When starting your own business, you might not know which tools are best in order to manage your finances. After working with several small businesses (and loving every single second!), we have been able to understand more about what they need to know in order to function optimally. Here are our five essential, top software recommendations that you can utilise in your small business:
Xero or FreeAgent:
Both Xero and FreeAgent are excellent for managing your finances if you are a small business. Both of these software’s are cloud-based and allow you to pay bills, invoice people as well as claim expenses in a much more convenient and easier way.
Personally, we recommend FreeAgent for smaller, simpler businesses and Xero for pretty much everybody else. This is because Free Agent is much more user-friendly for people who might not have as much experience when handling their finances.
On the other hand, Xero is an excellent match for many different businesses within different industries. Whether you operate within retail, construction or even hospitality, there is something for everybody on Xero through their huge range of integrations on the Xero app marketplace
Dext (previously known as Receipt Bank):
Dext allows you to be able to capture, upload and track your expenses and receipts. Through using the software, you are able to snap a picture of any paper receipts, invoices, or bank statements very quickly and just forward any digital receipts you receive by email. It will help you automatically categorise your expenses and reclaim VAT. Using this method, it is much easier for you to stay on top of your paperwork and ensure that nothing is missing.
The incredible thing about Dext is that you have full control of your mobile. Therefore, this means no matter where you are, you can sort the information you need without any unnecessary stress by filing manually.
When returning from a work trip, there is nothing more frustrating than having to sort all of your mileage expenses. Whether it be in paper form or on a laptop, it can still be increasingly frustrating. Therefore, another tool we recommend using is Tripcaptcher which allows you to complete your mileage expenses anywhere using the built-in mileage tracker.
Overall, this little tool can save you a lot of time. Better still, if you are somebody who forgets what mileage you were on before a trip, the Tripcaptcher app has built-in Google Maps to track the distance for you. As well as this, it integrates smoothly with both Dext and Xero should you wish to utilise these as well.
When working with our clients, we want to make their finance system as smooth as possible, especially when it comes to payroll. Therefore, we use software called Modulr. This allows us to add in all of the employee’s wages allowing the business owner to press a button and confirm everything is correct and then automatically deposit the wages in their employee's bank accounts instead of manually doing it. This eliminates less of the stress and mistakes that can be potentially made.
Of course, depending on the size and needs of your business, you might require different software choices that work for you. Therefore, you can book a discovery call here if you would like any guidance.