7 Small Business Financial Tools We Love

We're the first to admit that small business finances aren't exciting, or glamorous, or even tolerable sometimes (unless you're a small biz accountant). We HATE having to do our weekly financial tasks, but they're SO important to running a successful, REAL small business. To stay on track we use a handful of tools that help automate our financial records so we can spend more time doing what we love. Here are 7 financial tools our business can't live without:

1. Quickbooks

Quickbooks is the foundation upon which our business is managed. Seriously. We use quickbooks for our accounting, payroll, invoicing and even to run our tax reports. It's affordable and the best business tool we can recommend to those starting out. Their useful tips and tutorials will help you get set up without any headaches, and you can link Quickbooks to most other tools including your online banking.

2. Paypal

While Paypal is a little redundant to Quickbooks we also swear by its tools and always use our account. We can send payments to collaborators through Paypal because almost everyone has an account, we can accept Paypal as a form of payment on our Squarespace site, AND we have a free card swiper from Paypal that lets us accept payment from clients in person if we need to. We also love Paypal for making purchases on websites we don't know as well (like when we purchase custom fonts from all over the world).

3. MileIQ

While there are many mileage trackers out there this is the one we use. We love the easy swipe left and right (after all that practice we got on Tinder...just kidding!) to sort our drives, and the reporting makes it easy to calculate tax deductions. It's also great because it will store data for an unlimited amount of time, so those months where we get super busy and forget about it completely (which is OK... we're all human) we can just go in on the last day and categorize everything. Confession Time: We recently went 3 months without sorting any drives. Yikes! But all the data was there and it only took 5 minutes when we finally got around to it.

4. Stripe

So signing up for Strip wasn't a choice, as they are the only merchant compatible with Squarespace, but we grew to love them nonetheless. They have an easy to use interface, and amazing features beyond even what Squarespace allows you to do. For example, running a subscription membership is not currently supported on Squarespace, but Stripe does allow subscription billing, and through the 3rd party site Memberspace we were able to set up a membership portion of our site. Stripe also allows you to control transfers to your bank account, so that if you are earning smaller sums of passive income from a membership site you can have them all transferred together as frequently as your want.

5. Online Banking Bill Pay

We use our online bill pay to automate just about every payment we have. Whether it's paying coworking space membership fees or business insurance (YOU also have this, RIGHT?) online bill pay is a lifesaver for companies that don't take automatic payments. Almost all banks have bill pay that is easy to use and can send money to anyone, making it so that ALL of your bills are paid automatically. Even better - after you sign up for a new service, change your billing date so that all your payments pull or are sent on the same day. It makes it even easier to keep track of your budget.

6. Mobile Banking

Our mobile banking app saves us time and time again. It's great for checking to see when payments clear, keeping an eye on our budget, and most importantly getting epic cash back deals from Bank of America. Almost every bank has some form of rewards, and ours has cash back deals we can browse in the mobile app so we can get double cash back on things like that 3rd cup of coffee we maybe don't need but can justify because of the cash back (amiright?). We also use our app to deposit client checks on the go, which is super convenient.

7. Google Sheets

So it isn't a true "financial" tool, but we certainly use it like one.  We keep all of our financial goals and our budget in Google Drive so we can access them from anywhere on phones or computers. We are able to track our goals on a weekly, monthly, and yearly basis, as well as take notes and communicate with each other on our budget and goals sheets. It's a great way to stay accountable and keep track of what's going on. It's where all the other financial tools come together and we are able to collect our data.

What are your financial must-haves? What is the hardest part of staying on track with your biz finances? Let us know in the comments below!


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