Cash flow | 9 min read

Must-Have Bookkeeping Tools

cashflow manager
Let’s face it: unless you’re really enthusiastic about Math, a good old pen and paper won’t do you much good in sorting your business’ finances. In between keeping track of your cash flow and figuring out how much you’re profiting from your service, you need to be smart about small business accounting.

Lucky for you, there’s a world of accounting applications and services at your disposal. Here are a few examples of software that will give your business the upgrade it deserves.

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1. Cashflow Manager

Do cash flow statements confuse you? Don’t worry. They confuse the best of us.

With Cashflow Manager, you’ll be able to handle your accounts easily. You plug in all your expenses and gains, and Cashflow Manager creates an organised and comprehensive financial record for your business, automatically calculating your Goods and Services Tax (GST) and Tax Returns for you.

Cashflow Manager is great tool for any tradie business owners looking to spend less time worrying about accounting and more time growing their business. It expedites the bookkeeping process, and is great for those without past experience in finance. At only $22 a month (or $264 a year), you and your accountant will be able to track all invoices, expenses, and bills easily.

If you throw in an extra $17 per month, you’ll be able to get Cashflow Manager Gold, which includes all the benefits of Cashflow Manager as well as Wages Manager– Cashflow Manager’s very own payroll service. This lets you process payment, print payslips, track pensions and benefits, and work on the end of year paperwork for employees and tax offices on a single bookkeeping application.

Cashflow Manager Gold also tracks all the money you owe your suppliers, ensuring that you never leave any loose ends untied once deadlines start to approach.

Cashflow Manager and Cashflow Manager Gold are designed to run on the Windows operating system, so if your business runs on Apple, you’ll have to download Bootcamp and install Windows to run the software.

2. Xero

There’s a serious lack of good accounting software for Apple computers. While plenty of other software offer a Mac alternative, their services are usually watered down versions of their Windows products, which makes the digitised bookkeeping far less satisfying and efficient. This isn’t the case for Xero.

Xero can provide all the services you need for an accurate cash flow forecast, without penalising you for your choice in hardware.

Xero, which was called the best accounting software for Macs, is a cloud-based cashflow manager. It allows you to process your invoice, manage your inventory and expenses, plan out your payroll, and send purchase orders from the comfort of your Macbook or iPhone. Xero also includes 24/7 support from their company experts, which makes the learning curve easier for all users who aren’t as tech-savvy.

There are different plans you can get, with the lowest at $9 a month. Xero is available on both Windows and Mac, and offers support for both iOS and Android.

3. Wave

Let’s say you’re looking for something on a budget. Your business is just starting, and you’re more concerned with managing your time and motivating your team than finding a complex (and expensive) small business accounting tool. If a pen and paper sounds like a passable option, then you need Wave.

Wave is the perfect cash flow manager software for fledgling companies, and it comes free of charge.

Wave is a great entry-level accounting software. It helps you create professional looking invoice sheets, record and track all incomes and expenses, and scan receipts from your smartphones. While it’s not as comprehensive as other accounting software, it’s a great way to get your financial tracking up and running, and avoid any surprise cash flow problems you may encounter in the future.

Wave is 100% web-based, so all you’ll need is a browser and stable wifi connection. It also has support for their mobile invoicing and receipt scanning applications, which are available for both iOS and Android phones.

4. Neat

Similar to other cashflow managers, Neat lets you to track your cash flow statements and finances easily. It’s also painless when it comes to date integration and team collaboration. Similar to other cashflow managers, Neat lets you to track your cash flow statements and finances easily. It’s also painless when it comes to date integration and team collaboration.

Neat allows you to digitise all your receipts with the help of your smartphone, desktop, or fax machine, making it more accessible to everyone involved in bookkeeping. At the click of a button, you’ll be able to transfer information to different accounting platforms or share them with whoever has a hand in your accounting.

What sets Neat apart from other accounting tools is its added email marketing integration. After scanning business cards, Neat automatically extracts important contact information and details which you can organise into specific mailing lists and categories for your marketing needs.

This software offers multiple plans to suit every tradie business owner’s needs, with $799 as its monthly starting price. If you want software that helps streamline communication with your accountant (or accounting team), this ones for you.

5. Gusto

If your business is growing faster than you expected, and you’re looking for a way to manage your employee list and their salaries, Gusto is our top pick.

Whether you’re just starting out or on your nth year, Gusto offers a way to make the payroll process as painless as possible. With Gusto, you get automated payroll filings and tax payments for employees. It also integrates benefits management, which helps small business owners find out the perfect benefit plans to give their employees.

Gusto also offers help in the way of human resource management. Their HR services are varied and useful– from a secure employee document vault to personal consultations with their specialised human resource experts, you’re likely to get your money’s worth for the price.

For as low as $9 a month, you’ll be receiving their full-service payroll. Gusto is available on both Windows and Mac and is supported on mobile devices.

6. SurePayroll

If you want a payroll software that’s simpler than Gusto, SurePayroll is the way to go.

SurePayroll basically handles your payroll– and only your payroll. As a dedicated program, it’s perfect for small tradie business owners. You’ll be able to run payroll, compute for deductions, and calculate your due taxes in a matter of minutes.

With SurePayroll, you don’t have to worry about navigating a suite of features you’ll never need. Just plug in your payroll data, let the software do its thing, and have all your employees paid on time.

Without any software downloads or installations required, SurePayroll is accessible to anyone with a device that can connect to the web.

Conclusion

However tedious and boring small business accounting may be, it’s still a job that needs doing. Keeping a handle on your cash flow, taxes, and other obligations are vitally important to any business as it helps to avoid any potential or crises and cash flow disasters, keeping your business organised and efficient.

Regardless of your feelings on money and math, these six digitised bookkeeping tools will help you work smarter, for less effort. Arm yourself and your accountant with these solutions, and you’ll be sure to see a change to your accounting efficiency in no time.

Cash flow template

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