Best tools for entrepreneurs? Are you looking for the best online tools and productivity apps for entrepreneurs in 2023? If so, then you'll love this article that shares the top free online business tools for entrepreneurs.
Just managing the financial end of a small business may seem like an overwhelming task. Between the invoicing, the daily expenses, and the accounting there are many things that must be dealt with. Then, there's the IRS and other entrepreneurial guides that must all be considered.
Thankfully, there are some great small business tools out there.
As technology has advanced, many are turning to such business planning tools and other methods to help manage their daily finances. Let's take a moment and examine the top 10 financial tools you need and require.
List of Best Tools for Entrepreneurs
1. Accounting Software
Long has been the leader, Quickbooks is still a great program. There are a few others but most people feel that Quickbooks is easy to run and they've managed to navigate through it and understand how it works and how to keep things balanced out. At the end of the month, it's easy to reconcile the statement and have everything in order.
Other accounting software to consider include:
Other things to consider are the basic features that are a must-have for any accounting program.
You'll want to be able to do the invoicing, the client-vendor management, billing, recurring payments, estimates, tax prep, tracking of expenses and credit card processing.
There are many great programs out there to consider that'll work for your small business or startup.
2. Budget Apps
You can't run a business unless you're on a budget and able to stick to it.
It's vital to your business success to know and follow your budget.
Depending on your accounting software, you may also be able to create your budget from within the program.
If you don't have this capability you'll want to find a great budget tool such as PlanGuru.
3. Payroll Processor
It can be very time consuming at best to do the payroll system for your business (which you probably already know).
Many businesses do this manually, however, if you're tech-savvy, you'll appreciate being able to use a program for this.
There are several great options to choose from.
You'll want one that allows you to do both state and federal taxes as well as set up any retirement funding and the like.
The best payroll apps for small businesses in 2023:
- Paychex Flex: Best overall
- Square Payroll: Most affordable
- QuickBooks Online Payroll: Best integration
- RUN Powered by ADP: Best HR
- Patriot Software: Most affordable self-service.
4. Invoicing Solution
You'll want a billing program that allows you to bill your customers easily at any time of the month and generate invoices.
The faster you can get the bills out, the faster you're going to be able to get them paid.
The cash will be flowing in a lot faster if you are able to bill daily, or weekly in lieu of monthly.
The best billing and invoicing software of 2023:
- FreshBooks: Best overall
- Square Invoices: Best for low volume
- Wave Apps: Most affordable accounting integration
- QuickBooks Payments: Best transaction fees
- Hiveage: Most payment options
- Xero: Best accounting alternative
- FreeAgent: Best templates
- Zoho Invoice: Best automation
- MyDukaan: Best online invoice generator
5. Cash Flow Analysis
Keep track of your cash flow and review how you're doing.
Use a tracking tool that will tell you how much you have at any given time.
You can find a variety of these out there.
Most of them work like a spreadsheet that will measure your cash flow and help you to determine where you're at on any given day.
6. Inventory Management
It's vital to keep track of your inventory and know what you have at any given time.
This goes from across the board.
What do you have on hand, what do you need? What are you ordering?
It's all vital to keeping track and review and you'll want to have a program that helps you keep track.
When the inventory goes out, is it automatically reordered?
Some systems such as Stitch Labs will do this for you automatically.
7. Track Expenses
It's also important to keep track of the little things such as meals, gas, cab fare or airfare, and the like. You can also deduct advertising expenses if you are using web hosting for your website, or using paid advertising like Facebook Ads or Google Adwords.
Use an expense report to track all of this and know what you have at any given moment. Scan receipts. Especially if you are renting an office space, track expenses and deduct them accordingly. This will save you a lot of time in billing.
8. Credit Card
Every business should have its own credit card.
This will help to build a credit history, gain access to higher limits and improve your ability to borrow money when required.
If you're trying to grow your business, this is a must-have item.
If you set a low credit limit for employee's it can also help to improve their morale and make them feel more trustworthy.
There are many benefits to E-commerce. It's vital to any business that has an online presence.
More customers today than ever before want to pay online.
This is a great route to go so that you can accept credit card payments or even debit card payments. It can really speed up the process.
There are a lot of great programs out there and they don't charge much to use and a ton of manufacturers & supplies to choose from.
Even PayPal has its version that will help the small business to run better and more efficiently.
10. Financial Dashboard
You'll want a dashboard that shows everything at a glance, inDinero or LivePlan offers you an easy to see the snapshot of your financial health.
These programs allow you to keep track of what is and isn't working and see if your business is doing well.
You can also keep track of your financial activity, goals and measurements all in one easy to see location. It will help you to stay on track.
Financial Tips for Entrepreneurs
According to a Wells Fargo study, about 80 percent of millennial entrepreneurs had the ambition of growing their businesses, but 48 percent admitted to being only “somewhat” knowledgeable about their companies’ finances.
As a business owner, you need to have sound financial knowledge and strategies in order to survive and grow in today’s competitive business world.
Here are a number of useful financial tips that can help you succeed.
Watch Your Credit
About 14 percent of the respondents in the Wells Fargo survey said they used a credit card to start their businesses. If you are able to grow your company through this method and pay off your credit card debt, you do not have much to worry about. However, if you need to get a business loan in the future, having outstanding debt on your credit card can jeopardize your chances of having your loan approved.
Consult a Financial Advisor
If it is within your budget to hire a financial advisor, by all means do so. According to Global Resources LLC, a financial advisor can help you devise strategies for achieving and maintaining positive cash flow, reducing costs, and accelerating profitable growth. In other words, you will have an established system for keeping your business financially sound over the long run.
Pay Off Your Personal Debts
A recent Manta survey found that 34 percent of millennial entrepreneurs have student loan debt. Student loan debt is not only a big financial burden; it can also undermine your credit score and make it difficult or impossible for you to secure a business loan.
It is important that you make your loan payments on time and try to pay off the loan as quickly as possible. Consider getting a better repayment plan or refinancing and always find ways to make extra money to higher monthly payments.
Use a Financial Management App
Failure to be mindful of finances is one of the main contributing factors to financial problems. If you cannot afford professional assistance, you can use one of the many free financial management apps to manage your business finances more effectively. These apps can help you keep track of your finances, avoid exhausting your budget, spend wisely, plan ahead, and even check your credit score.
Devising and implementing an effective financial management strategy for your business can be a very challenging task. However, it is a necessary process that can help you build a stronger foundation for growth and success.
Conclusion on Best Tools for Small Businesses and Entrepreneurs
If you are really trying to become a successful entrepreneur or become a millionaire fast then you need to learn how to outsource some of your tasks.
A unique approach is to outsource the CFO approach. With an established organization that has experienced persons able to take on the task of the financial aspects of the business, it will be a fraction of the cost of a regular employee, yet the business will have all of the required experience that is needed to run their financial department with minimal hassle.
You can readily find managers for the financial department by outsourcing the CFO portion. From business planning to the transitions and everything in between you can manage the cash flow, the budget, the payroll, the billing and everything else that you've just read above.
From banking to financing to reviewing the latest trends this will go far in helping you to keep your business on track financially without any huge cash outlay on your part. You'll have the benefit of a full-time employee and save a lot of time and money when you go this route.
A lot of businesses are outsourcing financial personnel in today's modern technological era.