3 Financial Tools to Track Business Finances
Catherine Clifford shares with Entrepreneur.com readers three affordable financial dashboards to keep your business finances in order. Financial dashboards sort your company’s financial data to create accounting reports. These are free to a few dollars per month, much cheaper than paying a pricey consultant. inDinero organizes your bank, credit cards and financial transactions. Its plans could cost you about $50 per month. BodeTree are for business owners using QuickBooks. It can give you an estimation of your company’s worth, in real-time. This costs you about $25 a month. The third dashboard is Corelytics which uses several accounting software programs including QuickBooks. It can tell if you are on schedule for meeting your set goals. This can cost you up to $69 per month.
These online dashboards sort your financial data and serve up a visual snapshot of the health of your business, ranging from colorful graphs to user-friendly charts. To be sure, these tools require a business owner to submit a lot of personal financial information online. To many startups, it’s a useful – and cheaper — way to track your business than it would be to hire an expert to do it for you.
Here, three affordable financial dashboards to consider, when a pricey consultant is not an option.
What it does: inDinero pulls your transaction history from banks, credit cards and financial accounts and organizes it for you. It sorts transactions by category – such as payroll, advertising, and dining – and tracks spending changes each month. It also creates accounting reports for you.
Cost: Plans range from free to $49.95 per month.
What it does: BodeTree partners with Intuit, which makes QuickBooks accounting software. So, this dashboard analyzes financial information only from business owners who use QuickBooks. Once connected, it automatically generates colorful breakdowns of your expenses. It creates analytical reports that show how your company stacks up against competitors, and offers financial projections. Perhaps most uniquely, BodeTree calculates and updates, in real-time, an estimation of your company’s worth.
Cost: $250 a year or $24.99 a month.
What it does: This dashboard imports your financial information from several accounting software programs, including QuickBooks, Sage Peachtree, MYOB, and others. Once your financial information is imported, you can monitor whatever metrics — like revenue, expense, profits, receivables, gross margin, or owner compensation — you are most curious about and set goals for each one. The dashboard will color each metric either red, yellow, or green, depending on whether your business is running behind schedule, on pace, or ahead of schedule to meet the goals you set. And if you’re always on the go, consider Corelytics’ mobile application, which won Intuit’s Apps Showcase award last year.
Cost: Plans range from free to $69 a month, after a $180 set-up fee …
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