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Key Financial Management Tools for Small Businesses

Banking CIO Outlook | Tuesday, February 09, 2021

Payroll administration is time-consuming and error-prone. Single Grain CEO Eric Siu recommends ZenPayroll and Zenefits payroll/HR systems to help you streamline the payroll process and reduce costly inefficiencies.

Fremont, CA: Keeping up with the financial side of owning a small business can feel like a never-ending task. From invoices to expenditures to day-to-day payroll and coping with the IRS, it is a wonder that entrepreneurs can ever have time to deal with the actual production of products or the provision of services.

Fortunately, technology has created a multitude of opportunities to save small business owners time and headaches on day-to-day financial activities. To streamline the financial management process so that you can get back to your real work, check out these financial resources for your small company.

Tools for Accounting

QuickBooks has long been the gold standard for small business accounting, but online accounting tools like Xero have recently been gaining momentum. Whatever software you use for your accounting, make it work for you by choosing a platform that is as stable and versatile as possible.

Business News Daily's 2015 Buyer's Guide recommends you look for these features: basic accounting tasks such as invoicing, expense tracking, and client/vendor contact management; mobile access, automation of billing and recurring payments, tax preparation, multiple-user access, payroll processing, quote and estimate creation, and integration with programs such as point-of-sale software, credit card processing, and Google Apps.

Building tools

Creating a reasonable budget—and sticking to it—is key to your small business' financial success. Depending on your accounting software, you might be able to build budgets for your company right there without the need for a separate tool. If you need a different, stand-alone budgeting tool, you should definitely check out PlanGuru.

Payroll Administration System

Payroll administration is time-consuming and error-prone. Single Grain CEO Eric Siu recommends ZenPayroll and Zenefits payroll/HR systems to help you streamline the payroll process and reduce costly inefficiencies. These are only two of the many payroll processing tools; sometimes, these programs are easily combined with other accounting or storefront tools you're already using. SurePayroll can also measure and pay local, state, and federal payroll taxes automatically. How much easier is it to get payroll?

Check out: Top Revenue Management Solution Companies

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