Top 7 Tools to Keep Your Team on Budget
Ronald Wolf is a business and law consultant for a couple of small firms. He and a couple of friends started a website called Media Gurus which is going through a revamp right now. In his free time he likes to write articles and play pool.
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For any business, particularly a start-up, staying on a budget is almost as important as earning profits. The margin between your expenses and what you earn is what helps your business be sustainable and grow. Keep track of your finances, automate your work and decrease the risk of human error by using some of these modern business solutions.
This is a very specific tool aimed at tracking your staff’s travel expenses. It will help you prevent any cases of human error or possible fraud for personal gains. With MilelQ you will know exactly how much you owe in travel reimbursements. As a business owner, you are aware that travel expenses are tax-deductible. This is yet another reason why you need to stay on top of them and know how much return you can expect on your taxes. The tool possesses updated information on standard rates for mileage as per IRS, as well as vehicle depreciation. Once the trips entered are properly classified according to easy instructions, MilelQ then issues an automated report which serves as an unbiased and precise proof of how much has been spent.
A precise tool used to help you understand the results of your strategies by helping you accurately calculate a return on your investments. This can often be difficult to do due to many factors involved. Allocadia will keep track of spending based on forecasting tools and let you know if there is a need for changes in the budget. According to a report published by Social Media Examiner in 2016, about 59% of all businesses say that they do not have the means of measuring ROI accurately. Therefore they do not know the true value of their investments. This piece of information is the crucial advocate speaking in the favor of Allocadia. Apart from processing the data and providing reports, the software also has a nice way of visually presenting it. This could be very useful and save you some time when preparing for meetings.
PlanGuru is a budgeting and planning software which encompasses several services. It helps you to create short-term and long-term forecasts, plan your company’s budget and deal with some general accounting. You can use it to track your cash flow and create statements. Also to manage your balance sheets and income statements. There is a PlanGuru Analytics tool available. It’s purpose is to store, process and analyze your financial data, as well as create customized reports. Your accounting department will find the tool incredibly useful as it can cross reference and compare forecasts to current states. PlanGuru produces visuals for better understanding.
Unlike some of the previous tools which are strictly focused on finances and financial reports, this tool focuses on showing how cost-effective your overall organization is. Time management is the main priority for this tool and it will help you stay on top of it. In order to stay on budget, you need to be on time for every step of the process. Nutcache will do this part of project management for you. The tool keeps tracks of deadlines and makes a plan based on tasks and responsibilities within each of the projects. It also has a budget tracking tool which converts all the hours logged, based on the entered rates, and produces accurate invoices.
This is a payroll and HR tool loved by its users. This is an online platform, integrated with some of the most popular accounting software. Gusto will manage your payroll and benefits for you. It will also provide some basic HR services such as keeping track and assisting hiring, training, and time tracking. It can be used as a central database. One of the most prominent features is the automated payroll and benefits system which sends out electronic payslips to all of the employees once the process is done. Apart from all the features which seem to keep their customers happy, they also pride themselves on a US-based customer support team.
This is another one in lines of tools which does not directly work with your budget but works on keeping it intact. Hootsuite is a social media management tool which enables you to instantaneously share content on multiple social network accounts. The tool is suitable for any SEO agency looking to reduce its costs. It is less time consuming than the standard step-by-step methods and thus more cost-effective. Not only will you save money on payroll, but you will also manage to reach out to more people as you will be able to publish more content than you normally would.
Bill.com is an online platform designed to work with some of the most widespread accounting software in order to keep track of your receivables and payables. Bills can be added to an account by emailing, scanning, faxing, or even taking a photo of a bill. It is up to you to choose the way you would like to make a payment, either by a paper check or by an electronic transfer. The service works the same way when it comes to your accounts receivables. An invoice is issued to your customers and they have an option of paying it online. While billing is only one part of your overall accounting needs, it is very important it gets done in a precise and timely manner with a record left behind.
With each new problem, a new solution comes along. This is why you need to work on targeting your issues. Find a software which suits best the requirements and the weak spots your business has. You could purchase a general accounting tool, or all of them! Remember you need to stay on a budget so you need a tool which will provide most for the money spent.