If you’re a small business owner, effective cash management and business budgeting are likely high on your list of priorities. But, if you’re not at the point where you need to hire an accountant, how can you manage cash flow on your own without running the risk of making costly mistakes? Business banking software, such as Quicken, might be the answer. Check out the benefits and features of this tool to see how it can help you manage your small business banking and budgeting.
Top features of Quicken for business banking
- Business budgeting software
Quicken business budgeting software brings all your accounts together to generate a suggested monthly budget based on your finances. It will even include important elements such as interest you may earn or credit card and other debt you may owe. Designed to be intuitive and highly accessible to the average user, this business budgeting software uses eye-catching, colorful graphs and options like quarterly and yearly forecasts so you can gear your business budget to your specific needs and goals. It also groups different areas of spending together, such as utilities, credit card payments, accounts payable, client expenses, etc., so you can get a quick snapshot of where exactly your money is going and what you might want to cut back on.
- Cash management software to reduce debt
Reducing debt is a common financial concern for business owners. Quicken features a debt reduction tool that helps take the guesswork out of paying down debt. Simply enter the account information for your various debts and the tool formulates a pay-down plan. It also gives you helpful insights like which types of debt should be paid down first and how much of your money is going toward interest each month.
Top benefits of using Quicken software for business banking
- Organizes data in one place
One of the advantages of using Quicken is that it lets you compile the financial data for your small business. This means you can download information from checking or savings accounts, retirement and investment accounts, and credit cards to comprehensively analyze the data in one place. Providing a more convenient way to see your business banking information at once gives you a more accurate and holistic representation of your finances.
- Gives you real-time information
In addition to the convenience of having data from multiple accounts in one place, this business budgeting software gives you real-time information via the Internet. With up-to-the-minute data, you can easily see where you’re spending, and where your employees are spending, to make more timely decisions regarding cash management. Having this information in front of you whenever you want it will give you a better idea of where your money is going and help you find areas where you can cut back and save, or spend more to foster growth.
Cash management is key
When you run your own business, you often need to wear multiple hats. Creating a small business budget can be a daunting task, especially for those who need to focus on daily operations more than financials. Having a tool like Quicken however, is a great do-it-yourself way to efficiently handle finances. After all, proper cash management and budgeting can make or break a small business, so arming yourself with this kind of tool can help set your business up for financial success and can help you reach your goals.
Sponsored content was created and provided by RBS Citizens Financial Group.