A lot of small business owners struggle with the financial side of things, as it can be quite complicated to get to grips with when you’re just starting out. Money management is a crucial part of running a successful business, so thankfully there are some great tools out there to help you manage your small business finances in a way that suits you.
Here are just a few that will help you get your books in order.
Taking a DIY approach to your small business finances is made so much simpler with the rising popularity of accounting softwares like FreeAgent. You can use software like FreeAgent to complete tasks such as sending and tracking your invoices, filing your receipts, tracking your hours and submitting your self assessment - to name just a few.
Accounting software helps make your admin a bit less stressful, this way you’ll easily be able to update your bookkeeping records and stay on top of your finances.
Banks are getting smarter these days, with app based banks making it a lot easier to track your spending. Using smart banking like Monzo, Revolut or Coconut can help you organise your expenses and stay on top of payments throughout the month, with added notifications to keep you on track.
Coconut is a relatively new bank on the scene, but it’s designed purposefully for freelancers, self-employed people and small business owners. It even gives you an estimated tax bill, so you’ll never be too shocked come submitting your self assessment.
Managing receipts and keeping invoices organised can be a huge help when it comes to managing your finances as a small business, so a good file management system is key. If you’re keeping all of your receipts for expenses, you might want to consider trying out an app like 1Tap Receipts, where you can upload and sort your receipts on the go.
For invoices and other relevant paperwork, using a cloud based system like Dropbox or Google Drive helps ensure you always have access to your bookkeeping - as well as giving you that necessary backup should something go wrong. Dropbox also gives you the opportunity to scan files, which is handy for storing your receipts on the go if you’d rather not use a separate app.