Benefits of Financial Management Tools for Small Businesses

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Business owners today are busier than ever, and the dreaded task of tracking expenses and calculating tax liabilities is often the last thing today’s entrepreneur has time to pursue. Thankfully, tech has enabled a suite of user-friendly money solutions that make even the trickiest tax laws easy to manage. With these new financial management tools, you now have more time to do what you do best — run your business.

From automation to audit protections, here’s how the latest small business solutions are changing financial workflows for the better.

Digital Records and Safe Storage

No one wants a financial or tax audit, but if the situation arises, are you prepared? Keeping meticulous records isn’t just a must-do for businesses to track and predict profits; it’s a legal requirement that can keep you out of hot water. Today’s upgraded financial tools not only make record-keeping simple, but they also allow you to have your data safely stored on your computers or at a second cloud backup destination. You’ll always have access to the line-item details of your business when you need them most.

Automation for Increased Efficiency

Spreadsheets have their perks, but automated record-keeping is what the modern business should aim for. Whether you want to track employee time cards, keep your invoices paid or know what fees you pay each month, accounting software and programs do more with less work from you. Easily connect multiple checking, investing and payroll accounts to get real-time stats on the health of your business. Sit back and let the checks write themselves. Think about what you can do with all that free time!

Professional Support When You Need It

If having an accountant on staff isn’t in the budget, you can still access error-free calculations, tracking and reporting. The tools savvy businesses use also come with optional professional support, such as Q&A’s with tax professionals, videos from financial planners and a whole suite of learning tools. Even if it’s your first time creating a balance sheet, there’s a clear path to mastering the software and online programs of a successful business, and you won’t need your MBA to get there.

Better Forecasting and Growth Planning

Many business managers rely on updated software tools to tell them where they’ve spent, from credit card statements to employee benefit costs. A healthy business should always have an eye on the future, however, and that’s where the power of reporting and trend prediction comes in handy. If you thought you needed to spend hours in meetings with top analysts, think again. A suitable accounting or tax program should include projections to help you plan for the next year and beyond. Whether it’s a simple bar graph of spending or more complicated growth charts, you can feel confident knowing that your business objectives can be updated regularly with the accurate information created by these programs.

Save on the Tools of the Future

Do your goals for the next fiscal quarter include being better informed about your finances, tax liabilities and opportunities for growth? Don’t put off knowing the details of your business. By picking QuickBooks Online for accounting and receivables and TurboTax for your tax planning, you’re choosing to take more control of your business. Significant discounts are available for Mastercard Small Business cardholders through an exclusive partnership with Intuit, which allows you to save big today.

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