5 Tools To Help Simplify Your SME Finances

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While much media attention focuses on big businesses, smaller firms are actually the bedrock of the American economy. US Census Bureau data shows that 99.7 per cent of businesses have fewer than 500 workers, while 89.6 per cent of businesses have fewer workers than that.

As a nation, therefore, we need these businesses to thrive. But, life isn’t easy as a small or medium enterprise. You need all the help you can get to compete with the big boys and ensure you stay on top of your finances. The good news, however, is that there’s plenty of help within arm’s reach thanks to a host of tools that aim to make life easier for a business.

Here are five such tools that can simplify the finances of an SME and help a business have the best possible chance of success…

SBA

First off, ask yourself what the US Small Business Administration can do for you. This body was set up to ‘aid, counsel, assist and protect’ small businesses. Part of that role means that it has tools on offer that can assist your business and it’s well worth seeing if any of these can help you. From help with writing business plans through to handy tips and a tool to help you to understand if you qualify for Government contracts, there’s plenty of useful material here.

QuickBooks

Managing your accounts properly is so important for any business – but it can also be really time consuming and hard work, especially if you want to make sure all of the bills are paid on time and your tax obligations are all met. That’s where software such as QuickBooks’ comes in. By using a package such as this you can keep a track of all of the payments in and out of your business, with an at-a-glance view showing the state of your books. You can also sync it all up with other apps you might use. You can, for example, print wallet checks directly from QuickBooks, handling this in a swift, safe and efficient manner.

Fundera

Have you done all of the groundwork for your business and are now ready to take it to the next level? Getting access to the funding you need to make that jump can be tricky. Fundera specializes in making this happen, securing more than $300 million for more than 3,500 businesses so far. It helps match your business to the products that are right for you – and lets you apply to multiple lenders with one application, cutting down on time and paperwork.

Budget Pulse

Entrepreneurs cannot afford to neglect their own personal finances when running a business. An issue with your own personal finances could spill into your business affairs and it’s vital to know if you have the ability to invest more money, if required. Budget Pulse can offer you an accurate picture of your personal affairs – and even give you an assessment of your net worth to help you plan financial decision.

Docracy

You can spend an awful lot of money on legal matters as a business. But, that can be avoided. Docracy holds a library of industry standard documents that you can tap into, saving hundreds or even thousands of dollars on legal fees and transaction costs. You can either take these for yourself or adapt them to your industry and upload them for others to use in the future.