FAS | Blogs | Bookkeeping and Tax Services Firm in Katy and Houston, TX

Financial Tools: Useful List for Growing Businesses

2017-07-03 16:12:00.0

| Author: FAS

FAS specializes in small business bookkeeping and tax services. We work closely with small businesses in Katy, Fulshear, Houston and nearby areas. Call us for Free Consultation: 832-437-0385 .






The foundation of a healthy and thriving business is all about properly managing your money by using the right financial tools to help your small business with the never-ending job of improving your productivity, reducing your costs, and increasing your profit margin.

Work smart, not hard.

It is hard work to handle every little daily financial task that keeps your business running such as invoicing,  monitoring expenses, managing cash flow, preparing documents for IRS, and all other small things in between.

But you can work smart. It’s the key to your business success — to take advantage of the modern day technology and use the right financial tools to help you make the right business decisions and better manage your business to grow profitably. Streamlining your processes relative to financial management will save you the much needed time to take care of bigger tasks necessary to build a successful business.

It’s called good financial management.

Automation simplifies your business financial processes and helps your business eliminate manual tasks. It also makes it easier to manage recurring tasks such as invoicing and you can set reminder notifications for timely billing on your accounts payable and accounts receivable. More importantly, you keep accurate records of your financial books ready for tax season.

1. Bookkeeping

Simplify and automate. Using an automated bookkeeping system makes it easier and quicker for you to organize and monitor your financial data and reduces risks of human error in computation and data entry. If you don’t have any bookkeeping background, you may need to call in a professional financial advisor. But in case you decide to do it yourself, don’t make the same mistakes leading to the road where others failed.

Keep in mind that if you properly set up your bookkeeping system right at the beginning of your business operations, you save yourself from huge amount of expenses in the future. More importantly, having an bookkeeping system in place makes all necessary documentation, monitoring, and reporting quick and painless during tax season.

QuickBooks

QuickBooks

This system offers extensive features designed for nearly all necessary bookkeeping requirements for a small business. This system offers ease and convenience where you can place all your financial records in one place with just one click away to all the reports you need for financial monitoring, analysis, and tax filing. The best part about QuickBooks is its flexibility to support almost all types of businesses.

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Xero

Xero

This bookkeeping system is cloud-based, which allows you to access data by simply logging-in online using any device. It uses a single unified ledger to store all your financial data giving you real time information regarding your financial data. The 30-day free trial removes all risks for you to test the system and see whether it best supports your business needs.

Wave

Wave

This free bookkeeping system is a smart tool for startup small businesses. It is designed for beginners with basic demands, built with simple and easy interface. If you own and operate your business or manage less than ten employees, Wave bookkeeping system is probably a good choice to keep your financial data organized and automated.

The software is free to use to create invoice, run basic bookkeeping , and scan receipts. As your business grow, you may need additional tools such as credit card processing and payroll services that Wave makes easy for you to add at an affordable cost with special discounts.

Freshbooks

Freshbooks

This is a cloud-based bookkeeping system that offers powerful features to help you organize and automate tasks that usually takes much of your time in a day. This tool is designed for service oriented businesses. The two best selling sales pitch that this software offers are speed and ease for small business owners needing professional-looking invoices with a feature that gets you paid faster in advance.

Sage

Sage

This bookkeeping software was built to work seamlessly with e-commerce, point of sale (POS) and customer relationship management. The Sage cloud solutions combines social, mobile, and real-time technology to bring you the information you need quickly to make sound and informed business decisions to grow your business.

There are a number of bookkeeping software out in the market. What you should look for is the system that satisfies your business needs helping you save time and money.

Financial Tools eBook

2. Budgeting

Finance professionals manage business finances using a budgeting software that helps create realistic budget and control expenses. There are different types of budgeting softwares you can choose from depending on what your business needs.

Budgeting tools is usually an integrated feature in your bookkeeping software such as in QuickBooks. But you can use a separate tool such as single-entry apps for the basic need of check writing and bookkeeping. There are also advanced double entry tools that helps growing businesses.

Cognos

Cognos Analytics

Developed by IBM, this SaaS technology is a self-service business intelligence solution that interprets your intent with a guided experience to access your business information and create your reports. The key feature of this software is its smart ability to automatically generate insights based on keywords.

Oracle

Hyperion by Oracle

This tool integrates two business processes: financial planning and operational planning to help improve predictability or forecasting that meets your company budget. It helps you reduce the amount of time in planning, budgeting, and forecasting with improved accuracy.

i-du Concept

i-du Concept

A smart financial management solution that offers budgeting and forecasting system for financial specialists. It helps speed up budgeting and forecasting up to 70% with accurate financial reporting.

It also helps you reduce costs and increase efficiency streamlining asset management process including monitoring, verification, and management of fixed assets.

Mint

Mint

This software allows you to track and pay bills, manage your budget by calculating your average spending pattern by category, know your credit score, get alerts for charged fees or going over budget and other suspicious transactions. You can plan ahead, create a one-time-only expenses or recurring expenses to meet your goals on savings.

Questica Budget

Questica Budget

This budgeting software accommodates multi-users. It helps organizations to simplify processes including assembly, tracking, analytics and reporting of three major budget areas: operating, payroll, and capital. It integrates seamlessly with financial and human resources systems and made available in cloud or on servers.

3. Billing / Invoicing

Get paid. If you don’t, well… you will run out of business soon. An agile billing process gets you paid quick and on time. Cash in-flow is what keeps your business running and giving customers. Make your billing process easy and quick for customers to pay you. It also helps increase customer satisfaction, which is an important aspect of building healthy customer relationships.

AllInvoice

AllInvoice

This software combines time tracking and invoicing technology in one software. Created for service oriented small businesses, you can bill your clients on an hourly basis.

It works well if you have multiple clients and a small team.

Chargify

Chargify

This software makes recurring billing easy without the writing the billing code. You can manage your customer lifecycle from customer sign-up, to subscription management, billing, revenue retention and analytics report.

This tool supports over 20 payment gateways and a pool of third-party integrations to support your business automation such as email workflow to re-engage past due accounts for maximum revenue achievement.

CloudBooks

CloudBooks

A simple and free online invoicing software that allows you to create invoice and track payments. This tool simplifies billing to get you paid faster. It supports multiple payment gateways such as credit cards, PayPal, checks or cash.

Due

Due

A free tool to process payments and use as your digital wallet. It’s the easiest way to pay and get paid online to help your business grow. You can use this tool for credit card processing at lowest rate of 2.8% for all card types.

Easy Billing

Easy Billing

A leading medical billing software. It offers features that supports specific billing needs of pathology labs, chiropractic, physical therapy, surgical assistants and billing services at affordable rate.

It has an extremely easy to follow and manage system workflow, equipped with error checks that helps you reduce mistakes to almost none for reliable reporting.

4. Payroll

Payroll management can rob you a great amount of time if you are doing it manually. In the beginning, if you have one or two employees, it may still work out. As your business grows, you have to invest your time wisely and it is not a smart choice to spend most of your time manually taking care of payroll.

Adding to the fact that payroll takes time, you also run the risk of high margin of error when you prepare payroll manually. Having an automated payroll system in place speeds up the process and reduces errors that could be costly for your business.

Simple X Payroll

Simple X Payroll

This cost effective time management tool helps you automatically track working hours including overtime, salaried, tipped, and commissioned employees. Among its features include a built-in accurate calculation for social security, medicare, federal income tax, and state income tax.

Workday Payroll

Workday Payroll

A global payroll management system that helps transform the hire-to-pay process for small businesses. This payroll software works seamlessly with financial management system, HCM and time tracking softwares. You can also access real-time global labor costs and trends and generate tax and financial reports accurately using a single system.

Gusto

Gusto

A cloud-based HR services automating all administrative functions for human resources including payroll, health benefits, modern HR, and 401(k) retirement. The payroll tool automates taxes, W-2’s and workers’ compensation.

It helps simplify the most complicated tasks of running your business.

Zenefits

Zenefits

This is an all-in-one HR platform designed for small to midsize businesses. The payroll platform is automated to perfectly work with the rest of the platforms including HR, benefits, time and attendance, time off, compliance and others so that you can manage all tasks in one system.

Paysoft

Paysoft

A multi-client payroll software designed for payroll processors, CPAs, and bookkeeping professionals. This sophisticated payroll software offers multiple functions that can process payroll from one up to over hundreds of companies using a single system.

5. Cash Flow Analysis

Managing a successful business is all about getting on top of your numbers. It is the only way you can make sure your business remains profitable and keep running and growing.

A regular monitoring and analysis of your cash flow will help keep your business afloat. We must all admit that a business with a negative cash flow cannot continue its operations that makes it your top priority to manage and consistently keep a tab on.

Your business could survive and thrive or fail all because of cash flow.

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Most small business owners use Excel spreadsheet to keep track of cash inflow and outflow. That’s fine. The problem with manual monitoring is that you cannot generate reports. Automating your cash using a cash flow tool can help you generate past and current financial reports to forecast your financial future and anticipate problems before it hits your business.

CashFlow Guardian

CashFlow Guardian

This software was designed for companies, government agencies, and healthcare institutions to analyze multiple data sets in large volumes with transactions reaching millions to help spot internal control weaknesses and associated cash losses.

The integrated workflow capabilities use automation technology that determine any form of deviation to company policies that impact return on investment (ROI).

Pulse

Pulse

A cashflow management app that helps you track and evaluate your business income and expenses. This tool allows you to closely monitor your cash in and cash out and forecast your cash flow.

It helps you make smart business decisions such as when to hire a new staff to help with your business operations or when you should make big purchases. You can use the projection tools that will help you decide when you can accept new a project or when you can safely turn down another.

Simply Cashflow

Simply Cashflow

A simple but comprehensively intuitive cashflow forecasting tool. It provides visibility into the future of your business that helps you make smart decisions to drive significant business growth.

You can seamlessly integrate this tool with Xero.

Up Your Cashflow

Up Your Cashflow

A budgeting and cashflow forecasting software designed for small and midsize businesses. Used by financial advisors, consultants, CFOs, controllers and financial managers to easily manage cash flow and improve levels of profitability with in-depth cash flow analysis that can be quickly generated.

Financial Tools eBook

6. Expenses Monitoring

Expenses, no matter how big or small should be recorded in your books. More often than not, the petty ones are the hardest to track such as meals, fares, etc. It helps to have a tool that helps you keep track of all your expenses and generate a report.

We live in a mobile world where you can use mobile devices to scan receipts and send and receive cash using any of the expenses monitoring tools convenient for you. You can quickly and easily approve or disapprove fund requests and issue reimbursements.

Expensify

Expensify

An expense report management tool that offers intelligent automation in real-time. Using SmartScan technology, you can scan your receipts for automatic encoding into the system and the data will be auto-submitted for approval.

The tool also has the capability to analyze expenses policies so that expenses are automatically approved except those that require a manager’s analysis. Approved reports are processed automatically to reimburse money into your employee’s bank account next day. You can integrate this tool with bookkeeping software such as Quickbooks, Xero, Netsuite, etc., and all data are synced with your bookkeeping system in real-time, too.

Xpenditure

Xpenditure

A paperless expense management software automating the process of your expense management flow. It avoids manual entries and avoids mistakes or errors in your report.

The mobile app makes it easy to snap receipts on the go. Using smart OCR technology, the data are extracted and you can simply insert additional info such as category for the new expense entry. If you are managing a team expenses, this tool allows you to approve and reject cash advances as well as track mileage. It also seamlessly integrates with ERP and bookkeeping softwares including SAP, Oracle, Netsuite, Quickbooks, and Xero.

Zoho Expense

Zoho Expense

An online expense reporting software developed for businesses to automate creating reports and approving expense requests. You can automate your expense recording and import your card transactions as expense entries into the system.

The mobile app allows you to record expenses and access your expenses data anytime and anywhere. This tool also helps you simplify your expenses approval process with instant approvals and reminder settings for pending reports.

ExpenseBot

ExpenseBot

A fast and powerful expense management tool reducing 80% of time spent on creating expense reports. You can integrate credit cards, calendar, email and mobile devices of your team and automatically track their expenses and generate reports.

Expensya

Expensya

An expense management software that simplifies your expense management process. It offers the best recognition technology in the market with FastScan that automatically extracts data from images of your receipts you take on the go.

7. Inventory Management

If your business requires inventory, you better start an inventory management system. Your inventory is where you get cash that keeps your business running. If you run out of stocks, that means you are missing out on sales; and if you overstock, that means losses for your business. Leaning a little too far on any of the sides will kick you out of business.

That makes inventory management another essential aspect of business that you need to watch over.

You should be able to track your inventory from the time you made a purchase of the resale item, to fulfilling your customer’s orders, to delivering the order to your customer’s hands. To efficiently manage your inventory, you need a robust system to accurately control and maintain your inventory level.

Contalog

Contalog

An e-commerce platform that offers inventory management tool that allows you to manage business to customer inventory and business to business inventory system. You can also integrate this system with Amazon, Magento, Field Sales App, and B2B Portal. You can also get the mobile advantage by downloading from AppStore or GooglePlay.

Megaventory

Megaventory

A cloud inventory management software that combines order fulfillment and manufacturing technology in one platform that you can access anywhere you are connected to the internet. This software was designed for franchise network, consumer goods, product manufacturing and home or small businesses and you can integrate this tool with Magento, Lokad and Zapier.

Odoo Inventory

Odoo Inventory

An open-source inventory management software with tracking system that helps you manage your online warehouse efficiently. It offers double entry inventory system, which means all operations are stock moves between locations.

PrimaSeller

PrimaSeller

A cloud-based multi-channel retail solution with inventory management software to help you manage inventory and ordering process across multiple channels and retail stores.

This software is most useful to retail businesses with multiple brick and mortar branches and using multiple online channels. You can multi-task from a one platform to make stock purchases, track your inventory, and scan barcodes.

SOS Inventory

SOS Inventory

An inventory management software built for QuickBooks Online. It also allows you to perform order management and manufacturing. It is a powerful software that completes your Intuit experience at a reasonable.

Zoho Inventory

Zoho Inventory

An automated inventory management software built for the needs of growing businesses. It offers order management features that helps you simplify your inventory, improve your sales figures and efficiently fulfill orders.

You can easily integrate this software with many other popularly used platforms like Stripe, Paypal, GSuite, Zoho CRM, Zoho Books, Amazon, Etsy, Shopify, eBay and more. If you download the mobile app, you can receive immediate updates using your smart phone when orders have been packed, shipped, and delivered by partner couriers.

8. Payment Processing

If you haven’t yet opened a credit or debit card for your business, maybe, it’s time to consider that now. Our market is gearing towards cashless economy and more and more consumers are making transactions online using cards or digital wallets to process payments. If consumers cannot use their credit or debit cards to purchase from you, you could be losing this grand opportunity to scoop this market segment.

Canopus EpaySuite

Canopus EpaySuite

The ideal payment software offering automated solution for payment systems, e-money issuers, and payment services.

This software is a powerful workflow module managing the payment workflow processes, which includes checks against blacklists. It runs its bookkeeping engine in compliance under IFRS that activates multi-currency bookkeeping online. It provides multi-delivery channels such as e-banking, mobile banking and SMS banking.

Stripe

Stripe

A toolkit that offers individuals and companies the solution for online payments. If you provide a subscription service for example, you can use this tool to power your online business such as mobile commerce.

This SaaS technology helps business worldwide process payments using its platform both online and in mobile apps.

Square Card Reader

Square Card Reader

A credit card processing tools that helps you accept and process credit card payments. It works with Square POS (Point of Sale) app that allows you to accept payments using your smartphone or tablet. The Square Reader is free when you sign-up and it will be mailed to you so you can plug it into the standard headset jack of your mobile device. It allows you to process Visa, Mastercard, Discover and American Express charging 2.75% every time you swipe. It has offline mode feature that enables you to still swipe and process payments even without internet connection.

Paystand

Paystand

A cloud-based SaaS technology payment system that allows businesses to accept credit cards, eChecks (ACH) and eCash over internet transactions. It’s an automated B2B payment engine that allows you to accept electronic payments through invoice, website, billing systems, and even mobile apps.

Payoneer

Payoneer

A payment platform designed for global businesses that allows you to send payments to multiple receivers fast, secure, and low cost.

This platform enables you to pay and get paid worldwide. The key features include multi-jurisdictional compliance assurances meeting regulatory requirements for global business payments. It also provides tax form solution which automates collection of W-8 and W-9 data from your users and where necessary, issues 1099 forms.

9. Business Credit Monitoring and Checking

You can avoid bad credit decisions that can negatively impact your overall business financial health. Monitoring your business credit can protect your business from cash flow problems.

Not many entrepreneurs understand how they can maximize the opportunities of their business credit. First, your credit business score matters. Your score is affected by multiple factors such as timely bills payment, available amount of credit on banks lines and credit cards, credit profile age, inquiry hits on your credit profile, and many other elements.

CreditSafe Risk Tracker

CreditSafe Risk Tracker

A tool that helps you identify business risks conducting checks on the company you submit every day. You will receive email for any changes made to the business name and address details, credit rating, credit limit, days beyond terms (DBT), and new legal filings data.

Equifax Score Central

Equifax Score Central

A tool for credit score insights with useful credit education to empower your consumers and build stronger financial relationship. It provides data on credit scores over time with a detailed information on the daily factors influencing credit scores.

It uses the Vantage Score 3.0 solution to deliver monthly credit score report

Experian Smart Business Reports

Experian Smart Business Reports

An online business credit report service designed for small business professionals to help monitor monthly business credit health. You will receive instant alerts when there are changes to credit accounts. You will also gain insights towards business partners, suppliers and customers to make informed credit risk decisions.

Identity Guard

Identity Guard

A cloud-based technology offering a subscription service providing all three credit bureau reports: personalized identity theft protection, secure credit monitoring, and credit score reporting.

The key feature includes three-bureau credit reports quarterly, monitoring alerts, comprehensive monitoring from more data sources, and a dedicated case manager.

Credit Karma

Credit Karma

A free credit monitoring tool that keeps you on top of your credit. You will receive alerts for any changes made on your TransUnion credit report and you can check for any suspicious activities. This tool allows you to check your credit score and credit reports.

10. Mobile Finance Apps

Small business owners have always been challenged in keeping up with multiple roles you need to play when you do it yourself. But gone are the days when you have to wait in line at the bank to transfer funds or process payments. There is a mobile app for every hat you wear and that just makes your life easy and your business a success.

Perhaps, the best gift for the modern day entrepreneur would be mobile apps that allows you to access your financial data anywhere, anytime on your mobile device and helps you improve your productivity.

Mint

Mint

A free mobile app that helps you manage your finances featuring tool management for budget, bills, with free credit score and more to stay on top of your business.

It connects to almost all the US financial institution with online presence so you can track where your money is going and how you can cut back on your expenses. It provides automated updates and organizes your financial data from bank accounts, credit cards, retirement accounts and others.

QuickBooks Mobile App

QuickBooks Mobile App

A mobile app that helps you run your business through your mobile device while you are on the go. You can download the app for free once you subscribe to the online service and create your account.

This app allows you to create invoice, email estimates, create sales receipts, access customer information, convert estimates to invoices, receive payments, track expenses, download and reconcile bank transactions, and use custom forms.

Venmo

Venmo

A digital wallet you can download for free that allows you to easily share payments like cab fare and others. This tool allows to purchase or send money using this mobile app. You can link your credit card or bank account and make purchases or transfer money from your Venmo account to your bank account.

Level Money

Level Money

A budget app that allows you to manage your money using your mobile device. It helps you plan ahead for responsible spending and helps you set target savings goal.

It functions as your financial GPS that helps you achieve the balance between spending and saving.

DollarBird

DollarBird

A smart calendar mobile app built to help you manage your finances. You can add your income and expenses and the app will calculate the balance for you and you can automate recurring transactions.

It helps you plan your cash flow and set reminders for schedules on bills payment.

11. Asset Tracking

Assets are your physical capital that means losing assets is losing money. Tracking your assets helps you make sound business decisions like when you should allocate budget for repair or replacement. Using asset tracking tool will also help you prevent theft of your assets, particularly if you own hundreds or thousands in your inventory list.

Record360

Record360

A digital tool for asset condition documentation and management including claims management and analytics. It provides customizable checklist with photo and video capture that helps you document asset details such as condition, fuel level, mileage count and others. It uses a secure cloud-based storage where you can save unlimited data.

Asset Infinity

Asset Infinity

A cloud asset management software that helps you track, assign, service, maintain and discard your fixed assets. You can organize your inventory list by category such as status, condition or location that prevents any unnecessary purchase of new assets or spending on unused assets.

TrackItLog

TrackItLog

An online tracking and reservations scheduling software for your assets. It offers email and SMS automated alerts. It allows you search, sort, filter and edit items in your inventory list.

It works on desktop, laptap, tablet and mobile. The combined technology of GlobalSMS and TrackItLog enables you to send SMS in more than 220 countries.

WiseTrack

WiseTrack

A leading asset tracking software built for controlling and managing both mobile and fixed assets for small, midsize and large companies. It offers easy to use modern tools including mobile, RFID and bar code technology.

It is built on Microsoft infrastructure providing you with a friendly and familiar interface and supported by Microsoft SQL server.

AssetFinda

AssetFinda

An intelligent asset management system using innovative GIS technology that offers revolutionary cloud hosted solution. It is designed to optimize your assets’ life cycle. The key features of this software include unique mapping technology with GIS integration for real-time visibility of your asset network. Insight reports can help you identify trends, patterns and correlations. You can access your data anywhere, anytime with its integrated mobile application that allows you to switch between online and offline modes.

Financial Tools eBook


We help you plan, forecast and analyze your financial data
so you can get on top of your finances today to grow your
small business big tomorrow.

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Address | 810 S. Mason Road, Ste 160, Katy, TX 77450
Office | 832-437-0385
Email | admin@fas-accountingsolutions.com

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