7 Affordable Financial Tools to Keep Your Startup in the Black

November 16, 2016

11:20 am

Launching a startup takes a lot of hard work. From fleshing out your great idea to attracting potential customers, a founder’s day is never done. What some founders don’t realize is that there is no such thing as too much capital. And if you don’t have the financial tools to efficiently manage those resources, you could end up in the red before the end of your first month.

Fortunately, there is a wide range of affordable financial tools out there that are designed to keep entrepreneurs from overspending, underspending, or generally losing track of how much money they’re working with. Check out some of the tools below and get your startup in the black today:

Wave

When it comes to capital, more is always better. Wave takes this to heart by offering not just one but several apps that can help you keep track of your books. You’ll be able to track your transactions, create estimates and invoices, generate receipts, and manage your payroll all from the comfort of a Wave.

Wave is also perfect for startups, as it helps you find professional accountants that can make sure your books are up to snuff, and you can integrate payment option that will let customers pay directly on your digital invoice. Oh yeah, and it’s free.

inDeniro

If you don’t have time to go through all that tedious data entry when it comes to your finances, inDeniro can help. It will consolidate all your transactions from banks, credit cards, and financial accounts in a single place and organize it accordingly. All you have to do is input your account numbers and you’ll be on your way to a comprehensive explanation of where you’re at financially.

Your transactions will be organized by category, like payroll, advertising, and marketing, and it tracks spending changes each month. It also creates accounting reports for you. Plans range from free to $49.95 per month.

FileThis

It’s 2016. If you’re still drowning in paper documents in hopes of managing your finances, you’re way behind the times. FileThis is the perfect way to go paperless. It collects and systemizes your bills, tax forms, receipts, and other financial documents so that the only paper in your office is in the bathroom.

While it was originally launched for personal use, the $5 per month premium plan allows you up to 10GB of cloud storage for documents from up to 30 different sources. And with the level of automation involved, it’ll pay for itself before you know it.

PlanGuru

Managing the funds you have is important. But knowing what you’re going to be working with in the future can be the difference between a Series A and serious problem. PlanGuru’s tools help you do everything from project revenues and expenses to develop balance sheets and cash flow statements.

The importance of planning for the future cannot be understated when it comes to startups. Whether you’re trying to convince investors of your success or justify a large expenditure to a cofounder, knowing what the next few months or years holds for your company can change your path to success. While the price is higher than you might like ($99 per month or $899 per year), a 30-day free trial will help show you how much this software can help.

QuickBooks

Some might consider QuickBooks to be a staple of the startup life. After all, without a comprehensive report of what your finances are looking like, you could end up in a lot more trouble than you think. As one of the most popular financial tools out there, this thorough financial platform will do everything from controlling your cash flow to monitoring your inventory.

Perhaps most importantly, QuickBooks allows you to connect it with other apps you already use. No more switching between apps, computers, and devices to keep track of your money. It’s all in one place. Prices range from $5 per month to $40 per month based on your startups particular needs.

BodeTree

If you have QuickBooks, BodeTree is the next step in a fully comprehensive financial plan. Designed specifically for business owners that use the popular financial tool, BodeTree will create colorful and understandable financial reports that show how you stack up against your competition.

In addition, BodeTree calculates and updates you with an estimation of your company’s worth as the market changes. You’ll be able to fully understand where you stand in the world of startups and can adjust your strategy accordingly in real time. Plus, the cost isn’t too high at $24.99 per month or $250 per year.

Harvest

The startup world is filled with big picture financial tools that keep you abreast of where you coming is heading. But with Harvest, you can get the day-to-day information you need to inform your decisions on a daily basis. It can let you know what is going on in any given day, week, or month, allowing you to fully automate your system with ease and precision.

With plans that range from free to $99 per month, your commitment to this kind of platform is up to you. But with Harvest’s all encompassing model, you’ll be getting more than enough bang for your buck.

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Conor is a writer, comedian and world-renowned sweetheart. As the Senior Writer at Tech.Co, he’s written about everything from Kickstarter campaigns and budding startups to tech titans and innovative technologies. His background in stand-up comedy made him the perfect person to host Startup Night at SXSW and the Funding Q&A at Innovate! and Celebrate, posing questions to notable tech minds from around the world. In his spare time, he thinks about how to properly pronounce the word “colloquially.”

Conor is the Senior Writer at Tech.Co. You can email him at [email protected].

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