WorldExecutivesDigest.com | 5 Ways for Your Small Business Can Make the Most of Online Tools | Labor costs are one of the biggest expenses for any business but they can be a death blow for startups. For instance, hiring an accountant to complete important financial tasks can cost as much as $34 an hour.
No matter how self-sufficient you are, no business owner can do everything on their own – or can they?
Here’s how to harness the best available online financial tools to save on hiring costs and take your business to the next level.
Ace Your Accounting Functions
Accounting’s vital to stay on top of taxes and as a snapshot of how your business is performing. Yet, few people have the specialized skills to make the most of the benefits this complex function brings.
There are several small business finance tools available online helping to bring accounting competency to the masses. Try Wave, Freshbooks, or Xero.
Take Care of Invoicing
There are plenty of online invoicing tools that allow you to send multiple invoices to clients for free.
These template-based tools for small business are quick and easy to use and customizable to suit your business. Once you’ve set up your template all you need to do is enter the amounts owing, download the invoice, send it, and get paid.
Without efficient invoicing, you can’t make money or keep track of your income for accounting purposes. Some of the best free online tools are Invoicely, Zapier, and Invoice Generator.
Streamline Payroll with Online Financial Tools
When you start hiring employees, the intricacies of managing payroll can have you stumped.
Paying people isn’t simply a matter of handing cash over monthly or weekly. You need to work out their taxes and any other deductions and generate a paystub for their records and yours.
Fortunately, the internet’s got your back with a host of tools to help you cope. Try online pay stub generator tools like Pay Stub Creator, The Pay Stubs, and Form Swift.
Manage Your Inventory
Tracking ordering trends and keeping an eye on inventory levels is the best way to keep your finger on the pulse of your business and serve the needs of your customers. Fortunately, you can perform this time-consuming task online easily and for free with a host of tools.
Check out these free business tools to help you manage your online and in-store inventory – Zoho, inFlow Inventory, and Odoo.
Monitor Your Expenses
In any business, money comes in and money flows out. The trick is to make sure the former outpaces the latter. Online finance tools can help you do just that.
By keeping track of your daily expenses with tools like Quickbooks, Mint, and Clarity Money, you can cut down on unnecessary spending and fine-tune your business budgeting.
More Tools To Help Your Busines Grow
These online business tools can help you save money while staying on top of vital business tasks and they’re only the tip of the iceberg.
Browse the internet for more useful online financial tools that suit your operation or speak to other entrepreneurs in your niche to find out what works for them.
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