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Ask the Entrepreneurs: 11 Tools to Easily Manage Business Finances

Ask the Entrepreneurs: 11 Tools to Easily Manage Business Finances


    Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business or life in general.

    Here’s the question posed in this edition of Ask The Entrepreneurs:

    What app or software helps make managing your business finances a breeze?

    1. Stay on Track With Indinero

    Bhavin Parikh

      The most important financial metric for most startups is monthly cash flow. Indinero lets us easily see how much we’re spending each month by category so we can budget for the coming months.

      Bhavin Parikh, Magoosh, Inc.


      2. QuickBooks Eases Things

      Eric Bahn

        Almost all small business accountants in the United States are familiar with QuickBooks. Thus, I recommend any QuickBooks product (although I like Online Edition the best) because it makes it easy for your to clean up books and collaborate with your accountant for tax time.

        Eric Bahn, Beat The GMAT

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        3. Outright Shows Everything

          I’ve got Outright set up to push notifications to my phone: every time I receive a payment, my phone goes ‘cha-ching!’ It’s a good noise to hear. On top of that feature, Outright can automatically pull in data from accounts and other apps, while putting everything together in a format that makes my CPA very happy. (Disclaimer: I write for the Outright blog, as well as using the app religiously.)

          Thursday Bram, Hyper Modern Consulting

          4. Go With Google Docs

            Google Docs is a great tool to manage business finances. It’s very powerful and simple to use which makes it a breeze to use.

            Ben Lang, EpicLaunch


            5. Pay Up With Square Up

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              Square Up is a great payment processing mobile app that makes accepting credit cards a snap and moves money quickly into my bank account.

              Benjamin Leis, Sweat EquiTees


              6. Microsoft Excel Is Still Relevant!

                It is the industry standard for spreadsheets for a reason. With a little training, you can run circles around any closed source software.

                Peter Minton, Minton Law Group, P.C.


                7. I Owe It All to Freshbooks

                  I’ve never been very good with money. In fact, at one point, I appeared on CNN as the poster child for those with shopping problems. But Freshbooks helps me keep it all together on the business side. I use it to track my time and my business expenses, send invoices (and followups), send out and receive estimates, and generate tax reports. And despite my history with money, it’s all a breeze.

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                  Steph AuteriWord Nerd Pro

                  8. Wave Accounting Saves Time

                  Josh Weiss

                    Wave Accounting is completely free and connects directly to your bank account. It automatically keeps track of all your spending for you. It’s a great product and a huge timesaver.

                    Josh Weiss, Bluegala


                    9. Sync With Mint.com

                      Although most people use Mint.com to monitor their personal finances, many business owners don’t take advantage of doing the same thing with their business accounts. Not surprisingly, Mint’s software works similarly with business bank accounts and credit cards, which makes it very valuable to manage budgets and overall spending.

                      Logan Lenz, Endagon

                      10. Stick With Shoeboxed

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                        I used to dread tax time, because my receipts were always a mess, and often nonexistent. Shoeboxed makes it incredibly easy to keep track of all of my receipts, and then import all of the data to sites like Outright, Mint, etc.

                        Sean OgleLocation 180, LLC

                        11. There Are Still ‘Human’ Applications…

                        Brent Beshore

                          I have this awesome human application called a Director of Operations. She handles all the accounting, financing, taxation, and regulation. It’s like magic. I’d highly recommend getting one. They can read between the lines on all those long-winded documents and keep you from wandering into trouble.

                          Brent Beshore, AdVentures

                          (Photo credit: Hands Managing Bank via Shutterstock)

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                          Trending in Money

                          1 How to Develop a Millionaire Mindset in 6 Simple Steps 2 How to Eat Healthy on a Budget (The Definitive Guide) 3 9 Millionaire Success Habits That Will Inspire Your Life 4 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2020 5 How to Set Financial Goals and Actually Meet Them

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                          Last Updated on January 21, 2020

                          How to Develop a Millionaire Mindset in 6 Simple Steps

                          How to Develop a Millionaire Mindset in 6 Simple Steps

                          We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

                          It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

                          How do you go about developing that millionaire mindset? By following these simple steps:

                          1. Focus On What You Want – And Take It!

                          So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

                          Millionaires play to win, not to avoid defeat.

                          This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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                          2. Become Goal-Orientated

                          It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

                          Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

                          Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

                          Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

                          You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

                          If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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                          If you are to become a millionaire, you need to start accumulating money.

                          Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

                          3. Don’t Spend Your Money – Invest It

                          The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

                          Stop working for your money and make your money work for you.

                          Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

                          There’s not just the stock market — there’s also property, and your own education.

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                          4. Never Stop Learning

                          The best thing you can invest in is yourself.

                          Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

                          Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

                          Learn everything you can about how economics works, how the stocks markets work, how they trend.

                          Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

                          Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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                          5. Think Big

                          While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

                          There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

                          Aim for the stars, if you fail you’ll still be over the moon.

                          6. Enjoy the Attention

                          To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

                          Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

                          If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

                          Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

                          More About Thinking Smart

                          Featured photo credit: Austin Distel via unsplash.com

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