best small business finance software

best small business finance software

An In-depth Analysis of the Best Small Business Finance Software Solutions

1. Introduction to Small Business Finance Software

Before moving on, it is important to consider a few different questions about your business and what you plan to get out of your small business finance software. If you own a one-person or a small business that has only two or three employees, you will likely choose a product with single-entry or cash-based features. This is because single-entry accounting, by means of a simple Excel ledger, should still provide the necessary information pertinent to your business. Cash-based accounting allows for the recording of transactions once they have been cleared or implemented, which is particularly suitable for small businesses. Furthermore, cash-based accounting exceptionally resolves the realization principle of accounting, where transactions are recognized when the money is received and not when a service or product has been sold. In much of business, the cash flow statement in your financial statement is the most important number Excel will provide every month!

When it comes to managing the finances of a small business, entrepreneurs have a lot of decisions to make in regards to determining the best small business finance software to use. One of the first considerations that must be made is determining the different needs that the business finance management system must include. Additionally, you will likely need to integrate your accounting processes with the business tracking that you use. Understandably, many entrepreneurs can be a bit hesitant to install a basic online accounting software because some of those options advertised can come with highly complex features and expensive price tags. The intent of this article is to work as a personal guide, matching you to the best small business finance software to fit your unique business needs, and without the added cost.

2. Key Features to Look for in Small Business Finance Software

You can’t rely on monthly financials that are two months in arrears and you certainly can’t leave financial management to a hapless amateur. So be capable of updating your performance reports yourself. In reality, you will expect a small business finance software package that is user-friendly and flexible to use. If you are already familiar with one software package, you want the changes do not keep you away from what you are used to. Contact and consulting details should be readily available in the primary reports interface. The employee responsible for your finances should have contact details linked to the relevant area in the interface. You need not be a software expert to come to expect this kind of link. It is worth appraising the software company before committing to perform your chosen package. If the company is not sufficiently available when you are in the procurement stage, you might well wonder about its support when it comes time to use its product and its information.

As the business grows, adequate financial management becomes crucial. Neglecting this function can result in poor cash flow and even business failure. The increase in small business software means you are no longer relying on an accountant to produce unique reports whenever you need to track financial performance. The number of packages with out-of-the-box reports is mind-boggling. But is it essential that your financial software contains built-in pre-formatted reports? When the business is running, time is short. You don’t want to search for a report in the package or have to come up with one for yourself. A complete small business finance software package will contain hundreds of in-built reports that deliver best practices financial management. Always check to see what the flexibility of typically utilized reports is. You then have the exact structure of report you require. Then check out the types of report structure which can be accessed from within the package or at additional cost.

3. Top Small Business Finance Software Solutions

Whether you are looking to start a business or making plans in your life, there are kinds of business finance software that are designed for you to succeed and lean. The superb Doctor Profit is a very serene small business finance software to try out.

MoneySoft, ProfitSee, Justice Brothers, Doctor Profit, Focus Plan, Fathom HQ, Sageworks, Finagraph, LivePlan, Bargain Dash, took of excel, Dellium, Yendo, NolaPro, Keller Window. It is impossible to envisage that among these business finance software solutions, no one will suit your small business. But the question is then: which is the best small business finance software to use? If you are already using a finance software program but you want to see if you can find a better solution, this list will help you no matter what, because the best software company for any expense at all business levels or personal level may not have ever produced the accounting software. There is a claim for a number of local accounting software solutions, but few have been witnessed.

Large corporations use accounts departments staffed with accountants to prepare their forecasts, which provide information on how the company has performed throughout the year and plans to perform in the future. Some people only need an understanding of their own finances in order to know how they can make their forecasts.

As most small business owners know, bookkeeping can be a time-consuming effort that takes you away from your business activities. The advent of small business finance software products has given the small business owner productivity beyond what circumstances would otherwise allow. Whether you are trying to manage your own finances or you are just in charge of bookkeeping for a small business, with the right small business finance software, there are tools to help you make your financial projections and take control of them.

4. Case Studies and Success Stories

Case Study III: Smith-Grose Sales and Marketing Company This manufacturing rep company encountered many rapid MRP system selections and installations. After 9 years, Easy Street had thrown the checks and balances needed to deal with complicated purchasing and other “cooking-the-books” schemes in the exhaust system product line, both commonplace. Since the exhaust companies were unaware that they could assist the rep, and upon the acquisition of four additional lines and territories by Smith-Gross, it has been decided two companies to bid as one against the OEM to dilute their accountabilities and threats. Easy Street threw up more alarms as the bids departed from the established parameters.

Case Study II: The Lonely House – Exotic Bird Feed Austin, Texas bird breeder converts a substantial profit to ES four (4) weeks after installing Easy Street. With Easy Street’s Exception Reporting features, the owner discovered that he had bought enough and sold enough bird feed to stock all shelves, except for two, at the end of four weeks.

LATEST SALES OUTPERFORM: Latest sales increased 45%. “With Easy Street, I am back in control.”

Case Study I: Paderno World Cuisine Dominique Lagrange is the president of Paderno World Cuisine, which is a manufacturer and distributor of quality cookware and kitchen appliances located in Montreal, Canada. Dominique has been a delighted Easy Street customer for over 12 years. When she converted from the old rated CRS system to the new real-time Easy Street, she asked her computer installer why her Easy Street number was not “one.” He said that whenever he sells an MRP system, Easy Street is the first small business MRP that he recommends. Dominique is happy to have been able to “grow” in an unassisted small through Easy Street. It is important to Dominique, since the cost of the system was a significant and essential part of money that she did not have. Her toughness and capital discipline has funneled that money into business growth and job creation. No required increases in non-inventory personnel for quantity and sales growth. No increases in personnel or benefits administration. No increases in AR, AP, and/or collections due to the same quantity and sales growth. Material cost reductions of $30K alone due to lead-time reductions alone. Note: Easy Street does not provide for real-time updates on delivery performance in number of days or weeks overdue; however, Easy Street does provide tools needed to develop and maintain these capabilities with ease.

5. Conclusion and Final Recommendations

Product demonstration, product support, ease-of-use, and functionality are critical factors for small businesses shopping for software tools. Small business owners and employees wear many hats and have limited time and many needs. This lack of time and functional expertise means that often, a software demonstration is all they have to judge the software’s ability to meet their needs. Additionally, these individuals often also take care of managing the software and need to know how to set it up, use it, and maintain it themselves. The cost of the software is important, but not nearly as important as the value of the software. If it is easy to use, solves their problem and they can get help, they are far more likely to get that and tell their other small business friends.

This paper has taken a look at eighty of the top software companies offering accounting and finance solutions for small businesses. The analysis used company websites and product demonstrations to obtain the most current information. The paper concluded with a review of eleven small business focused financing software and service companies.