How Great Financial Tracking Tools Can Impact Your Business
13th December 2017
If you’re a business owner or manager who handles financials, then you understand the importance of tracking finances.
Having a handle of the financial side of things is perhaps the most essential part of running a business, as it ensures that you are in the green. Keeping track of a company’s finances, however, can be a daunting task.
Using the right financial tracking tools can make a big difference for the success of your business.
If you want to make sure that your company is as profitable as possible, read on. Below are a few ways that financial tracking tools can impact your business.
How Financial Tracking Tools Can Impact Your Business
Having the right financial tracking tools in place can make the difference between success and failure in your business.
Accounting Made Easy
Accounting software is a great place to start for small business accounting. Both software and online programs are available.
The right accounting software should be able to handle basic accounting tasks. This includes invoicing, expense tracking, and client/vendor contact management. It should enable automation of billing and other recurring payments. It can also ease tax preparation, handle payroll processing, and more.
A great accounting software will also integrate with other programs and softwares used. This could include point-of-sale software, credit card processing, and Google Apps.
Budgeting Done Right
Creating and properly managing a realistic budget for your company is crucial to its success. Using a tool to create and manage this budget will help to make the process more streamlined and accessible.
Instead of creating a budget that you never look at or reference, use a budgeting tool that will keep your budget at the forefront of your mind. Imagine being able to reference your budget before making any purchasing or money-spending decisions.
How much less would you spend, and how much better financial decisions would you make?
Your accounting software may have a budgeting tool built in. If it doesn’t, you should look into a standalone budgeting program to help you make the best business decisions possible.
Financial Health At A Moment’s Notice
What if you could check out the financial health of your small business on a day-to-day basis?
You’d be able to see how daily spending and sales move you up or down the pipeline. You’d be able to quickly see how every business decision, present and future, sets you up for success or drives your business into the dirt.
Setting up a sort of dashboard for your company’s finances gives you an overall snapshot of your business’ financial health. Programs like this should give you the power to track key performance indicators, which will reveal to you exactly how well your business is doing.
Being able to visualize this can be essential for keeping your business on track. If you ever notice your business’s financials going off-course, you can quickly take steps to correct and recover.
This mitigates the potential harm caused by poor business decisions and teaches you how to avoid similar situations in the future.
The Importance of Financial Tools
Clearly, utilizing the right financial tools makes the essential tasks of running a successful business – properly accounting, budgeting, and course-correcting – more readily achievable.
Financial tracking tells the truth about your business’s monetary status. Avoiding it is almost certain failure, while embracing it will help you achieve success.
Neglecting to implement financial tracking tools could be what keeps your business from monetary success. If you want to run a thriving business, you’ll take advantage of the tools available today to help you do so.
Best Financial Tracking Tool: Price&Cost
Price&Cost is a project estimation and budget-tracking tool. Using this financial tracking tool will help you to deliver projects on-budget and stay profitable.
When approaching new projects and attempting to navigate the financials of the undertaking, Price&Cost will provide helpful estimations to guide the project.
As the project unfolds, your estimate will evolve. Price&Cost allows for that. You can try out different scenarios or a different composition of resources, then compare all versions of the proposed plan.
As your project is implemented, the dynamics will change, and this will have an effect on the financials of the project.
Price&Cost provides an easy workflow that reminds you to periodically check in on the financial status of your project. You can log time spent and materials used, and then adjust to allocate resources accordingly. Price&Cost’s graph view presents this information in an easy-to-read, visual way.
This financial tracking tool also gives you a way to “look into the future” and predict the profitability and success of the project at hand.
Price&Cost is also a valuable resource management tool.
With just a few clicks, you can enter all costs, rates, and overtime rules in one place. Then, you can use them in any project. This eliminates the need to keep spreadsheet after spreadsheet of client rates and costs.
Resources such as people and materials used – and the cost incurred by each – are easily trackable with this financial tracking tool.
Flexibility And Integrations
Price&Cost is a flexible tool. There are no rules or limitations for estimating and tracking your projects.
For example, there are multiple billing types supported and it can even handle non-billable projects. You can also interact internationally with ease, as Price&Cost allows for all currencies and date formats to be used.
Best of all, Price&Cost integrates smoothly with the tools you already use and love.
You won’t need to give up the tools you already know and trust in order to begin using Price&Cost. Whether this means Excel spreadsheets, or project plans, Price&Cost can handle it.
Furthermore, Price&Cost already integrates with time-tracking tools like Harvest in order to automatically update your financial dashboard with real-time data from the timesheets.
Does Price&Cost sound right for your business? Sign up for our free 14-day trial to give it a try!
Filed under Project management