Nov 23, 2018 Author: Accounts Junction
Business, whether small or big, must be handled with great care. The cash-flow, human resources, capital funding and its allotments, budgeting, public relations, each of the aspect should be carefully taken care of. Any loophole in any of the aspect can lead to the collapse of your business.
Don’t worry! We bring you financial tools that can be adopted not only for the stability of the business but also for its growth.
- Budgeting Tools: Any business, whether small or big, should outline their budget periodically(mainly made for a financial year). It not only prevents over-expenses but also helps in managing company’s resources. Softwares that helps you form and manage your budgets are: a. Mvelopes, b. Mint, c. YNAB(You Need A Budget), etc.
- Work-flow Management Tool: Work-flow refers to the series of tasks that aims at achieving a certain results. For instance, hiring an employee includes processes like resume analysis, written tests, interview, training. This series falls under work-flow. Work-flow Management refers to having a systematic records of all the process. Softwares helps in work-flow management are:- a. Asana, b. Trello, etc.
- Payroll Management System: Payroll means financial records of the employees that includes their salaries, bonuses, deductions etc. It is recorded and managed by the employer as per the federal laws implemented by the government. Proper Payroll records not only grants leniency but also boost morale of the employees. Softwares for managing Payroll Records are:- a. GUSTO, b. Beehives HRMS, etc.
- Financial Dashboard: Financial Dashboard is a tool which gives visual representation for financial flows of the business. These Info-graphics are very informative and easy to understand. It uses charts, tables, diagrams, concise data that makes it a very reliable method for comparison. Softwares used for making financial dashboards are:- a. SCORO, b. Datapine, etc.
- Personal Productivity Tool: The most essential part of any firm or business are its human resources. Success of a business is directly proportional to the productivity of its employees. So, personal productivity of the employees and their employers must be taken care of very seriously. Following aspect should be taken into consideration: (i) Time management must be properly done. The duration of work per day must be fix. Over-time may lead to tiredness that affects the productivity of the individual. Softwares that helps you manage time of the employees are:- a. Tsheets, b. Ebility, etc.
- outsourcing: Several big firms opt for outsourcing which can be done virtually. It removes the burden of certain tasks like Accounting or Bookkeeping or legal work or payroll records can be outsourced. It saves a lot of time of the firm which can be used in a more productive area and also accomplishes the tasks like accounting that cannot be ignored or postponed. It must be noted that each and every software is distinct from one another and provide different services. The selection should be made on the basis of personal requirements of the business.
