Posted by Checkbook on Aug 22, 2019

Finance Tools You Need to Increase Efficiency for Your Small Business

As a small business owner, you might feel like there is never enough time to complete all your responsibilities. Beyond the everyday, keep-the-lights-on duties, it’s difficult to see the bigger picture when you’re bogged down by the details. Whether you manage a team or are the only employee, either way, everyone’s time is far too valuable to waste.

In addition to time, if you’re like most small business owners, bookkeeping and general finance aren’t at the top of your to-do list, but nonetheless, they could still eat up a lot of your time and attention. With so many new and updated products on the market, the right financial tools can make a difference for your bottom line. These seven finance programs and apps (alongside Checkbook.io) can help you save time and effort while running your small business.

Accounting Seed

If you use Salesforce, Accounting Seed is an excellent choice for accounting software. This cloud-based accounting platform allows you to seamlessly integrate and synchronize with Salesforce customer relationship management (CRM software). With features including customizable reporting, billing automation, and inventory tracking and efficient data entry, Accounting Seed lets you move away from spreadsheets and save a lot of time on bookkeeping tasks.

Price: $250 per month + $55 per user per month for current Salesforce users.

Checkbook.io

Checkbook.io is a secure, payment solution aiming to help businesses get paid faster by providing consumers with a digital checkbook that allows them to make online payments easily. By working with technology to coalesce security and transparency to Digital Checks, Checkbook.io strives to fix a recurring and persistent problem: the archaic Paper Check system. Instead of relying on easily compromised checks, businesses can now send Instant Payments to anyone.

They integrate with Accounting Seed and Quickbooks allowing their customers to send Digital Checks through the software.

Price: $1.00 per transaction.

Quickbooks Online

As the leader in small business accounting tools, Quickbooks software is able to adapt and grow with a new small business while remaining reliable and easy to use. With five online plans, you choose the package that’s best suited to your enterprise’s structure. Whether you have a little accounting knowledge or are just starting out, Quickbooks has more features than most small businesses typically need, but its double-entry ledger format and chart of accounts are essential for good recordkeeping. Quickbooks is highly customizable with reporting and data exportation to many other applications. Currently, customers can integrate Checkbook.io Digital Checks with Quickbooks Online (QBO), to expedite the payment process.

Price: Plans start at $10 per month.

Wave Accounting

Wave Accounting's big advantage is its price tag and unlimited features, meaning that you won’t have a cap on the number of free invoices, customers, or estimates generated within the online software. You’ll be able to use a double-entry accounting system that seamlessly integrates with all of Wave’s apps, saving you time and effort. Unless you need to process payroll or payments, which are available at a price, Wave is an excellent choice for small businesses with next to no bookkeeping budget.

Price: Accounting, Invoicing and Receipts Apps are free. Payroll App varies by state and Payments App varies by transaction.

Freshbooks

FreshBooks is a paid, cloud accounting software program with double-entry bookkeeping, and its advanced analytics can provide insight to help you run your business more efficiently. While it won’t offer as many features as some of the other paid systems, it has unique enhancements that can help certain types of small businesses. The ability to track client time, produce invoices, as well as create proposals based on estimations quickly and within the software make Freshbooks ideal for freelancers or service-based enterprises.

Price: Varies by the number of billable clients.

Expensify

This expense tracking app will help expedite expense reports and reimbursement. When you’re on a business trip, it’s easy to lose receipts for everything you purchase. That’s where Expensify comes in: Just enter a few details, scan or forward your receipts, and your report automatically generates. Expensify works with a number of third-party apps which make receipt importing and reimbursement even more efficient.

Price: Free for up to five scans per month. Plans range from $4.99 per month to $9 per user per month thereafter.

Square

Square began as a card-reader app and rapidly expanded to address more extensive point of sale (POS) and online payment needs – but it hasn’t stopped there. Square’s most basic service provides a simple way for businesses to accept credit cards, acting as an alternative to Independent Sales Organizations (ISOs) and bank partnerships. You can integrate Square with Quickbooks Online to use additional features like automated daily sync, category reporting, chargebacks, and refunds as well as multi-location transactions.

Price: Varies per build.

Fundera

If you need help securing capital to run your business, Fundera is a great resource that can save a lot of time and headache. Whether you are new to business funding or are familiar with how it works, Fundera walks you through the process while providing you with relevant offers. You can research and apply for products like SBA loans, business lines of credit, merchant cash advance, and startup loans from Fundera’s trusted partners. Its streamlined approach to business funding takes the pain out of applying for loans that you may not even qualify for, and you can work with a lending specialist to make sure you understand all steps of the process.

Price: Free to use.

While it’s tempting to simply jump in and start all of these tools, you should still do some research before you commit to any new software program or financial product. Not all programs and/or products are optimized for a particular business. If possible, request a demo or a trial period for any paid software service so that you can ensure proper usage of all its efficient features. Furthermore, make sure to familiarize yourself with all requirements of any loan or funding product, including the repayment structure and associated fees.

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