There’s no doubt that managing finances for a small business can be overwhelming, but luckily, there’s help on hand! The right financial tools can be invaluable for freeing up your time, increasing productivity, and boosting your bottom line. All you need to do is make sure you’re choosing the right tools for your business.

In this blog post, we’ll be discussing some of the must-have financial tools every small business owner should be using to stay organized, make informed decisions, and stay ahead of the competition.

Let’s get started.

1. Prioritize a good accounting tool

Efficient accounting software is about more than just keeping your books in order. It can form the backbone of your financial management by helping you track income, expenses, profits, and losses. 

This is why we suggest seeking out accounting software that:

  • Is user-friendly and scalable (e.g., QuickBooks)
  • Can integrate seamlessly with other business apps
  • Generates easy-to-digest financial reports
  • Has a good reputation for reliability and security

2. Invest in a business budgeting tool

Budgeting is important for all businesses, but for small businesses in particular — it can make a huge difference to your profit margins. From helping keep your financial goals on track to identifying cost-saving opportunities, the right budgeting tool can help you ensure better financial stability long term.

To keep your spending in order, we recommend opting for a business budgeting tool that:

  • Forecasts revenue
  • Helps you plan expenses
  • Offers an easy-to-use interface
  • Is mobile-friendly and can be updated from anywhere at any time

Tip: Some accounting software will already offer built-in budgeting features, but a standalone tool, like American Commerce Bank’s ACBudgetBuilder can still be useful for balancing both personal and professional budgeting.

3. Ensure you’re using billing and invoice systems

Nothing causes more chaos for small business owners than a bad billing system. Cash flow is essential for keeping your business on track, so make sure you eliminate any headaches with a system that does the hard work for you! 

With an effective billing and invoice system, you can

  • Streamline the payment process
  • Reduce errors
  • Maintain a more professional image
  • Free up valuable time with automated payment tracking and reminders
  • Get paid faster and improve your cash flow

Tip: It’s also vital to ensure that your billing system includes customizable branding options so you can add your logo to invoices with ease. American Commerce Bank’s Autobooks system allows you to send invoices and receive payments right from your online banking.

4. Get involved with a tax filing program

Tax season doesn’t need to cause as much stress as you think. By investing in a professional tax filing program, you can:

  • Simplify the tax filing process
  • Identify eligible deductions
  • Ensure compliance with tax regulations
  • Maintain better records of historical tax filings

Note: Because there’s such a wealth of tax preparation software options available, and tax compliance is one process you really don’t want to get wrong, we recommend speaking to a tax professional before selecting the right system for you.

5. Use a dedicated business credit card

A dedicated business credit card can be a great option for small business owners wanting to separate personal and business expenses while also streamlining accounting and tax reporting. 

Not only this, but some business credit cards, such as the Standard Business Credit Card from American Commerce Bank offer:

  • No annual fee
  • Competitive ongoing APR
  • 25-day interest-free grace period on all purchases
  • Individual and summary billing options
  • 24-hour toll-free live customer assistance
  • Online account information available 24/7
  • Rental car collision damage waiver protection and other Mastercard benefits

6. Leverage a payroll management system

From salary calculations and tax withholding to direct deposits and payroll reports, managing payroll can drain a lot of resources for your small business. This is why it’s good to leverage a system that can take some of the burden off your shoulders.

We advise looking for a payroll management system that:

  • Streamlines the entire payroll process for efficiency and accuracy
  • Provides advanced security measures to safeguard sensitive data
  • Integrates seamlessly with your existing financial tools
  • Offers user-friendly interfaces for easy navigation and management
  • Ensures timely and accurate payment of salaries, reducing payroll errors
  • Generates comprehensive payroll reports for better financial insights and decision-making
  • Offers excellent customer support to address any questions or issues promptly

Get your small business finances under control with American Commerce Bank

By embracing these essential financial tools, your small business can save valuable time and improve productivity — all while advancing your business and driving long-term success. 

However, it’s not only the tools you use that can pave the way for small business success. It’s also the services!

At American Commerce Bank, we provide a comprehensive suite of financial services to small business owners, empowering you to take charge of your financial future and move forward with confidence.

From personal and business banking to loan and eBanking services, our team of financial experts is here to support you every step of the way.

Open an account with us today in just 3 easy steps or visit your local branch.