Money Matters: 5 Financial Management Tools for Startups

Entrepreneurs play different roles in their companies – they often run the business solely or with the help of a co-founder or first startup employees. Even though the best entrepreneurs can wear many hats, it can be challenging and often can lead to many mistakes. Poor money management is one of the potential mistakes that can come from it. Making wise financial management decisions should be a priority for all business owners. The lack of summarized and properly analyzed financial information can compromise the effectiveness of the decision-making process when it comes to money. To get better insights and monitor more effectively the financial aspects of the business, here you can find five of the most popular financial management tools used by startups.

Read also: How Long Can Your Startup Survive Without a Full-Time CFO?

Wave

Wave is the tool that will help you to get in one place everything you need to successfully run your business – from tracking sales and expenses through billing customers and getting paid to paying your employees. With Wave you get free and easy accounting, invoicing and basically everything else that you need to manage your small business’ finances.

Shoeboxed

Shoeboxed is the tool that makes it simple and effortless to scan and store receipts. But the receipt organization is not the only useful feature – with Shoeboxed you are able to send expense reports, to track mileage, prepare your taxes and more.

BodeTree

BodeTree is a simple tool that gives you real-time access to all of your financial accounts in one place allowing you to monitor cash flow, uncover trends and plan for the future in just five minutes.

Bench

With Bench you are able to get accurate financial statements every month, neatly organized year-end financials and a support from an experiences team of bookkeepers, who tracks every detail for you.

Xero

Xero is online accounting software for small businesses that allows you to get real-time view of your cash flow, get paid faster with online invoicing and run your business on the go from anywhere.