As an entrepreneur, you need to wear many different hats. One of the hardest things many people struggle with is managing their cash flow. In fact, according to a study from U.S. Bank, 82% of all business failures are attributed to poor cash flow management.
Are You Having Trouble Managing Your Finances?
Many people have a difficult time managing their business’s finances. Here are some things that they struggle with:
- Taxes are extremely complicated. One of the biggest challenges is keeping track of them all. You have to worry about federal payroll taxes, federal business operating taxes, state income taxes and sales taxes.
- In addition to monitoring payroll taxes, you need to keep track of employee expenditures. You have to store records on every employee’s salary, make sure payroll checks go out on time and make a credit adjustment in your bookkeeping after checks are paid.
- Cash flow management. Monitoring cash flow is one of the biggest challenges businesses face. They need to make sure they aren’t spending money unnecessarily, because small amounts of waste can drive a company into bankruptcy.
Keeping track of all these factors isn’t easy. You need to make sure that you understand the importance of monitoring your finances and do so regularly.
If you have trouble managing finances on your own, you shouldn’t hesitate to get professional assistance. Fortunately, you don’t need to pay for services, because there are a lot of great apps that you can use.
Financial Apps Every Business Needs
The good news is that you don’t need to be a financial wiz kids to run a business. There are a lot of great financial apps that you can check out. We recommend trying the following. You should also keep an eye out for other apps, because new ones are being promoted every day.
Do you have employees? Keeping track of FICA taxes and other payroll records can be tedious. Gusto is a great payroll app that simplifies your employee bookkeeping.
For the past six years, a couple million business owners have used wave to merge all of their financial documents. While this app doesn’t have the functionality of more specialized programs, it offers the convenience of being able to manage your finances in a single place.
Capital One Mobile
Many businesses rely on capital one for their banking needs. It’s much more convenient to manage your banking from your mobile device. Fortunately, capital one has released a mobile app for their valued customers. This app is particularly useful for businesses with a capital one account.
Invoicing clients is one of the most time-consuming part of running a business. FreshBooks is is a company that has developed great invoicing apps for businesses of all sizes. Over the last few years, they’ve introduced their own app, which makes invoicing easier than ever.
One of the best features of fresh books is that even if you’re not connected to the Internet, you can sync data after going online again. The FreshBooks app is also entirely free.
You need a budget (YNAB)
It’s important to monitor trends in your financial decision-making. YNAB is a great app for tracking your past financial decisions to make improvements. Thousands of businesses rely on it to streamline their invoicing, cut costs and identify waste. If you’re trying to operate on a lean budget, this is one of the best apps you can download.
ZenPayroll is another great invoicing app to check out. It isn’t free like fresh books, but it can be worth the $25 fee. Zen payroll allows you to create automated reports on invoicing and other financial aspects of your company.