The finance department of every business is one of the most sensitive sectors of the business. Every business depends on funds to run smoothly and grow, regardless of the sources. Most entrepreneurs depend on loans, grants, goodwill, and savings to start and keep their businesses afloat. As much as you may want to get on top of your finances, this could prove challenging, especially if you have limited background knowledge in finance management.
Even with the help of a financial manager, you may still want to remain in the loop to be able to notice any discrepancies. There are several financial management tools that can help you keep track of the flow of money in your business. Here some of the top tools you can use to manage your loans and finances.
1.Personal Capital
Personal capital offers a free financial dashboard that can help you with keeping track of your budget, expenditure, and other investments. This platform gives users a chance to connect their investment accounts, banking accounts, and retirement accounts. You can either decide to link them manually or you can opt to connect the transactions and download them automatically. The platform is designed to track cash flow and expenditure categorically. Personal tracks also help to keep tabs on asset allocation, income, dividends, and even investment costs.
2.Quicken
This is probably one of the oldest budgeting tools designed to handle all things related to your finances. It is useful in budgeting, investment, reporting, and payment of bills. This platform connects your financial institutions and downloads your transactions. It helps synchronize data between your mobile devices allowing you access to all your accounts.
3.Mint
Mint is one of the online-based financial management tools that link our bank accounts, credit card statements, and investment accounts. This tool is becoming a favorite among entrepreneurs because of the extra information it offers on better spending habits, efficient budgeting moves, and trends in the finance department. Mint can show you your spending category within minutes from linking to your financial documents.
This tool is also efficient when it comes to keeping track of your income, assets, liabilities, and your net worth. The best part of using this tool is that it is free and there is no extra expense for using it. Being an online-based digital tool, the website relies majorly on revenue from advertisements.
4.Spreadsheet
Spreadsheets do not have a lot of extra services to offer when it comes to tracking your financial records. However, they are bound to serve you exceptionally. This is the best option for business owners seeking to keep their financial details from online account aggregators. With spreadsheets, you have complete autonomy of the data entered and how you are tracking it.
5.Mvelopes
In the past, people stashed sums of money in different envelopes and labeled them for various purposes like loan payments, bills, operation costs, rent, and even investment. When you set aside money for a specific purpose and spend it, you cannot deduct it from other envelopes. This concept has been implemented in Mvelopes through a digital system rather than physically handling money. This software tracks your spending giving you a report at the end of the month on your expenditure from each envelope.
6.TurboTax
This is specifically designed to help keep up with your taxes. This platform helps you compute and file your taxes on time. Designed with a user-friendly interface, you do not have to worry about getting your tax details right. This software is also equipped with OCR scanners to help transfer your tax details from pictures or hard copies. Connected to a CPA agent, you can get access to reliable info on tax laws and regulations.
7.Tiller
This tool gives you control over all your finances allowing you to view all your finances on one interface while giving you updates on your checking, credit card, Cash loans, investments, and other financial accounts on a customized Excel template. Tiller gives you a chance to customize the template to fit your specific financial needs. This software also sends you a summary of all your transactions and balances every day.
8.MyFICO
This is the best tool to get when looking to determine your FICO Score which is used to calculate the credit score. By joining this platform you can access your FICO score at a reduced fee.
9.Credit Karma
This tool helps to monitor your credit score to give you a better understanding of your ranking. This platform is free to use and does not charge any fee for continued use.
About the Author:
Ray is a sought-after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.
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