Motivational Monday: 5 Financial Tools for Startup Businesses

Keeping close track of finances is important for any business, but it's especially important for startups when every penny is vital. While startup companies might not have a ton of resources to pay for fancy accounting services, there are many great free or budget-friendly online tools that they can rely on. Many of these resources not only help startups keep tabs on things like payroll, invoicing and taxes, but also teach them more about accounting in the process. Check out these five excellent account resources for young businesses so you can take advantage.

FreshBooks

FreshBooks is one of the best online resources for simplifying the billing and invoicing process. Users can send invoices, track the timing and status, and send late payment reminders. FreshBooks also accepts credit card payments, as well as PayPal or cash, so it streamlines the client payment process. Plus you’ll have the capacity to track the amount of billable time worked down to the second.

Shoeboxed

Tax time can be daunting for anyone, but it can be particularly challenging for executives at startups whom may be new to handling business taxes. But Shoeboxed, a receipt-scanning and expense-tracking app, helps simplify the process. Users send receipts, bills, business cards and other expense documents to Shoeboxed throughout the year, via channels like a Receipt Tracker app for mobile devices, the desktop receipt uploader, a web clipper, or an e-mail address. And if you have the Shoeboxed premium plan it also includes pre-paid envelopes to mail physical copies to the company to scan. Once they have you receipts, Shoeboxed will scan, sort and organize the data then send you an IRS-accepted image of each document so everything is ready to go at tax time.

inDinero

For day-to-day money management, startups can depend on inDinero, a one-stop finance shop that can handle everything from bookkeeping to payroll to invoice tracking. What make inDinero unique? It's staffed by world-class, qualified CPAs who are there for clients around the clock to provide guidance and answers to questions.

Xero

Another one-stop shop for accounting geared toward startups is Xero. Billing itself as a "beautiful" accounting solution, Xero provides various financial services including payroll, invoicing and cash-flow tracking all laid out on a beautifully designed and easy-to-use platform. In addition to being a simple, minimalist and intuitive site, Xero offers a useful and effective mobile app to the online program, making it easy to use on the go. Plus they offer accounting-education services to businesses just starting out, so they are a great resource for young professionals to learn more about how business finances, taxes and cash flow work.

Sage 50

Once called Peachtree Accounting, Sage 50 is accounting software that is specifically geared towards small businesses and startups. While it is not free like many other online-accounting software solutions, it offers a full range of financial services, as well as desktop installation services, around-the-clock customer support and options to take advantage of cloud or hard-drive storage. Sage 50 offers a selection of plans that range in price from $299 to $1,499 per year, so businesses can choose the level of service that fits their needs and budgets.

What money management programs do you use?

About the Author

John Riddle is a small business enthusiast and writer at TopTenReviews. He writes on every aspect of business but specializes in finance.