6 of The Best Financial Management Tools for Small Businesses

Small business
April 28, 2021

Managing a small business means you often wear many hats while overseeing all the moving parts of your business. Luckily, there are several financial management tools for small businesses that make managing your business easy and efficient.

With so many financial management tools out there, we have put together a list of the 6 best tools based on individual needs. Find tools that include all in one financial management, or tools with specialization in accounting, payroll and more.

 

Best All in One Financial Management Tool: Quickbooks 

If you want to track expenses, process invoices, pay bills, track mileage, and more all in one place, QuickBooks offers the option to start with a basic plan or a more robust solution to meet all your financing needs.  

Quickbooks is one of the most well known online bookkeeping tools out there to help small businesses manage their finances. They have an easy to use cloud-based platform that offers a wide range of integrations and provides advanced invoicing features. You can easily access and manage your books from your computer, laptop, or smartphone anytime you choose.

CDC Small Business Finance has a partnership with QuickBooks that provides a 40% discount off their online offerings.  Learn more on our Small Business Advisors page.

They offer four plans that contain different features that will help your small business thrive. 

Their most basic plan comes with unlimited invoices, expense tracking, reports and integrates with more than 200 apps. Once you are ready to upgrade your plan you can access robust payroll, project management and inventory management features. 

 

 

 

Best if Your Focused on Budget: Truebill 

Truebill lets you easily manage your finances by showing you where you’re spending money in your small business. The app is primarily used for personal expenses, but it can be used for managing business expenses as well.

All of your expenses and subscriptions will be put into an easy-to-read graph so you can have more control over your finances. 

This app is a great financial management tool for small businesses because it will not only track your spending, but it will analyze your monthly subscriptions and compare them to the prices for similar services. They will contact your provider and negotiate payments on your behalf if they find you are overpaying for a service.

 

 

Best for Online Accounting: Zoho Books

Zoho Books is an online accounting software that manages your small business finances, automates business workflows, and helps you work collectively across departments.

The software contains all the necessary features a small business owner will need and is easy to use and affordable. It helps small businesses manage their finances all in one place by providing invoicing, payment reminders, accounts receivable, inventory tracking and more. 

Zoho Books is designed to grow with your small business, so they also offer additional products that will help you manage your CRM, plan projects and more.

 

 

Best Online Payroll Financial Management Tool: Gusto 

Gusto is an online payroll system for small businesses. It is an all-in-one platform that allows you to automatically set up payroll, and will even handle your tax filings come tax season. 

There are several different plan offerings and pricings so you can choose the one that best fits your business. The software also supports payroll in all 50 states, making it easier for your small business to stay compliant.

Gusto also offers assistance with finding health benefits that fit your team and budget. You can even move your plan over to their software so it is all automatically deducted from payroll.

 

 

Best for Point of Sale: Square

Square may be a familiar financial management tool for many small business owners, especially those in retail. They are helping small businesses manage their finances by giving them an easier way to take credit cards. 

Their Point-of-Sale system allows merchants to process payments via a smartphone. This tool allows small businesses to accept credit cards while they are out and about. The software helps aggregate merchant services and mobile payments into a single, easy-to-use service. 

Square is used by millions of small businesses to accept credit card payments, track sales and inventory. 

 

 

Best for Tracking Expenses: Expensify

Expensify is an affordable app that helps small businesses track expenses. It automates expense management and receipt tracking to streamline your entire pre-accounting process.

Expensify integrates with many well known applications in accounting, finance, human resources, practice management, and receipt tracking  to make managing your finances even easier. 

Check out their different plans and pricing and see how they can help your small business manage finances.

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