{"id":270408,"date":"2024-07-08T15:48:26","date_gmt":"2024-07-08T03:48:26","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=270408"},"modified":"2024-07-11T18:20:37","modified_gmt":"2024-07-11T06:20:37","slug":"financial-management-tools","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/business-finances\/financial-management-tools\/","title":{"rendered":"Tools used in financial management"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.23.1&#8243; header_2_font_size=&#8221;32px&#8221; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">The tools used in the financial management of your business can make or break your financial success. If you want to reinforce your business, there are assorted financial management tools you can get your hands on to help.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial management for small business owners can be as simple or as complex as you make it. With the right tools for the job, you can be sure your time and management capacity is maximised.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To save yourself hours of manual work and stress, while also improving budgeting, accuracy and analysis, a modern small business needs to rely on financial management tools.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few tools that will boost your small business financial management efficiency and techniques.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-265994 size-full aligncenter\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/08\/4._Tools_used_in_financial_management.png\" alt=\"\" width=\"940\" height=\"340\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/08\/4._Tools_used_in_financial_management.png 940w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/08\/4._Tools_used_in_financial_management-480x174.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 940px, 100vw\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Simple CRM<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For a medium to large business, a\u00a0<\/span><span style=\"font-weight: 400;\">CRM system<\/span><span style=\"font-weight: 400;\">\u00a0that is too simple can amount to error-prone slabs of data and a spider web nightmare of integrations with your other systems.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, if you\u2019re a small business this can be a far simpler affair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A CRM, or <\/span><b>c<\/b><span style=\"font-weight: 400;\">ustomer <\/span><b>r<\/b><span style=\"font-weight: 400;\">elationship <\/span><b>m<\/b><span style=\"font-weight: 400;\">anagement tool, contains your business\u2019s lifeblood data and can be far more powerful and simple than the behemoths of the past.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A simple CRM can also be effectively deployed in even the smallest of businesses where you may think it\u2019s not necessary.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what are we looking for today in small cheap and modern CRMs for small business?<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing leads<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automating sales processes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automating email campaigns<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing simple pipelines<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Basic sales and marketing reporting<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Client information records<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">STP enabled payroll solution<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><b>s<\/b><span style=\"font-weight: 400;\">ingle <\/span><b>t<\/b><span style=\"font-weight: 400;\">ouch <\/span><b>p<\/b><span style=\"font-weight: 400;\">ayroll enabled payroll solution is now virtually essential for all small businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don\u2019t know about STP you\u2019re in danger of a little shock, so please get across this change to payroll reporting here at our free and\u00a0<\/span><span style=\"font-weight: 400;\">comprehensive <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/single-touch-payroll\/\">STP resource page<\/a><\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What you\u2019ll now need is an STP enabled payroll solution to ensure you can report to the ATO correctly as well as reap the multitude of benefits digital payroll and accounting brings to your business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More of a necessity than a luxury but it represents an easy to overcome barrier coupled with some surprising benefits for first-time users of modern payroll apps and solutions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Use this chance to upgrade and automate some of your other business systems in the same app for the same outlay.<\/span><\/p>\n<p>You can download the Reckon Payroll app on the <a href=\"https:\/\/apps.apple.com\/au\/app\/reckon-payroll\/id1475871177\">Apple Store<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.reckon.payroll_lite\">Google Play<\/a>.<\/p>\n<h2><span style=\"font-weight: 400;\">Mobile cloud POS<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Mobile cloud <\/span><b>p<\/b><span style=\"font-weight: 400;\">oint <\/span><b>o<\/b><span style=\"font-weight: 400;\">f <\/span><b>s<\/b><span style=\"font-weight: 400;\">ale tools allow you to easily adapt your business model and stay nimble, mobile, low cost and profitable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A revelation for small retail businesses the globe over \u2013 this is a game changer for micro projects and larger businesses alike. With the ability to roam a marketplace or conference, change storefronts, or move your food truck without hassle &#8211; this untethered payment collection set-up is a powerful tool.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Almost indispensable for a modern mobile business, and even a handy tool for fixed ones, a\u00a0<\/span><a href=\"https:\/\/www.reckon.com\/au\/wabi\/\"><span style=\"font-weight: 400;\">mobile cloud POS<\/span><\/a><span style=\"font-weight: 400;\">\u00a0solution can grant you the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Anywhere, anytime payment collection<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Inventory management<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sales management and analysis<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Customer retention<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Employee management<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Small business financial management software<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Small business financial management software is the most important tool here.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also known as accounting software or <\/span><a href=\"https:\/\/www.reckon.com\/au\/accounting-software\/\"><span style=\"font-weight: 400;\">cloud accounting software<\/span><\/a><span style=\"font-weight: 400;\">, these tools are essential for simple, automated, and compliant management of your business finances, budgeting, payroll, and tax responsibilities.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Think of financial management software as the control room of your business\u2019s financials.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Everything flows through it and can be managed, processed, and reported on. Many processes and compliance tasks like your business activity statements (BAS), invoices and payroll can be automated with cloud accounting software as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These are the primary functions of your financial management software:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Accounting<\/b><span style=\"font-weight: 400;\">: monitor your cash flow, expenses, reporting, financial analysis, manage GST and prepare <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/bas\/\">BAS statements<\/a> for EOFY.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Create invoices and bills<\/b>: create customisable <a href=\"https:\/\/www.reckon.com\/au\/small-business-resources\/invoicing\/benefits-online-invoicing\/\">online invoices<\/a> with credit card payment options. Track accounts receivable and accounts payable to better manage your cash flow and budgeting.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Payroll and employees: <\/b><span style=\"font-weight: 400;\">manage payroll, STP, PAYG, leave and employee expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Bank feeds: <\/b><span style=\"font-weight: 400;\">connect bank accounts so your transactions automatically feed into your accounting software.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you embrace these tools for the financial management of your business, you\u2019ll find yourself at the helm of a well-managed, automated, and compliant business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All this will result in better cash flow and financial techniques, as well as more time and less stress.<\/span><\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The tools used in the financial management of your business can make or break your financial success. Read the article to discover the tools that you can get your hands on that will boost your small business financial management efficiency and techniques.<\/p>\n","protected":false},"author":6,"featured_media":272878,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[206],"class_list":["post-270408","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-business-finances"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Financial Management Tools | Small Businesses | Reckon AU<\/title>\n<meta name=\"description\" content=\"Would you like to improve the management capacity of your small business? 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