses worldwide. This software has focused on creating a dependable accounting solution, especially for small businesses.
Reviews had shown that this app does not offer add-ons for managing fixed assets or depreciation of company-owned properties.
This money management software is one of the business owners’ favorite. It is an Android app and provides services such as invoicing and accounting. It is the right app to use when it comes to tracking invoices, managing business money, transactions, and expenses for small businesses. It has a user-friendly interface, and it offers a wide range of features.
FreshBooks was initially a simple online invoicing service, but it has grown to be an expense and time tracking app. It includes numerous financial reports and has a wide range of add-ons.
Harvest offers a user-friendly interface, and it is very easy to use. It has features such as financial reporting, pricing, time and expense tracking, invoicing, and more. It can be accessed from any device, making it easy to work from iPhones, Android devices, and more.
This software is trusted by many business owners for its relatable time tracking application, and it can connect to many other online applications.
This is a more advanced software, based on cloud computing. Its main focus points are business finance and business growth. Intacct provides financial management and accounting software solutions based on cloud ERP platform.
It can generate a wide range of reports, including profit margins, income, losses, revenue segments, and more. Intacct is recommended for both small and medium-sized companies. It currently serves over 30,000 users.
This money management software can handle your invoices, expense tracking, and make bookkeeping entries on your computer, smartphone, or tablet. It is simple to use and convenient. Both online interface and mobile app are user-friendly, offering a cloud-based accounting software. However, Kashoo does not support the creation of estimates and quotes.
This is a full-featured accounting software. It has a lower cost, being a good option for small businesses. The platform offers a 14 days’ free trial. Zoho manages your invoices, bills, banking, inventory, and more. It has add-ons and it is simple to use.
All in all, choosing the best money management software for your business, is a matter of both feature’s variety, and your business’s objectives. A good accountant software must have money-management features, as well as tax-prep options (planning, deductions, etc.).